Shiba Inu Surges 1.56% as Whales Buy 1.28 Trillion Tokens

Shiba Inu (SHIB) has once again captured the attention of the cryptocurrency community following a significant whale activity that saw over 1.28 trillion tokens purchased within a 24-hour period. This substantial move has sparked considerable interest and analysis from key figures within the SHIB ecosystem and the broader crypto market.

Lucie, the lead marketing strategist for the Shiba Inu ecosystem, highlighted the surge, referencing on-chain data from IntoTheBlock. The buying spree coincided with SHIB reclaiming the $0.000013 mark, a development that has reignited bullish sentiment across the market. This price movement is seen as a positive indicator for the token's future performance.

Crypto analyst Luckside Crypto also weighed in on the situation, noting a growing investor confidence and long-term accumulation of SHIB. He observed that the amount of SHIB available in the market is rapidly decreasing as investors accumulate and remove tokens from exchanges, indicating a preparation for long-term holding. This outflow has brought the available SHIB supply on exchanges down to 83.4 trillion, the lowest ever recorded. Such a sharp drop in supply typically precedes significant price movements, especially when paired with a rise in open interest.

Luckside highlighted an unprecedented imbalance between long and short positions, with a 17% imbalance to the long side, a level never seen before for Shiba Inu. Open interest surged 10% in just 24 hours, increasing by $17 million, levels last seen in early June. While he cautioned about potential short-term volatility and liquidations, Luckside maintained that the overall setup remains favorable for SHIB’s next leg up. He emphasized that these moves often lead to significant surges and breakouts.

However, Luckside noted that for SHIB to confirm longer-term strength, it must break above the 200-day moving average, currently at $0.00001634. Despite the technical momentum and whale interest, retail participation remains limited, with Luckside commenting that the market has not yet reached the level of excitement seen during previous bull runs.

The fundamentals of SHIB continue to strengthen, with 1 billion SHIB burned in just one day and the number of holders increasing to a record 1,521,014. Additionally, analyst MasterAnanda recently issued a bold price projection for SHIB, predicting a rally of up to 1,529%. He believes the token is still early in its bull cycle and has just broken out from a descending triangle formation that started in March 2024. According to his analysis, SHIB could first aim for $0.00003203, a key Fibonacci retracement level, before pushing further to $0.00006767 and $0.0001032. His most ambitious target lies at $0.000220491, representing a 1,500%+ move from current levels. MasterAnanda noted that the weekly candle is now full green, and everything is about to turn positive crazy, suggesting a new all-time high for SHIB.

At the time of reporting, SHIB is trading at $0.00001342, reflecting a 1.56% surge in the past 24 hours. The meme coin is up 13.12% in the past week. The recent whale activity and analyst projections have fueled optimism within the SHIB community, with many anticipating further price appreciation in the coming days and weeks.