Shiba Inu (SHIB) price increased 10% with whales buying strongly
The Shiba Inu price has broken out strongly above the 50-day EMA, but for the rally to continue this meme must rise beyond $0.00003.
Shiba Inu (SHIB) has also joined other altcoins in the recent bull run in the broader crypto market.
As a result, the SHIB price has increased by 10% in the past 24 hours, as a Shiba Inu whale soon awakened after nearly three years of inactivity, buying a whopping 323 billion worth of SHIB in just a few hours.
Accumulation of Shiba Inu whales (SHIB)
Blockchain monitoring platform Spot on Chain highlights the recent activities of a notable whale. This whale address initially received 167 billion SHIB in April 2021, eight months after Shiba Inu launched, from one of the first whales to interact with SHIB.
At the time of Spot on Chain's report, whales had acquired 149.3 billion SHIB using approximately 1,000 wrapped Ethereum (WETH) worth $3.83 million. After the report, whales continued to buy, buying another 173 billion SHIB.
At the conclusion of these transactions, the whale exchanged 2,188 WETH for 323 billion Shiba Inu tokens worth $8.29 million within three hours. As of the latest update, whales have not sold or distributed any of these tokens, maintaining a balance of 323 billion SHIB.
SHIB price broke through an important resistance level
As of press time, Shiba Inu (SHIB) price is trading up 9.53% at $0.00002616 with a market capitalization of over $15.4 billion.
Additionally, daily trading volume increased by 16%, surpassing $763 million. Another major catalyst is a spike in Shiba Inu (SHIB) burning rates, which could push prices even higher.
SHIB needs to convert the $0.00003 price level from resistance to support to maintain its uptrend. Failure to do so could result in the price falling below the 50-day EMA.
However, reclaiming $0.00003 will be a challenge. Data from IntoTheBlock shows a significant sell wall at this level, with 124,220 addresses holding 92.2 trillion SHIB tokens purchased between $0.000025 and $0.00003.