Shiba Inu whales began to mobilize when the token price was on the verge of a significant breakout.
On-chain data reveals an increase in large Shiba Inu transactions exceeding $100,000. Whales carry large amounts of SHIB and this is often a harbinger of market movements. Such activity may indicate an imminent price increase, as whales often buy in anticipation of a positive market movement.
According to IntoTheBlock data, Shiba Inu large trading volume increased by 106.86% in the last 24 hours. This increase amounts to 3.22 trillion SHIB, equivalent to $83.74 million. Large investor inflows also increased by 155%.
Shiba Inu Whales Awaken
The market is closely monitoring the whales’ moves as the whales reposition their positions and major trading volume increases significantly. Amid this awakening, SHIB’s price has broken through a barrier that has been holding it back in recent days, setting the stage for a potential rally.
meme coinAfter struggling to break the daily SMA 50 at $0.0000247 for several days, it finally broke through this barrier on May 20.
Shiba Inu rose significantly during Monday’s trading session as crypto prices rose on signs of progress towards approval of US Ethereum spot ETFs. SHIB rose from a low of $0.000023 to a high of $0.0000261. This move allowed a move above the daily SMA 50, which had previously held the SHIB price back.
At the time of writing, SHIB was trading at $0.00002546, up 6.48% in the last 24 hours and hovering above the critical daily SMA 50 barrier.
These days and weeks will be very critical as SHIB is on the verge of breaking. In the very short term, a sustained break above the daily SMA 50 will be required for the Shiba Inu price to continue rising.
