Rapid Increase: Shiba Inu Coin (SHIB) Soars by 510 Billion in Just Minutes, Triggers Price Uptick
Hey there! Let's dive into the latest happenings with everyone's favorite meme coin, Shiba Inu! The little doggy has experienced a noticeable surge recently, adding over 510 billion tokens in high-volume action. After recuperating from the local support of $0.0000127, SHIB is currently trading at about $0.00001355. It's gained around 2.34% over the past day and is currently smack-dab in the middle of some bullish resistance at $0.00001458, just below the 100-day EMA.
This bump might seem small, but it could be more significant than meets the eye. Since losing more than half of its value since the peak in February, the asset has been in a downward spiral over a longer period. However, the 50 EMA is flattening out, and SHIB is constructing a higher low structure, suggesting the downtrend might be weakening. At the moment, the RSI (Relative Strength Index) stands at 57, indicating a bullish trend without being overbought, leaving room for further upward movement.
In order to confirm a more stable recovery path toward the $0.00001636 zone, the price needs to break and hold above the 100 EMA. But what's causing the recent surge? The distribution matrix of holdings reveals that institutional-sized addresses and whales haven't been exactly quiet. In fact, a whopping 16.57% of the supply is held by the segment, with 601 wallets holding 100 billion to one trillion SHIB, while another 16% is held by an even smaller group with only four addresses holding 10 to 100 trillion SHIB. The cream of the crop, though, is the largest entity, which holds a staggering 41% of the total supply, with over 100 trillion SHIB! Given this high concentration, any sustained price movement is most likely supported or restrained by these large holders—either selling into strength or quietly building up.
Now, whether Shiba Inu will continue its rally in the near future depends on its ability to overcome the $0.0000145 resistance. If it can't, we might find ourselves bouncing back to $0.000013 or even $0.000012. Shiba Inu is making an overall recovery effort, but with whales to watch, expect gradual, methodical movements rather than explosive pumps for some time.
Fun Fact: Did you know that "Greed" conditions (Fear & Greed Index) with a score of 61 indicate an overall bullish sentiment in the market? Keep your eyes on those market dynamics!
Sources:1. CoinMarketCap2. CoinCodex3. Benjamin Pirus4. CoinGecko5. Finbold
- The surge in Shiba Inu's price has added over 510 billion tokens to its total supply, with the asset currently trading at about $0.00001355.
- A significant chunk of Shiba Inu's total supply is held by institutional-sized addresses and whales, with 601 wallets holding between 100 billion to one trillion SHIB, and another 16% held by a smaller group with 10 to 100 trillion SHIB.
- The largest entity holds an impressive 41% of the total Shiba Inu supply, with over 100 trillion SHIB in holdings.
- The RSI (Relative Strength Index) for Shiba Inu stands at 57, indicating a bullish trend without being overbought.
- To confirm a more stable recovery path toward the $0.00001636 zone, the price needs to break and hold above the 100 EMA.
- The volatility of the crypto market leaves room for further upward movement in Shiba Inu's price, as long as it can overcome the $0.0000145 resistance.
- Whether Shiba Inu will continue its rally in the near future depends largely on the actions of the large holders, as their movements may influence the overall trend.
