As the global digital assets realm braces itself for a crypto market bull run ahead, an intriguing event recorded within the Shiba Inu ecosystem appears to have garnered noteworthy attention among crypto market traders and investors across the broader crypto market.

As per insights unveiled by the blockchain tracker Whale Alert, a staggering 332 billion SHIB accumulated by an unknown wallet address stirred a whirlpool of speculations among crypto market enthusiasts worldwide as SHIB encountered a major roadblock at the $0.000045 level. Following a remarkable 253% surge in the past thirty days, the meme coin continues to make waves throughout the vast sea of crypto, with the mentioned whale accumulation curating an additional wave of optimism for the token.

Shiba Inu Whale Activity Sparks Enthusiasm

According to the insights unveiled by Whale Alert, a whopping 332.42 billion SHIB, worth $10.85 billion, was accumulated from Cumberland, a crypto trading platform, on March 11. This accumulation was noted to be done by the address 0x2efb50e9…32bbf2e204, piquing the interest of crypto market participants as it showcased the whale’s immense confidence in the asset. Meanwhile, with on-chain whale activity burgeoning for Shiba Inu, market sentiments appear to have taken a bolstered effect.

On the other hand, the accumulation’s surfacing at a time when the meme coin’s community showcased phenomenal advancements, coupled with the continued burning of SHIB, fueled additional optimism among traders and investors globally.

The Shiba Inu coin continued to trade in the green today, mirroring the optimism showcased by surging whale activity and the community’s recent developmental endeavors.

Also Read: Bitcoin ETFs Soar to $55 Billion, Double Volume in Just 2 Months

Shiba Inu Price Jumps

As of writing, Shiba Inu’s price jotted a substantial jump of 3.83% over the past 24 hours and is currently trading at $ 0.00003308. Over the past few days, coming in tandem with the meme coin rally witnessed across the broader crypto market, Shiba Inu surged notably, securing the 10th spot on CoinMarketCap’s top cryptos by market cap list. This birthed a tidal wave of optimism for SHIB, magnetizing investors amid this year’s crypto market bull run.

Analysis by CoinGape Media suggests if colossal SHIB buying persists, a replenishment for the exhausted bullish momentum is sure to emerge, readying the meme coin for the next upswing. Meanwhile, derivatives data hinted at an uptrend in the market, with a 4.09% surge in SHIB’s open interest and a 16.82% pump in volume. This added to the bullishness on SHIB as it illustrated new money coming into the market, along with burgeoning market activity.

With the aforementioned developments and data collectively weighing in, Shiba Inu painted a bullish climate for itself across the broader crypto market today. A breakout above the immediate resistance of $0.000037 would be an early sign of renewed recovery, while a breakout above $0.0000456 will give the necessary confirmation for a phenomenal rally ahead.

Also Read: Bitcoin (BTC) Dominance Slips Below 50% as Market Liquidity Hits ATH

The post Shiba Inu Whale Accumulates 332 Bln SHIB, A Price Rally Ahead? appeared first on CoinGape.

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Filed under: News - @ January 1, 1970 12:00 am