Shiba Inu Whale Action: 1.67T SHIB Scooped Up, 45% Rally Incoming?

• Shiba Inu whales are active again, fueling sentiment about the imminent rally.
• Trading optimism around Shiba Inu is high, with expectations of a bullish rally.

Shiba Inu (SHIB) has stunned the community and the broader crypto market with activities in its ecosystem within the past few days. According to on-chain analyst Ali Martinez, whales acquired 1.67 trillion SHIB tokens from exchanges in just 24 hours, fueling its ongoing rally.

Large SHIB Movement Shake Market Sentiment

The analyst highlighted previous large outflows from exchanges on November 7, which resulted in a 62% price increase for SHIB. He noted that the SHIB community members await a similar spike for the memecoin following the latest whale actions.

In addition to the massive acquisition, whales, and investors have shown increased activity. Per IntoTheBlock data, their movement has resulted in a 98% rise in large transaction volume. The surge in large transaction volume and substantial acquisitions indicates a strong buying opportunity and suggests bullish momentum.

1.67 trillion $SHIB have been withdrawn from exchanges in the past 24 hours. The last time we saw a similar spike, #ShibaInu surged 62% in price. pic.twitter.com/zcgmusDCuP

— Ali (@ali_charts) November 20, 2024

Expert technical analysis shows SHIB has experienced a breakout from a bullish descending triangle in the four-hour timeframe. There is a good chance that the memecoin might rise by 45% to reach the $0.0000365 level in the upcoming days. It must break out and close a four-hour candle above the $0.000025 level for this to happen.

The Relative Strength Index (RSI) also suggests possible upward momentum in the days ahead. Likewise, SHIB is presently showing an upward trend by trading above the 200-day Exponential Moving Average (EMA) on both the daily and four-hour timeframes. 

Onchain metrics further support SHIB’s bullish outlook. Onchain analytical platform Coinglass reported that SHIB’s Open Interest (OI) continues to increase, indicating heightened trader participation following the breakout. SHIB’s OI increased by 4.95% over the last four hours, and by another 2.15% in the last hour.

What Next For SHIB

Furthermore, the current long/short ratio for SHIB on Binance is 3.50, indicating a high level of trading optimism. Currently, 22.2% of top traders on Binance are short, while 77.8% are long. These on-chain measures and technical analysis indicate that bulls are controlling SHIB and may help fuel its next advance.

According to MarketCap data, SHIB’s price is $0.00002487, up 3.57% in the past 24 hours. The daily trading volume surged by 27.7% to $1.44 billion, demonstrating increased investor sentiment.

Experts see long-term promise for Shiba Inu. CNF reported that some have even predicted that SHIB might trade between $0.000021 and $0.000109 by 2025. These projections indicate tremendous growth potential as market fundamentals and community support improve. 

As CNF reported, Shiba Inu’s lead developer Shytoshi Kusama has proposed the establishment of a Strategic Hub for Innovation in Blockchain (S.H.I.B.) in the US. This plan requires that Donald Trump’s new administration build a blockchain in Silicon Valley with an initial investment of $2.35 billion.