Shiba Inu (SHIB) is moving in a positive price trajectory despite the cautious environment in the crypto market. According to CoinMarketCap, its price has surged by 2.63% over the last 24 hours and by 3.75% over the last week.
At the time of writing, SHIB is trading at $0.000006299 with a trading volume of $208.19 million, which has remained stable over the last 24 hours. However, its market capitalization stands at $3.71 billion, which is up by 2.61%.
Source: CoinMarketCap
Also Read: Shiba Inu Builds Strength Near $0.0000060 Amid Tight Range
SHIB Falling Wedge Setup Hints at Potential Rally
Furthermore, the crypto analyst Javon Marks revealed that the asset is attracting renewed trader attention as price action develops a falling wedge–like structure, a pattern often linked with weakening selling pressure and potential bullish reversals.
The compression of lower highs and higher lows suggests volatility is tightening, with buyers gradually absorbing supply near key support zones in recent sessions.
Source: Javon Marks’ X Post
Traders have noticed similarities to the previous plays involving the asset, with a similar wedge formation having led to a breakneck rally that exceeded 440%.
Although not an exact prediction, the formation has gotten traders excited about the possibility of seeing another explosive move if resistance is breached with good volume support. Ultimately, the broader trend within crypto will determine the outcome.
OG Whale Continues Profit-Taking
Apart from this price action, another early holder has again reduced his positions, selling off 800 billion tokens valued at $4.9 million.
According to data from Lookonchain, the trader initially spent $13,760 on acquiring 103.33 trillion tokens, which had a valuation of about $8.9 billion at one point. Over time, he has made steady gains while maintaining a sizable presence within the coin’s circulation.
Source: Lookonchain’s X Post
So far, the wallet has sold 4.06 trillion tokens, equivalent to $37.6 million, but is holding around 99.27 trillion tokens, valued at $625 million, which accounts for 16.84% of the circulating tokens.
With the combined amount of profits from both realized and unrealized returns, the total profit exceeds $660 million, which is an incredible profit of nearly 48,000x.
This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
Also Read: Shiba Inu Faces Resistance Near $0.0000075 as Sell Pressure Intensifies
