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Shiba Inu Price Rally Not Over? Whale Buys Signal Further Growth Potential – Crypto News

Published

1 year ago

March 5, 2024

Dripp

The cryptocurrency market resumes a bullish trajectory following the Bitcoin price, which is 5% up today. The aggressive volume in spot ETFs continues to fuel the underlying asset which is barely 4% below the All time high of $68,789. Amid this uptick, the Shiba Inu price jumped 47% to breach another key resistance of $0.00003 .

Also Read: Shiba Inu Price Hits 22-Month High Amid Key Onchain Activity, Will Rally Continue?

Shiba Inu Eyes Growth as Whales Increase Holdings

BINANCE:SHIBUSDT Chart Image by sahilmahadik07 — SHIB| Tradingview

SHIB, the second largest memecoin has shown consistent growth for the past eight days, where price surged $0.00000946 to $0.0000377, registering over 250% growth. This recovery backed by increasing volume and remarkable growth in Future Open Interest reflects a sustainable growth and market interest for this asset.

Moreover, Rune Christensen, the founder of MakerDAO, has made significant purchases of the meme cryptocurrency SHIB, as spotted by the on-chain data tracker Spotonchain. On March 1st, Christensen invested 100K USDC to acquire 7.41 billion SHIB, just before the price of the token surged by approximately 60%.

A subsequent purchase of 17.629 billion SHIB with 400K USDC was made 12 hours ago, preceding a price increase of around 20%. These strategic investments by a prominent figure in the DeFi space have coincided with notable price movements in SHIB giving additional confirmation of prolonged recovery ahead.

#MakerDAO founder, Rune Christensen (@RuneKek), bought $SHIB before the price surged sharply again!

• He bought 7.41B $SHIB with 100K $USDC for the first time on Mar 1. The price then soared by ~60%.
• He bought 17.629B $SHIB with 400K $USDC again 12 hours ago. The price then… https://t.co/uwGkKzjKYx pic.twitter.com/selfIrtZKM

— Spot On Chain (@spotonchain) March 4, 2024

Also Read: Shiba Inu Burn Rate Soars 30000%, Will SHIB Maintain Rally?

Will Shiba Inu Recovery Continue?

An analysis of the chart shows the Shiba Inu price is developing a bullish reversal pattern called rounding bottom. This U-shaped recovery hints the coin price is emerging from a long accumulation to enter a new recovery trend.

Currently trading at $0.00003, the SHIB price has recently remained at the $0.00003 psychological level. If the coin price manages to sustain above this flipped support, the buyers may drive a rally to $0.00004, followed by $0.000045.

Technical Indicator:

Exponential Moving Averages: A sharp uptick in the daily EMAs(20, 50, 100, and 200) reflects the broader trend remains aggressively bullish.
Relative Indicator: The daily RSI at 95% of the asset has entered an overbought territory indicating the coin holder may soon witness a notable correction.