In the ever-evolving world of cryptocurrencies, Shiba Inu (SHIB) has recently caught the attention of significant investors, commonly referred to as “whales.” This meme coin, which is the second-largest cryptocurrency by market capitalization, is experiencing a phase of price consolidation. Despite this, whales are making substantial moves within the bounded price range of $0.00002287 to $0.00002644, a trend that has persisted for the last two weeks.
Whales and Institutions: Strong Action
During this period, whales and institutional investors have amassed a staggering 5.45 trillion SHIB coins, equating to an impressive $162 million over just three days. This data, provided by the on-chain analytics firm Glassnode, reveals a marked outflow of SHIB tokens from exchanges. Such a movement indicates a growing interest and confidence in SHIB from both whales and retail investors.
The significance of this outflow is profound, as it may alleviate selling pressure and fortify the price stability of SHIB in the near future. Additionally, on November 28, 2024, a newly established wallet made headlines by withdrawing 60 billion SHIB tokens, valued at around $1.52 million, from Binance, the largest cryptocurrency exchange globally. This substantial withdrawal underlines the potential of SHIB as an appealing asset for investors amid current price consolidation.
Rising Open Interest
Beyond long-term holders, the trading community seems equally optimistic about SHIB’s prospects. According to Coinglass, another on-chain analytics firm, the open interest (OI) for SHIB has seen a 3.9% increase over the past 24 hours, continuing to rise steadily. This uptick in OI reflects a strong belief and confidence among traders regarding the future trajectory of this meme coin.
Shiba Inu (SHIB) Technical Analysis and Upcoming Levels
Technical analysis sheds light on SHIB’s current position, which is marked by consolidation within a specific price range. Should SHIB manage to break through this boundary and secure a daily close above the $0.00002644 level, it could potentially experience a significant 40% surge, pushing the price to approximately $0.000037.
Further supporting this bullish outlook is SHIB’s Relative Strength Index (RSI). Currently standing at 58, the RSI suggests that SHIB is not yet overbought (the overbought threshold being 70), indicating ample room for upward movement.
Current Price Momentum
At present, SHIB is trading near the $0.00002528 mark, maintaining stability over the past 24 hours. During this time, trading volume has increased by 18%, highlighting growing engagement from both traders and investors. This surge in activity aligns with the optimistic market sentiment surrounding SHIB.
In conclusion, Shiba Inu’s recent developments indicate promising potential, driven by significant whale investments and rising trader interest. As SHIB continues to navigate its consolidation phase, market watchers remain keenly focused on its next moves, anticipating potential gains on the horizon.
