According to U.Today, Shiba Inu (SHIB) whales are displaying increased activity, coinciding with the token's price nearing a significant breakout. On-chain data reveals a surge in large transactions of Shiba Inu, defined as those exceeding $100,000. This movement of substantial amounts of SHIB is often a precursor to major market shifts. Such activity typically signals an expected price increase, as whales tend to purchase in anticipation of a positive market move.
Data from IntoTheBlock indicates that the large transaction volume for Shiba Inu has risen by 106.86% in the last 24 hours. This equates to 3.22 trillion SHIB, or approximately $83.74 million. Inflows from large holders have also increased by 155%. As whales reposition and large transaction volume sees a significant rise, the market is keenly observing these developments.
In the midst of this activity, SHIB's price has broken through a barrier that had previously restrained it, setting the stage for a potential rally. After several days of struggling to surpass the daily SMA 50 at $0.0000247, Shiba Inu finally had its breakout moment on May 20. The token saw a notable increase in Monday's trading session as crypto prices rose due to progress towards the approval of U.S. Ethereum spot ETFs, a reversal from a more pessimistic outlook just last week.
SHIB subsequently rose from a low of $0.000023 to a high of $0.0000261, triggering a jump over the daily SMA 50, which had previously limited Shiba Inu prices. At the time of writing, SHIB had increased by 6.48% in the last 24 hours to $0.00002546, trading above the crucial daily SMA 50 barrier. As SHIB teeters on the brink of a breakout, the coming days and weeks will be crucial. In the very short term, a sustained break above the daily SMA 50 might be necessary for Shiba Inu's price to continue its upward trajectory.
