- Shiba Inu (SHIB) has experienced a remarkable 1,288% surge as whales engage in a significant buying spree, driving large transaction volumes in the crypto market.
- Despite facing resistance at the $0.000096 level, Shiba Inu aims to eliminate a zero from its price, with investors closely monitoring the battle between bulls and bears.
Shiba Inu (SHIB) is making waves in the cryptocurrency market, experiencing an astonishing 1,288% surge in large transaction volume as whales embark on a buying spree. The canine-themed token, currently trading just below the $0.00001 mark, has captured the attention of investors with its recent bullish momentum.
Whales Lead the Charge in Zero Elimination
As of the latest data, SHIB has seen a remarkable 4.25% increase in the last 24 hours, reaching $0.0000093. What’s more intriguing is the surge in large transaction volume, a key metric reflecting the total value moved in transactions exceeding $100,000. According to IntoTheBlock, this surge has reached an impressive 9.38 trillion SHIB in the past 24 hours, marking the highest level in the last seven days.
Shiba Inu faced a dip to $0.0000085 in the previous trading session as the market awaited the SEC’s decision on a Bitcoin spot ETF. However, a sudden shift occurred, catapulting both Shiba Inu and the broader crypto market. Bitcoin’s ascent to a 21-month high triggered a swift rebound, with SHIB hitting highs of $0.0000096 on January 8, though falling just short of breaching the $0.00001 level.
Despite bulls’ attempts to push SHIB beyond the elusive threshold, the token encountered resistance at $0.000096. The daily Moving Average (MA) 50 level at $0.0000967 now poses a significant obstacle, potentially impeding further attempts to eliminate a zero from Shiba Inu’s price. However, if breached, it could pave the way for SHIB to target the $0.000011 level.
The battle between bulls and bears continues, with SHIB facing the possibility of retesting lows around $0.0000085 if bears gain dominance. The cryptocurrency community eagerly watches for developments as Shiba Inu strives to break through key resistance levels and achieve the monumental milestone of reaching $0.00001.
In the fast-paced world of cryptocurrencies, Shiba Inu stands out with its recent surge, showcasing the influence of large transactions and the strategic moves of whales. As the market dynamics unfold, investors remain on the edge of their seats, anticipating whether Shiba Inu can successfully eliminate that extra zero and continue its ascent in the crypto space.