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Shiba Inu (SHIB) experiences a significant boost with $219 million in whale transactions, as Ethereum co-founder Vitalik Buterin makes surprising comments about the meme coin's resilience.
Shiba Inu Witnesses Major Surge in Whale Transactions, Market Activity Spikes
Shiba Inu (SHIB) has seen a significant increase in on-chain activity, with large transactions up 50%, according to IntoTheBlock data (via U.Today). Over the last 24 hours, such transactions increased from 4.79 trillion to 7.23 trillion, indicating increased activity in the SHIB market.
This surge represents a significant increase in monetary terms, jumping from $141.7 million to $219.23 million.
The increase in large transactions indicates growing interest in the Shiba Inu token among high-net-worth individuals, as evidenced by the rise in transactions exceeding $100,000. On the last day, 539 such transactions were recorded, a significant increase from the previous day's 418.
SHIB Price Soars Past Resistance Amid Whale Activity, Eyes Set on Future Gains
This surge in whale activity coincided with SHIB's price breaking through a critical resistance level of approximately $0.00003 per token. After several days of testing, the price rose to $0.000045 per SHIB. Currently, the price chart shows a retest of the $0.00003 level, which, if maintained, could act as a support level for SHIB's price.
With whale activity surging and the SHIB price turning decisively bullish, all eyes are on Shiba Inu's next moves in cryptocurrency.
Vitalik Buterin's Surprising SHIB Remarks Highlight Token's Market Strength and Potential
Vitalik Buterin, a well-known figure in the cryptocurrency industry, surprised the community. The co-founder of Ethereum spoke about Shiba Inu, a token that many traders regarded as a quick way to make money rather than particularly serious.
Buterin stated that he donated a large amount of SHIB to charity, expecting the price to plummet, and that it would be worth little after a few weeks of market trading. However, SHIB outperformed his expectations.
This indirect endorsement from Buterin stands out because it casts a positive light on SHIB's market presence, particularly given its unexpected performance.
The SHIB/USDT daily price chart shows a strong uptrend. Following relatively stable prices, SHIB has seen a significant increase in buyer interest. The chart shows an upward trend, with the price crossing the moving averages — a standard indicator traders use to gauge market momentum.
According to TradingView, SHIB is trading near a resistance level, a price ceiling where previous attempts to push higher have resulted in selling pressure. To maintain its momentum, SHIB must break through this barrier, which could lead to increased investor confidence and future gains.
In contrast, there is an established support level where previous buying has been strong enough to prevent price drops. This indicates a potential platform for future growth if current buying interest is sustained.
Combining Buterin's unexpected remarks with SHIB's positive price movements on the chart suggests that SHIB may have underestimated its strength. While Buterin did not offer advice or make bullish predictions for the meme coin, it could greatly benefit from a single shout-out from one of the most influential figures in the cryptocurrency industry.
Photo: Microsoft Bing
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