What a time to be involved in the crypto market!
Several cryptocurrencies across the market have been posting gains throughout the past few months.
This time around, however, Shiba Inu has joined the party and is showing massive growth potential after being largely inactive for more than a year.
Shiba Inu has deleted one more zero from its current price, and the whales have started to buy massively into this memecoin, after ignoring it for so long.
Here's everything you need to know about SHIB.
Data provided by IntoTheBlock shows that over the last two days, the volume of SHIB large transactions has skyrocketed by a staggering 540% since the beginning of the week.
This data shows that the amount of SHIB moved around by the whales has jumped from around 1.24 trillion tokens to 6.68 trillion tokens—in two days!
Data from IntoTheBlock identifies these large transactions as those involving at least $100,000 worth of SHIB, reflecting a significant rally in Shiba Inu interest from the whales.
This data even shows that over these two days during the week, about 297 large transactions of this kind were recorded, of which 175 occurred in the last 24 hours.
This growth in SHIB is also reflected by data on its price increase from CoinMarketCap.
This data shows that the cryptocurrency has soared by a relatively impressive 4.2% over the last day, and by 17% over the last week.
This surge in Shiba Inu volumes reflects a larger degree of interest from investors and shows that SHIB might be gaining traction as investors make their pre-Bitcoin-halving bets.
Moreover, Shiba Inu's growth is also part of a growing trend of rising memecoins, including Dogecoin, Floki and PEPE.
According to the details of the chart above, we can see that a semi-strong resistance sits on Shiba Inu, around the $0.00001154 zone.
This resistance has been valid since March 2023 and has held Shiba Inu down for more than a year.
Shiba Inu in its most recent rally, attempted to break above but appears to be in the middle of a market rejection from $0.00001154.
We may or may not see this breakout from SHIB.
In the event of a rejection, we may see SHIB retest the $0.00001 support, and reattempt to break $0.00001154—assuming SHIB doesn't decline below $0.00001, that is.
Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.