Shiba Inu (SHIB) whales are showing signs of activity, just as the token's price teeters on the edge of a significant breakout.
On-chain data shows an increase in Shiba Inu large transactions, which are those that exceed $100,000. Whales are moving significant amounts of SHIB, often a precursor to major market movements. This activity frequently indicates anticipation of an imminent price increase because whales tend to buy in anticipation of a positive market move.
According to IntoTheBlock data, the large transaction volume for Shiba Inu is up 106.86% in the last 24 hours. This came to 3.22 trillion SHIB, which is equivalent to $83.74 million. Large-holder inflows are also up 155%.
SHIB/USD Daily Chart, Courtesy: TradingView
With whales repositioning themselves and large transaction volume seeing a notable increase, the market is watching with bated breath as whales make their move. Amid this awakening, SHIB's price has broken through a barrier that has held it back in recent days, setting the stage for a potential rally.
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After several days of struggling to break past the daily SMA 50 at $0.0000247, Shiba Inu finally had its breakout moment on May 20.
Shiba Inu experienced a significant rise in Monday's trading session as crypto prices rose on signs of progress toward the approval of U.S. Ethereum spot ETFs, a reversal from a more pessimistic perspective as recently as last week. SHIB consequently increased from a low of $0.000023 to a high of $0.0000261. The move spurred a jump over the daily SMA 50, which had previously held back Shiba Inu prices.
At the time of writing, SHIB was up 6.48% in the last 24 hours to $0.00002546, trading above the crucial daily SMA 50 barrier.
As SHIB teeters on the verge of a breakout, the coming days and weeks will be critical. In the very short term, a sustained break above the daily SMA 50 might be required for Shiba Inu's price to continue rising.
