Gushiken Yona
Doge Killer (LEASH), a token within the Shiba Inu ecosystem, is posting significant gains Friday, fueled by a potent mix of bullish technical signals, a surging broader altcoin market, and sustained interest from major holders, known as whales.
The token jumped 7.57% over a 24-hour period, part of a wider 15% weekly gain that saw it outpace Bitcoin. The move appeared to be driven by a confluence of factors, starting with a clear technical breakout.
$LEASH: A Textbook Technical Breakout
On the charts, the Doge Killer LEASH price surge was accompanied by several key indicators lighting up. The token pushed past its 7-day and 30-day simple moving averages, historically a bullish signal.
More tellingly, its Relative Strength Index (RSI) climbed to 81.41. While a reading over 70 typically signals an asset is “overbought” and could be due for a pullback, in this context of a breakout, it confirms a wave of powerful buying pressure.
Adding to this, the MACD indicator, a measure of trend momentum, also turned positive, reflecting an acceleration of the upward move. Analysts noted immediate support for the price around the $124.10 level, with the token now testing a recent swing high of $131.39.
Riding the Altcoin Tide
The breakout for LEASH didn’t happen in a vacuum. It coincided with a clear shift in the wider crypto market. Bitcoin’s market dominance dipped from 62.19% to 60.74%, indicating that capital was flowing into other, smaller assets.
This rotation was captured vividly by the Altcoin Season Index, a metric that tracks the performance of smaller tokens against Bitcoin. The index surged a remarkable 71% over the last seven days. LEASH’s 15% weekly gain outpaced Bitcoin’s own 7.16% rise, which is typical behavior for higher-beta assets like meme coins during these “risk-on” phases.
On-Chain Data Reveals Holder Conviction, Not Whale Risk
A look at on-chain data reveals a crucial detail about the forces supporting LEASH’s price. While nearly 39% of the total supply resides in large wallets, the single largest holder is not an individual trading “whale” but rather the official xLEASH staking contract on ShibaSwap.
This contract holds LEASH on behalf of thousands of individual community members who have locked their tokens to earn rewards, signaling strong, long-term holder conviction.
This distinction is critical. Rather than suggesting a high risk of a single entity selling a large position, the significant amount of staked LEASH points to a reduced circulating supply. In tokenomics, a smaller available supply can act as a stabilizing, bullish force, as it takes less buying pressure to move the price.
There may also be lingering positive sentiment from the broader Shiba Inu ecosystem tokens. A narrative from June around Shibarium’s resilience, dubbed a “white swan” event, could still be influencing investor perception of related assets like LEASH.
With this in mind, the immediate risk for LEASH appears less tied to potential whale manipulation and more to whether the token can maintain its upward trajectory if the broader altcoin market momentum begins to fade.
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Yona has no crypto positions and does not hold any crypto assets. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Daily is an official media and publication of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.
