Shiba Inus Value Skyrockets by 95 as Prominent Investor Returns to SHIB with a Bang
Key Takeaways
– Shiba Inu (SHIB), a popular memecoin in the crypto industry, has experienced significant gains recently, currently trading at $0.00002616 with a 9.53% increase in the last 24 hours.
– A crypto whale, who previously earned $120 million from SHIB, is once again buying 715.9 billion SHIB tokens, spending 4,849 ETH ($18.44 million) in the past six hours.
– This investor’s previous success with SHIB makes their recent purchases a positive sign for the token’s future, attracting attention within the crypto community.
– To maintain its upward trend, SHIB needs to turn the $0.00003 resistance level into support after crossing the 50-day Exponential Moving Average (EMA) at $0.000025.
– SHIB’s market cap exceeds $15.4 billion, with daily trading volumes increasing by 16% to $763 million, partially driven by an increase in the SHIB burn rate.
Article Rewritten:
Shiba Inu (SHIB), a memecoin that has gained popularity in the cryptocurrency industry, has recently seen significant growth. Riding the wave of memecoins, SHIB is once again on the rise, currently trading at $0.00002616, which is a 9.53% increase in the last 24 hours. This surge in value has brought joy to the coin’s investors.
Here’s all the information you need to make informed decisions about your next steps in the market.
A Well-Known Whale Returns: Alert for Major Purchases
LookonChain, a prominent blockchain analytics platform, has reported that a crypto whale, who previously made substantial profits from Shiba Inu (SHIB), is now accumulating more SHIB tokens. This savvy trader initially invested approximately $400,000 to purchase 5.5 trillion SHIB tokens during the early stages of SHIB’s development.
During two market peaks, this investor sold their holdings for an impressive total of around $121 million, securing a profit of over $120 million.
The market has been buzzing with news that this particular big winner in the SHIB market is once again buying SHIB tokens in large quantities. In the past six hours alone, this individual has spent 4,849 ETH ($18.44 million) to acquire 715.9 billion SHIB tokens. This significant purchase is a testament to the investor’s continued confidence in SHIB, even after previously earning substantial profits from the token.
Impact on the Market
Large-scale purchases like this often draw attention within the crypto community, as they can indicate potential movements in the token’s price in the future. Given this investor’s history of success with SHIB, their recent acquisitions are seen as a positive sign for the token’s future.
SHIB has recently surpassed its 50-day Exponential Moving Average (EMA) at $0.000025, which is an encouraging development. However, for the upward trend to continue, SHIB needs to convert the $0.00003 level from being a resistance into support. Failure to do so may result in a price drop below the 50-day EMA.
Reaching the $0.00003 mark will not be an easy task. Data shows that there are numerous sell orders at this level, with 124,220 addresses holding 92.2 trillion SHIB tokens purchased between $0.000025 and $0.00003.
Currently, Shiba Inu (SHIB) is experiencing a 9.53% increase, trading at $0.00002616, and boasting a market cap exceeding $15.4 billion. Additionally, daily trading volumes have risen by 16% to reach $763 million. This increase can be attributed in part to the rise in the SHIB burn rate, which may further drive up the price.
Be sure to keep an eye out for updates. Could this be the start of another SHIB rally? Stay tuned to find out!