In a significant milestone for Shiba Inu (SHIB), the popular meme coin, recently broke through the critical resistance level of $0.00025. This breakout presents a severe case scenario for gains in value because it is usually coupled with upswings.
SHIB’s rise is part of a broader ascent among meme coins, including PEPE, FLOKI, and Dogecoin. These coins have also been getting popular with more investors whose buying power has reached new records. The increasing demand for these meme coins underscores their favored status in the world of cryptocurrencies.
Shiba Inu has attracted massive attention from large investors, the so-called “whales,” who have started to rapidly increase their holdings. This interest from prominent investors in SHIB’s uptrend causes one to believe that perhaps the significant value of the token is just beginning to grow.
As of this writing, the price of Shiba Inu stands at $0.00002591, with a 24-hour trading volume of $649.86 million. The market cap is $15.27 billion, giving SHIB a market dominance of 0.57%. In the last 24 hours, the SHIB price has risen by 3.26%.
Shiba Inu in the Spotlight: Whale Activity Boosts Confidence
Recent data from Lookonchain reveals a substantial increase in whale activity. A notable SHIB investor spent 4,849 ETH (approximately $18.44 million) to purchase 715.9 billion SHIB. This investor has a history of significant gains, having previously spent around $400,000 to acquire 5.5 trillion SHIB in its early stages, later selling it for approximately $121 million during peak periods, realizing a profit of over $120 million.
In another report from Lookonchain, it was highlighted that nine wallets, including those of two whales, collectively spent $35.2 million to buy 1.356 trillion SHIB at an average price of $0.00002596 over the past 12 hours. This frenzied buying activity underscores the strong confidence among major investors in SHIB’s future prospects.
The recent surge in the price of Shiba Inu, coupled with significant whale activity, carries a positive picture for the cryptocurrency. With SHIB attracting huge amounts of holding and penetrating important resistance levels, its appreciation potential remains high. The whole market, including investors and enthusiasts, is keen on following the developments that hint SHIB is on the brink of undergoing another major value climb.
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