Shiba Inu (SHIB) Rallies 11% as Whales Buy 10.4 Trillion Tokens

Shiba Inu (SHIB) has recently garnered significant attention due to substantial whale activity and a notable technical signal. Large holders have acquired over 10 trillion SHIB tokens, valued at approximately $110 million, sparking speculation about a potential price surge.

This accumulation coincides with a bullish crossover on the hourly chart, where the 50-period moving average has crossed above the 200-period moving average, forming a golden cross. This technical pattern is closely watched by traders as an early indicator of a potential price increase.

SHIB has experienced an 11 percent rally this week, recovering from its lowest levels in over a year. The price briefly reached an all-time high of $0.00001198 before settling. Whale interest has intensified as SHIB approaches key support levels, recently reaching $0.00001145, which has historically provided support during price pullbacks.

Currently, SHIB is facing resistance between $0.00001180 and $0.00001185. A confirmed move above $0.00001190 could pave the way for further gains, with traders closely monitoring the $0.00001220 area. On-chain data indicates a significant increase in trading volume, suggesting heightened market involvement, which is crucial for tokens like SHIB that rely on speculative and retail activity for momentum.

According to a post by @radobig5 on X, SHIB is showing signs of recovery after hitting a 16-month low, with whales purchasing 10.4 trillion SHIB tokens worth $110 million. The post also highlighted SHIB's 11 percent rally and high-volume surge to $0.00001198, followed by a slight decline of 0.3 percent.

While the headline breakout has not yet fully materialized, the combination of technical indicators and whale support is enhancing the prospects for SHIB. Traders are exercising caution as the meme token shows initial signs of a potential rally.