Shiba Inu is one of the most popular meme coins in the cryptocurrency industry. With the positive meme coin sentiment in the market, SHIB has made significant gains recently. Caught up in the meme coin craze, SHIB is once again on the climb. There are strong signs that whales are behind these developments. Analytics platform LookonChain reported that a giant SHIB whale made a large purchase. Meanwhile, according to analysts, more gains are possible for SHIB.
The giant Shiba Inu whale is at it again!
As you’ve been following on Kriptokoin.com, meme coins have started to shine again. This is attracting investors and traders. LookonChain, an on-chain analytics platform, reported that a crypto whale that previously made significant profits from Shiba Inu (SHIB) has recently started accumulating SHIB again. Early in SHIB’s history, this smart trader invested around $400,000 for 5.5 trillion SHIB. During the two market peaks, he managed to sell these assets for about $121 million. Thus, he made an impressive profit of more than $120 million.
One SHIB super big winner is buying SHIB like crazy and spent 4,849 ETH ($18.44 million) to buy 715.9B SHIB in the last 6 hours. This guy spent only ~$400K to buy 5.5T SHIB in the early stage and sold it for ~$121M in the 2 peaks.
A $SHIB super big winner is buying $SHIB crazily, spending 4,849 $ETH($18.44M) to buy 715.9B $SHIB in the past 6 hours.
This guy spent only ~$400K to buy 5.5T $SHIB in the early stage and sold for ~$121M at 2 peaks.
He made more than $120M on $SHIB before, an amazing gain!😱… pic.twitter.com/iREp5jfj75— Lookonchain (@lookonchain) June 5, 2024
Such significant buying activity can signal potential future movements in the token price. This is why it often attracts attention in the crypto community. According to analysts, given this investor’s successful track record in SHIB, his recent purchases could be considered a bullish indicator for the token’s future.
Analyst: SHIB is on the verge of an epic run!
Crypto analyst Tomiwabold Olajide assesses the technical picture of SHIB. Shiba Inu has made a surprising comeback. Thus, it crossed the Simple Moving Average (SMA) 50 at $0.0000245. This move was accompanied by a significant price jump of about 10%. The daily SMA 50 at $0.0000245 was a resistance level for Shiba Inu. It capped its price and prevented a breakout since mid-April. However, SHIB temporarily broke through this barrier in late May, reaching $0.0000294 on May 29.
SHIB price encountered resistance at this high level. It also turned bearish as profit-taking started. This drop caused SHIB’s price to fall below the daily SMA 50 after four days of losses. Thus, Shiba Inu fell to $0.00002284 on June 4. However, Shiba Inu rebounded sharply from this low as prices reversed. It crossed the daily SMA 50 in today’s trading session. The spike past this critical point suggests a change in the tide with the potential for SHIB to establish new support levels above the daily SMA 50.
The crypto community is currently closely watching Shiba Inu’s price action. The community wants to see if it can maintain its position above the daily SMA 50. It is possible that a stable hold above this level could pave the way for further gains. Moreover, it will probably start a new bullish phase for the token. A new uptrend for the Shiba Inu price could target the $0.00003 and $0.000032 levels. Perhaps this could be the beginning of an epic breakout. However, it has not yet demonstrated this potential.
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