Shiba Inu Surges 4.3% as Whale Activity and Golden Cross Spark Bullish Momentum

Shiba Inu (SHIB) has recently regained attention due to significant whale activity, with 10.4 trillion tokens worth $110 million being acquired. This substantial accumulation has sparked a surge in on-chain activity and bullish technical signals, reigniting short-term price and market optimism after a period of decline and waning investor confidence.

Despite Shiba Inu’s prolonged consolidation, a sudden spike in on-chain activity has caught the market by surprise. For instance, Shiba Inu’s transaction volume soared to 24 trillion SHIB in early June, with whale activity surging 600%. This striking on-chain spike may be the reason why bullish momentum is starting to build, given that SHIB has already enjoyed a 4.3% increase over the past 24 hours, trading at $0.00001182.

According to market analyst Kryll, Shiba Inu is witnessing a golden cross amid intensified whale accumulation. A golden cross happens when the 50-day moving average (MA) crosses above the 200-day one, signalling a potential trend reversal from bearish to bullish. Therefore, Shiba Inu’s short-term price momentum is gaining strength, which has the potential to boost sentiment through positive market psychology.

Technical analyst Tom Tucker added, “SHIB is trading just above its YTD low, with a double-bottom pattern forming. Exchange supply is dropping, and a BTC rally could add fuel.”

Meanwhile, the Shibarium team recently unveiled a major upgrade aimed at boosting decentralization, privacy, and censorship resistance. Soon, rate limits will be enforced on public Remote Procedure Call (RPC) endpoints, marking a key move toward a more secure and resilient Shiba Inu network.

The recent surge in large-scale transactions, with a total of 10.4 trillion SHIB tokens being moved in a single day, has been attributed to the formation of a golden cross. This technical indicator suggests a bullish trend in the market, occurring when a short-term moving average crosses above a long-term moving average, signaling a potential upward momentum in the price of the asset.

The sudden increase in whale activity has sparked interest and speculation within the crypto community. Whales are known for their ability to influence market trends due to the sheer volume of their transactions. The movement of 10.4 trillion SHIB tokens is a clear indication of significant interest and potential investment in the cryptocurrency.

The formation of the golden cross is a technical analysis tool that traders and investors use to predict future price movements. When the 50-day moving average crosses above the 200-day moving average, it is seen as a bullish signal, suggesting that the asset's price is likely to rise. This technical indicator, combined with the whale activity, has created a sense of optimism among Shiba Inu investors.

The recent developments in the Shiba Inu ecosystem have also been influenced by broader market trends and regulatory changes. The cryptocurrency market has seen increased scrutiny and regulation from governments worldwide, which has led to both challenges and opportunities for digital assets. The formation of the golden cross and the whale activity in Shiba Inu can be seen as a response to these market dynamics, as investors seek to capitalize on potential price movements.

The impact of these developments on the broader cryptocurrency market remains to be seen. However, the recent activity in Shiba Inu highlights the volatility and unpredictability of the crypto market. Investors and traders are advised to exercise caution and conduct thorough research before making any investment decisions. The formation of the golden cross and the whale activity in Shiba Inu serve as a reminder of the potential for significant price movements in the cryptocurrency market, and the importance of staying informed about market trends and developments.