Shiba Inu Crypto's Volume Surges by 81.69% within a Day - Uncovering the Cause?
Score the Latest with Shiba Inu (SHIB) on Google News
On May 10, Shiba Inu (SHIB) saw a notable spike, climbing 7.46% within a day compared to its May 9 price, as per TradingView data.
The rally was mirrored by a massive 81.69% upsurge in trading volume, signaling growing investor attention and vigorous market action. At present, SHIB is trading at $0.00001601, showing no immediate signs of slowing down.
Shiba Inu (SHIB): Price Break through?
This price surge seems to be fueled by heightened involvement from major holders. Extensive on-chain transactions have propelled SHIB over its 50-day Exponential Moving Average (EMA), laying the groundwork for a possible attempt on the 200 EMA, which currently matches the current price.
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A successful breach of the 200 EMA could doubleshot as a launchpad for additional gains, as the 200 EMA often functions as a powerful structural resistance point.
Shiba Inu (SHIB): Price Jumps 12% in 24 Hours - Where It's Going?
Godfrey Benjamin
Behind this bullish energy, Shiba Inu has achieved a new on-chain achievement. On May 8, 6.71 trillion SHIB tokens shifted across the network – an all-time seven-day high. This increase in volume correlates with a broad rise in whale activity, as inflows to large wallets soared by 2,952%.
On May 7, SHIB inflows to whale wallets surged from 238.91 billion tokens to 6.42 trillion, hinting at an intense accumulation phase.
These data points collectively suggest that SHIB might be steering towards a bullish trend, with whales paving the way. If the current momentum remains steady and the 200 EMA is decisively conquered, SHIB appears ready for a significant price escalation.
Shiba Inu (SHIB) Updates
With the increase in transaction volume and whale activity, Shiba Inu (SHIB) could be bracing for a bullish cycle.
The surge in volume aligns with a broader uptick in whale activity, with inflows to large addresses skyrocketing by 2,952%.
On May 7, SHIB inflows to whale wallets surged from 238.91 billion tokens to 6.42 trillion, indicating an aggressive accumulation phase.
Breaking through several resistance levels has fueled the price surge over 12% in the last 24 hours.
Technical indicators like a hidden bullish divergence and a double-bottom pattern on SHIB's chart suggest underlying resilience in the face of bearish sentiment and point towards a positive trend.
A significant increase in the burn rate of Shiba Inu tokens has been observed, reducing the circulating supply and potentially boosting demand and prices.
Despite recent bearish signals, there has been a consistent accumulation of SHIB, which could reduce selling pressure and set the stage for a price rebound.
The increase in transaction volume and whale activity could be indicative of Shiba Inu (SHIB) heading towards a bullish cycle.On the chart, Shiba Inu (SHIB) has shown a hidden bullish divergence and a double-bottom pattern, suggesting underlying resilience despite bearish sentiment.The surge in inflows to large wallets by 2,952% indicates an aggressive accumulation phase by whales.A successful breach of the 200 EMA could serve as a launchpad for additional gains, as the 200 EMA often functions as a powerful structural resistance point.The recent uptick in whale activity has propelled Shiba Inu (SHIB) over its 50-day Exponential Moving Average (EMA), setting the stage for a possible attempt on the 200 EMA.Despite bearish signals, the consistent accumulation of SHIB by whales could potentially reduce selling pressure, setting the stage for a price rebound.
