Shiba Inu Surges 23%, Hits Weekly High as Whale Transactions Skyrocket

April 26, 2024

Shiba Inu ($SHIB) has surged by an impressive 23%, reaching a new weekly high, driven by a dramatic increase in whale transactions. The cryptocurrency witnessed a significant jump in large transaction volumes—a 61.39% increase in just 24 hours—highlighting a robust influx of major investor interest. 

The Breakout and the Bulls’ Charge

A recent tweet by cryptocurrency price tracker Coinpedia Markets reported that “$SHIB is already 23% up since successfully breaking out the Range High as support. On its way to exploding the Range High resistance area via the green path with a target of $0.0000450.” This statement highlights a significant price movement for Shiba Inu, which has broken past a crucial technical level known as the Range High. 

The Range High is a resistance level on a price chart, marking the upper limit of a price range where the asset has previously struggled to advance. By converting this resistance into support, $SHIB demonstrated strong market confidence, indicating that it may continue to rise. 

The target mentioned in the tweet, $0.0000450, suggests that experts are optimistic about SHIB’s potential to climb even higher. The announcement itself can serve as a bullish signal, potentially attracting more traders and investors to the asset, influenced by the positive momentum and the technical breakthrough.

Whale Movements Stir the Waters

Simultaneously, data science company IntoTheBlock reported a significant spike in large transaction volumes involving Shiba Inu, suggesting a renewed interest from cryptocurrency “whales.” On Tuesday, transaction volumes were recorded at 3.73 trillion SHIB, which escalated dramatically to 6.23 trillion SHIB by the next day. 

The monetary value of these large transactions reached a seven-day peak of $162.45 million. This 61.39% increase in whale transactions hints at strategic accumulation by big players, which typically precedes a strong rally or indicates substantial confidence in the asset’s future performance.

The activity of whales—market players with the capital to make large purchases or sales—can significantly influence the price and liquidity of cryptocurrencies like $SHIB. Their massive transactions do not only reflect their bullish outlook but also tend to attract attention from retail investors, who may see such movements as signals to follow suit.

As Shiba Inu continues its green path journey, market analysts and enthusiasts are closely watching the token’s performance. The increased interest from whales, combined with strong technical breakouts, suggests a bullish outlook for the meme coin in the near term. However, as with all cryptocurrencies, potential investors should be wary of the inherent volatility and risks.

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