Shiba Inu (SHIB) Makes Four Trillion Comeback in 24 Hours: What's Happening?
2024-10-29

With nearly four trillion SHIB transacted in the last day, Shiba Inu has experienced an amazing comeback, propelled by high whale-tier volume. Recent on-chain data indicates that this notable increase in activity points to a resurgence of interest from larger holders, which could raise investor spirits and boost SHIB's price.
For any digital asset, the on-chain metrics show a significant increase in the quantity and number of large transactions. Higher whale activity generally denotes greater confidence among major players, which frequently results in stronger price stability or upward price momentum.SHIBUSDT Chart by TradingView">
This increase from 895 billion SHIB on Oct. 27 to 3.73 trillion SHIB on Oct. 28 is no small accomplishment and puts SHIB back on the radar of many investors who keep a close eye on whale behaviors. It is evident from examining the SHIBUSDT chart that SHIB is making an effort to consolidate above significant moving averages. 
Convergence between the 50-day and 100-day EMAs has historically signaled possible breakout opportunities. This configuration may indicate a base level where SHIB could find support, particularly since whale activity is supporting these price points. SHIB might be ready for bigger gains if it can sustain this volume and encourage price action. 
Caution, however, is required. Whale-driven volume can generate excitement, but it does not always mean that prices will rise. Similar spikes have occurred before, followed by corrections as the momentum fades or whales book profits. 
Right now, $0.000017 and $0.0000165 are important support levels to keep an eye on, while $0.0000182 is the resistance level. It might be an indication of a longer bullish phase if SHIB can rise above these levels with ongoing whale support.