Shiba Inu Whales on the Move. Will SHIB Pump to $0.0001?

• Shiba Inu (SHIB) surges to $0.000009917 rage. 
• SHIB’s bullish signal is underscored by a notable surge in active addresses.

The global cryptocurrency market displays a surge in activity as Bitcoin’s rally above $52,500 sparks renewed investor interest, particularly in Shiba Inu (SHIB), the second largest memecoin, which has been muted since its layer 2 blockchain, Shibarium launch. Recent data reveals a notable uptick in new and active addresses for SHIB, indicating growing enthusiasm among investors.

Over the past week, there has been a 5% increase in newly registered Shiba Inu wallets, along with a 29% surge in active addresses. Additionally, addresses holding zero SHIB balance have surged by 80% during the same period.

Further, whale activity in the Shiba Inu ecosystem has also intensified, as reflected in a substantial increase in netflows of large holders, up by over 1700% according to IntoTheBlock data. This surge in netflows suggests significant accumulation by major players, possibly signaling bullish sentiment.

However, despite the heightened activity and interest, a significant portion of SHIB investors find themselves at a loss, with 62.49% of holders experiencing losses compared to 34.31% enjoying profits. Moreover, the Shiba Inu burn rate has seen a decline of over 38.34% in the last 24 hours. That adding another layer to the evolving dynamics within the SHIB ecosystem. 

Will Shiba Inu (SHIB) Pump to New High?

In terms of price action, Shiba Inu has displayed a downtrend since its peak of $0.000011 on December 17. Nevertheless, recent trends show a potential uptrend, with SHIB’s current price at $0.000009917. 

Shiba Inu (SHIB) Price Chart (Source: TradingView)

If the memecoin continues its bullish trend, analysts suggest immediate resistance at $0.00001012. That could lead to further gains toward $0.00001608. A breach above $0.00002308 could set a new bullish trajectory towards $0.00003408potentially propelling SHIB to $0.000057 and $0.0001.

Conversely, failure to sustain the rally may see SHIB finding crucial support at $0.000009504, potentially triggering a decline towards $0.000009203 and possibly even $0.00008564.

At the time of writing, SHIB was trading at $0.00000981 with a daily trading volume of $201 million, marking an increase of over 47% in the last 24 hours.