Shiba Inu (SHIB) Poised for a Bull Run as Whales Grab 1.67 Trillion Tokens

Shiba Inu [SHIB], the world's second-largest crypto meme coin, is poised for a bull run after consolidating for nearly 10 days.

Shiba Inu [SHIB], the second-largest crypto meme coin globally, is up for a bull run after consolidating for almost 10 days. According to a prominent crypto expert, whales and institutions have acquired a massive 1.67 trillion SHIB tokens from exchanges.

🐋 Whales Grab 1.67 Trillion SHIB Tokens

Moreover, the expert noted a significant spike in exchange outflows on 7th November, which led to a massive 62% surge in SHIB’s price. This time around, experts and crypto enthusiasts are expecting a similar upside momentum for the meme coin.

Apart from this huge acquisition, whales and investors are showing increasing activity with SHIB, which led to a massive 98% rise in large transaction volume, as noted by on-chain analytics firm IntoTheBlock.

This massive acquisition and surge in large transaction volume together hint at a buying opportunity and bullish momentum.

🍴 SHIB Technical Analysis and Key Levels

According to expert technical analysis, SHIB was breaking out from a bullish descending triangle on the four-hour timeframe at press time.

Based on the current price action, if SHIB manages to break out and close a four-hour candle above the $0.000025 level, there’s a high chance for the meme coin to rally by 45% to hit the $0.0000365 level in the upcoming days.

Moreover, SHIB is currently trading above the 200 Exponential Moving Average (EMA) on both the four-hour and daily timeframes, indicating an uptrend. Meanwhile, its Relative Strength Index (RSI) is indicating potential upside momentum in the coming days.

✨ Bullish On-Chain Metrics

Moving beyond technical analysis, on-chain metrics are further bolstering the meme coin’s bullish outlook. According to on-chain analytics firm Coinglass, SHIB’s open interest (OI) has been rising aggressively, indicating increased trader participation following the breakout.

In the past four hours, the meme coin’s OI has gone up by 4.95% and a further 2.15% in the most recent hour.

Moreover, SHIB’s long/short ratio on Binance currently stands at 3.50, indicating strong bullish sentiment among traders. Currently, 77.8% of top traders on Binance hold long positions, while 22.2% hold short positions.

Is your portfolio green? Check out the SHIB Profit Calculator

Together, these on-chain metrics and technical analysis suggest that bulls are currently leading the asset and might be powering its upcoming rally.

At press time, SHIB was trading close to $0.0000257 and noted a 1.2% gain over the past 24 hours. During the same period, its trading volume went up by 10%, indicating increased participation from traders and investors compared to the previous day.