Rapid Increase in Shiba Inu (SHIB) Token by 510 Billion: sudden price surge observed
Unleashing the Power of SHIB!
Embrace the excitement as Shiba Inu (SHIB) pounds the pavement, pumping a whopping 510 billion tokens in high-octane trading! After shaking off the local support at $0.0000127, SHIB is currently trading at approximately $0.00001355. The bullish beast has clawed its way up by a hefty 2.34% in the past day, eyeing a formidable resistance at $0.00001458, located just below the 100-day EMA.
This seemingly minor spike might hold more weight than meets the eye. After shedding more than half its value since the February apex, the asset is technically in a downtrend when considering a longer timeline. However, the 50 EMA is starting to flatten out, and SHIB is laying the foundation for a higher low structure. This could suggest that the downtrend is weakening. With an RSI of 57, the market is bullish, but we're far from teetering into overbought territory, leaving plenty of room for additional growth.
Lift the veil further, and you'll discover that the recent surge is brewing in the lairs of institutional-sized addresses and whales.
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A staggering 16.57% of the supply rests in the hands of the segment, with 601 wallets holding between 100 billion and 1 trillion SHIB, while another 16% is controlled by an even smaller group, holding onto 10 to 100 trillion SHIB. The big kahuna with the face card is holding an awe-inspiring 41% of the total supply, possessing more than 100 trillion SHIB. With such a high concentration, any significant price movements are likely to be supported or juxtaposed by the hefty paws of these massive holders, either offloading during strength or sneakily stacking on dips.
Despite these high-stakes holdings, the price is stabilizing while whales remain in control. This suggests that there isn't a frenzied redistribution in progress; rather, the major players appear to be holding or accumulating on the downturn. For Shiba Inu to continue its rally in the near future, it must conquer the $0.0000145 resistance. Failing to do so may see us retreat to the $0.000013 or even the $0.000012 zones.
At the moment, the recovering SHIB is walking a fine line between the grasping teeth of the whales and the potential opportunity for meaningful growth. Expect slow and methodical movements for the time being.
- With the current surge in Shiba Inu (SHIB) trading, it is noteworthy that a significant portion of the tokens, including 41%, is held by large whale investors, who might influence the market direction by offloading during strength or accumulating on dips.
- The concentration of tokens in a few large wallets indicates that whales could potentially impact the price movements of SHIB, making their strategies crucial for predicting its trajectory in the near future.
- As Shiba Inu (SHIB) navigates its way through the current trading landscape, it remains important to keep an eye on the whales' moves, as their decisions, whether to buy, sell, or hold, could significantly impact the crypto's price action in the coming days.
