Are Shiba Inu Whales Behind SHIB’s Latest Uptick?

Shiba Inu is alive and kicking, and SHIBArmy is rejoicing as SHIB price has surged again. At the time of writing, the price is $0.000011 and rising.

SHIB’s market cap has exceeded $6 billion and surpassed both Polygon [MATIC] and Avalanche [AVAX]. The prospects are looking great as SHIB whales are in on the action.

SHIB’s price action has been bouncing close to the 50-day Moving Average (MA) in the past few days. But the latest uptrend has allowed it to cross that MA.

Currently, SHIB is trading at 0.000011, and its RSI (Relative Strength Index) is moving close to the neutral line.

As Shiba Inu is hitting higher price floors, much higher than in the recent past, it clearly shows that there is a good demand for the meme cryptocurrency.

And this observation is supported by the Money Flow Index (MFI), which has recorded a substantial accumulation of buyers, pointing to an upturn. The balances of top addresses are higher than before.

The number of whales currently accumulating Shiba Inu has increased, as reflected by the whale transaction metric. So, it seems like the sentiment for SHIB is getting better and better.

SHIB’s Exchange outflows are increasing, which indicates whales are buying big time and selling less. The accumulation of coins by addresses that hold between 10,000 and 10 million coins is rising.

Almost every whale category is stocking up on SHIB coins, so we expect its price to soar. However, nothing can be taken for granted, and caution should you need to observe caution before buying.

Also Read: False Shiba Inu Breakout is a Clear Sign of Better Things

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