In an exciting development, a rival to Dogecoin Shiba Inu It recently attracted worldwide attention when a whale purchased a significant amount of SHIB. This event created considerable optimism amidst highly volatile movements in the market. This large buy in SHIB’s price has raised bullish expectations regarding the meme coin’s price movements going forward, given its current price levels.
With the significant gains made by Shiba Inu recently, meme coin It looks like it has experienced a price correction in the last few days. Currently, the token has entered a consolidation process. But today, news about a Shiba Inu whale purchasing billions of tokens is leading to speculation in the cryptocurrency market that a SHIB price rally could happen soon.
Shiba Inu Accumulation Fuels Market Optimism
According to information released by Whale Alert today, April 8, it was reported that 692.40 billion SHIB worth $19.26 million was accumulated from Crypto.com. This large accumulation immediately attracted great attention as it reflected a growing sense of confidence in the whale’s existence.
Crypto market traders and investors generally view such accumulation as a bullish sign and expect price movements to increase in the future. Moreover, according to data on the blockchain, this whale accumulation has further increased optimism, resulting in a significant increase in investor interest and market activity for SHIB.
Shiba Inu Price Analysis
At the time of writing, the price of the Shiba Inu token is currently trading at $0.00002833, registering a 1.8% increase in the last 24 hours. This price jump is particularly consistent with the whale’s large accumulation and has created additional optimism on the token.
At the same time, as Koinfinans.com reported, derivatives market data shows a strong uptrend for the Shiba Inu; Coinglass data shows a 2.06% increase in SHIB open interest and a 34.97% increase in trading volume. This shows that investor interest has increased and trading activities in the derivatives market have increased, leading the token to rise.
Furthermore, a recent analysis has highlighted that SHIB’s recent pullback observed on the daily chart indicates the formation of a bullish continuation pattern called the ‘Pennant’, supporting bullish sentiments regarding the token’s upcoming price movement.
