Shiba Inu (SHIB) Surges 11% as Key Investors Buy 10.4 Trillion Tokens

Shiba Inu (SHIB) has recently shown signs of recovery after experiencing a significant 27% decline in its value, which brought it to a 16-month low of $0.00001005. This downturn attracted the attention of key investors who made strategic purchases of 10.4 trillion SHIB tokens, valued at approximately $110 million. This substantial investment led to a short-term price increase, indicating a potential shift in market sentiment. Over the past week, SHIB's price has risen by 11%, reflecting renewed investor interest and confidence.

The decline in SHIB’s price presented an attractive opportunity for influential investors. These major players acquired 10.4 trillion tokens, valued at around $110 million, which had a noticeable impact on the SHIB market, causing evident price fluctuations. The participation of these large investors not only increased price variability but also significantly boosted market engagement. On June 29, SHIB’s price fluctuated by 4.3%, trading within the range of $0.00001147 to $0.00001198. A particularly intense surge occurred between 9:00 PM and 10:00 PM on June 29, when trading volume peaked at 5.8 times higher than average, suggesting an attempt to exit its consolidation mode.

Technical indicators reveal intriguing formations. A “nested weekly candle” pattern, detected on SHIB’s price chart, caught the market observers’ eyes. This pattern occurs when trading completes within the range of the previous week, often representing uncertainty. Seen after a drawn-out decline, it could suggest an easing grip by sellers and a potential uptrend initiation. The recent 11% weekly increase bolsters this hopeful scenario further. The latest 24-hour data shows a delicate equilibrium. High trading volumes have identified $0.00001198 as a resistance threshold. Responding to profit-taking, a support base was formed at $0.00001160. SHIB closed with a modest 1.4% rise, attaining $0.00001164, characterized by significant hourly shifts. Notable price dips followed by recovery attempts were detected mainly during nighttime, marked by substantial transactions exceeding 8 million USDT. These are linked to institutional investor activities. TradingView data corroborates the establishment of resistance and support boundaries alongside ongoing volume increases.

The orchestrated moves by key investors have clearly impacted Shiba Inu’s landscape, suggesting a potential reversal from recent downtrends. Concrete technical signals are setting the stage for a possibly stronger upward momentum in SHIB’s market performance. Since June 24, the cryptocurrency has been trading within a tight range between $0.00001100 and $0.00001192, which appears to be a repositioning ground for investors. This range has seen significant buying activity, with a key barrier emerging where 79 trillion SHIB were previously bought. This enormous token concentration represents a zone where a substantial number of SHIB tokens are being held by investors, potentially acting as a technical barrier that could slow down upward momentum unless buying pressure intensifies.

The recent increase in Shiba Inu's price has been driven by a substantial increase in its burn rate, which eliminated over 537 tokens. This burn event has contributed to the cryptocurrency's price surge, climbing by 4%. The burn rate increase has been a strategic move by investors to reduce the circulating supply of SHIB, potentially driving up its price. Experts suggest that a breakout is likely, with the price potentially surging to a new high of $0.00002500. For SHIB to break above the current barrier, it will require sustained volume and buying activity. A successful breach could open the door for SHIB to retest higher resistance zones not seen in months. The next resistance looms in the range between $0.000014 and $0.000016, where 520.61 trillion SHIB were previously bought by 168,710 addresses at an average cost basis of $0.000013.

On the other hand, if Shiba Inu fails to hold its current range, support is envisaged in the range of $0.000008 to $0.000011. Here, 42.3 trillion SHIB tokens were bought by 199,700 addresses at an average cost basis of $0.00001, a key support that has held the SHIB price up during recent market declines. The recent price surge of Shiba Inu can be attributed to strategic buys by institutional investors and the increase in its burn rate. The cryptocurrency's price has been consolidating, and experts indicate that a breakout is likely. The next resistance zone for SHIB is between $0.000014 and $0.000016, where a substantial number of SHIB tokens were previously bought. If SHIB fails to hold its current range, support is envisaged in the range of $0.000008 to $0.000011. The recent price surge of Shiba Inu is a testament to the cryptocurrency's potential and the strategic moves by investors to drive up its price.