In the ongoing saga of the crypto market, the recent surge of Shiba Inu currency is a delightful surprise. The coin currently trades at $0.000008, a remarkable 24-hour spike of nearly 4.50%. This notable leap has positioned Shiba Inu as the top-performing coin in the market and sparked an influx of interest from investors who speculate that key players, or ‘whales,’ may be stepping up activities. These whales carry substantial potential to fuel the rally further.
IntoTheBlock, an on-chain analytics service, suggests there has been a remarkable surge of 197% in significant transactions by Shiba Inu whales within just 24 hours. Each of these transactions exceeds $100,000, adding up to a total of $12.54 million in the past day alone. The statistics indicate an impressive 326% rise in large-holder net flows over the past week, pointers that may suggest a bullish sentiment amongst whales that could help drive up the cryptocurrency’s price.
However, it would be remiss to ignore the myriad of other factors that can influence price as well. The price movement of Shiba Inu is not solely dictated by the activities of whales in the market. To ascertain a holistic outlook, considering technical perspectives on the market is just as crucial. Shiba Inu’s present market situation reveals a bullish trend; the currency has efficiently navigated past the triple-top resistance level of approximately $0.00000802. If Shiba Inu can triumph over the resistance point set at $0.00000845, the consecutive resistance area is foreseen to hover around $0.00000890. But if the coin’s price sees a bearish turn and sinks below $0.00000802, it’s expected to find support near $0.00000779 or $0.000007644.
In addition to Shiba Inu, $EVILPEPE, a community-driven meme token on the Ethereum blockchain, could potentially be a promising altcoin. $EVILPEPE merges meme culture and financial speculation, with a goal to raise a robust and unapologetic community. It may be positioned to peak as the best-performing meme coin in 2023 after its predecessor, the Pepe Coin. In a testament to its successful community building efforts, $EVILPEPE has already traded a whopping 1.6 million tokens. However, as exciting as these developments are, everyone must remember that crypto is high-risk, and readers should not consider this a financial advice. Remember, with any investment, everything that’s put in can just as quickly be lost.
Source: Cryptonews
