coindesk.com
Shiba Inu $SHIB$0.0₄1300 is looking to establish a foothold above the 200-day simple moving average (SMA) as whales boost their dogecoin $DOGE$0.2444 stash to a nearly four-year high.
$SHIB has exhibited considerable fortitude throughout the 24-hour trading, ascending from $0.00001287 to $0.00001312, constituting a respectable 2% appreciation.
At press time, the token traded close to the 200-day SMA of $0.00001300. A breakout would confirm a shift from a bearish to a bullish trend, as the 200-day SMA is widely tracked as barometer of long-term trajectory. Note that bulls have already failed twice in the past four weeks to secure the breakout.
That said, the latest attempt may succeed as it is marked by a pick-up in trading volumes. According to CoinDesk's market insights AI model, as $SHIB neared the 200-day SMA, volumes picked up to an extraordinary 943.1 billion tokens, suggesting institutional capital deployment and validating the optimistic breakout trajectory.
Key technical insights
- Prices appreciated from $0.00001287 to $0.00001312, representing a 2% gain across 24 hours.
- Substantial support was established near the $0.00001270 level, with consistent buyer emergence.
- Resistance penetration occurred at $0.00001300 level amid elevated volume.
- Session pinnacle reached $0.00001316 on an extraordinary volume of 943.1 billion tokens.
- Psychological support threshold at $0.00001300 successfully defended throughout rally phase.
- The token's destruction rate experienced an extraordinary 1,682% escalation with 1.3 million tokens withdrawn from circulation, whilst Shibarium network activity demonstrated resurgence with daily transactions surpassing 1.2 million.
- Financial markets presently assign 100% probability to U.S. interest rate reductions within eight days, with meme cryptocurrency derivatives exhibiting heightened institutional engagement as open interest in $SHIB appreciated 4%.
Dogecoin whale stash rises
Dogecoin $DOGE$0.2444, the world's leading meme token by market value, has surged over 10% in one week, largely driven higher by expectations for a spot $DOGE ETF approval in the U.S.
The rally is marked by a sharp rise in the number of coins held by $DOGE whales.
According to Santiment, wallets holding 1M to 10M $DOGE began accumulating during the late August dump and have since increased their total holdings to 10.91 billion $DOGE, a nearly four-year high, representing 7.23% of the meme coin's supply.