137% Shiba Inu (SHIB) Surge in 24 Hours: What’s Happening?

With a 137% increase in just one day, Shiba Inu is seeing a huge spike in large transaction activity, which is bringing the meme coin back into the spotlight. Whale activity has increased significantly enough to suggest a potential market shift even though price action has not reflected this jump with the same vigor.

Currently SHIB is trading close to $0.000014, which is just above the 100 EMA, a crucial support level that served as the catalyst for its most recent breakout. The token is nevertheless perilously close to losing its 26 EMA, which was a useful short-term trend indicator during the most recent surge. Any short-term bullish continuation could be rendered invalid by a break below this level.

Technically speaking, despite SHIB’s efforts to consolidate close to its local highs, the volume profile shows declining activity. This discrepancy, which shows a lower volume and a persistently rising price, frequently indicates buyer exhaustion or the beginning of a reversal. Given the high percentage of large holders (74%) and the comparatively small order book, SHIB may see significant price swings in either direction based on how whales play it next.

With “In the money” metrics and net network growth flashing red, on-chain signals are still primarily bearish. Retail interest appears to be stagnating and the number of Telegram users decreasing. The $36.78 million trading volume of SHIB, however, indicates that liquidity is present and that any sudden catalyst – whether favorable or unfavorable – could quickly cause volatility.

Even with its meme coin origins, SHIB still has a cultlike following and a huge $8.76 billion market capitalization. But this is a make-or-break area based on the available data. Resurgent volume and a bounce off the 100 EMA could cause SHIB to retest $0.000016.

On the other hand, if important support is not maintained and the transaction momentum keeps dropping, it could fall back to $0.000012 or even $0.0000113. Keep an eye on the 26 EMA; if it folds, the current rally may end quickly.

Source