Shiba Inu Might Experience a Bullish Rally Soon, See Why

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Shiba Inu Might Experience a Bullish Rally Soon, See Why

Last updated on May 18th, 2024 at 11:52 am

A recent report shows that Shiba Inu whale activity has continued to rally with trillions of SHIB tokens moved across addresses. According to data from IntoTheBlock, whale activity on Shiba Inu has skyrocketed above 120%.

Per the data, Shiba Inu’s large transaction volume has spiked by exactly 121.84%. For context, large transaction volume is a metric used to measure the total amount of transactions exceeding $100,000. It is a very useful statistic to find out how much cryptocurrency whales transfer in a particular day.

Furthermore, IntoTheBlock data revealed that $31.2 million accounted for the total monetary worth of large transactions in the last 24 hours. An increase in large transaction volume might be a positive sign for Shiba Inu.

Interestingly, over the last day, about 4.22 trillion SHIB tokens have been moved. This could be an indication of a boost in whale transactions either by buying or selling.

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Shiba Inu weekly chart

Meanwhile, a popular crypto analyst ‘Ali Charts’ shared his predictions on X (formerly Twitter) indicating that Shiba Inu might be on the edge of a major bullish rally soon.

According to him, the TD Sequentia, an important signal appeared on the SHIB weekly chart on October 25. In particular, the previous two bullish turns from this indicator resulted in an exponential price surge of 118% and 71%, respectively.

He added that the infrequency but precision of the signal indicates an important time to keep an eye on Shiba Inu.

Shiba Inu trading chart

Source: TradingView

Another factor that might potentially impact the price of Shiba Inu is the recent announcement by Robinhood about the introduction of SHIB alongside 14 other cryptocurrencies in Nevada.

Investors residing in Nevada and some other states in the US will now be able to carry out commissionless Shia Inu transactions on Robinhood.

The onboarding of SHIB on Robinhood Nevada comes as a welcome development to the SHIB community underscoring the confidence in the trending cryptocurrency. This implies that Shiba Inu will now be exposed to new investors.

Shiba Inu (SHIB) price today

According to live data from Coinstats, the price of SHIB today is $0.0000077. This represents a 4.4% increase in the last 24 hours. What’s more, Shiba Inu has a 24-hour trading volume of $242,980,683 ($242.9 million). SHIB is ranked #19 on the global cryptocurrency chart with a live market cap of $4,528,169,349 ($4.5 billion).

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Victor Nnamdi Igbor "Swaezy" is a crypto enthusiast and writer with over 8 experience in blogging. He is an easy person and when not working, loves to have a good time.