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Shiba Inu (SHIB), the second-largest crypto meme coin is on the radar of whales and institutions amid ongoing price consolidation, signaling a bullish trend. According to the on-chain analytics firm IntoTheBlock, SHIB’s large transaction volume has surged by 98% in the past 24 hours, indicating significant participation from whales and institutions.
Whales Activity: Large Transaction Volume Jumps by 98%
This significant increase is a bullish sign for the asset and could support an upcoming rally as it has the potential to attract retail investors and traders. Additionally, the exchange reserves for SHIB have dropped significantly over the past 24 hours, further reinforcing SHIB’s bullish outlook.
Whales Withdraw 1.67 Trillion Token
According to the on-chain analytics firm Santiment, over 1.67 trillion SHIB worth nearly $41 million has been withdrawn from exchanges in the past 24 hours. Historically, the last time when SHIB experienced a similar spike in exchange outflow, the meme coin registered a price gain of nearly 62%.
1.67 trillion $SHIB have been withdrawn from exchanges in the past 24 hours. The last time we saw a similar spike, #ShibaInu surged 62% in price. pic.twitter.com/zcgmusDCuP
— Ali (@ali_charts) November 20, 2024
However, this time investors and whales have shown strong participation, as reflected in the transaction volume, potentially driven by the anticipation of an upcoming rally in SHIB, resulting in the withdrawal of trillions of tokens.
Current Price Momentum
Although on-chain metrics point to bullish momentum, SHIB is currently struggling to gain traction. At press time, the meme coin is trading near $0.000024 and has registered a price decline of 3.25% in the past 24 hours.
During the same period, its trading volume dropped by 12.5% indicating lower participation from traders and investors due to FLOKI’s ongoing price consolidation.
SHIB Technical Analysis and Upcoming Levels
According to CoinPedia’s technical analysis, SHIB is forming a descending triangle pattern on the four-hour time frame and is currently on the verge of a breakout. Based on historical price momentum, if SHIB breaches this pattern and closes a four-hour candle above the $0.000026 level, the meme coin could initially rally by 13% to reach the next resistance level at $0.000030.
Furthermore, if SHIB surpasses this hurdle, there is a strong likelihood it could rally an additional 25%, targeting the $0.000038 level as its second milestone.
As of now, SHIB’s technical indicators including the Relative Strength Index (RSI) and the 200 Exponential Moving Average (EMA), hint at bullish momentum and further suggest the potential upside rally in the coming days.