Shiba Inu Eyes Key Level; Dogecoin Whales Accumulate
Shiba Inu Targets 200-Day SMA
Shiba Inu (SHIB) is attempting to break above its 200-day simple moving average (SMA), signaling a potential shift in market sentiment. Meanwhile, significant Dogecoin (DOGE) holders, often referred to as whales, are increasing their positions to levels not seen in nearly four years.
Over the past 24 hours, SHIB has shown resilience, climbing from $0.00001287 to $0.00001312, marking a 2% increase.
Currently, the token is trading near the 200-day SMA of $0.00001300. Successfully breaching this level could confirm a transition from a bearish to a bullish trend. However, previous attempts to secure this breakout in the last month have failed.
This latest attempt is supported by increased trading volumes. As SHIB approached the 200-day SMA, volumes surged to 943.1 billion tokens, suggesting institutional interest and bolstering the potential for a successful breakout.
Key Technical Highlights:
- Price increased from $0.00001287 to $0.00001312, a 2% gain.
- Strong support established around $0.00001270.
- Resistance penetration at $0.00001300 with high volume.
- Session peak reached $0.00001316 on volume of 943.1 billion tokens.
- Psychological support at $0.00001300 held throughout the rally.
- Token destruction rate surged by 1,682%, with 1.3 million tokens removed from circulation.
- Shibarium network activity rebounded, with daily transactions exceeding 1.2 million.
- Markets anticipate U.S. interest rate cuts, with meme cryptocurrency derivatives showing increased institutional engagement; SHIB open interest rose by 4%.
Dogecoin Whale Stash Swells
Dogecoin (DOGE) has seen a 10% increase in value over the past week, fueled by speculation surrounding a potential spot DOGE ETF approval in the U.S. This rally coincides with a significant rise in DOGE holdings among whale investors.
Data from Santiment indicates that wallets holding between 1 million and 10 million DOGE have been accumulating since late August. These wallets now hold 10.91 billion DOGE, the highest level in nearly four years, representing 7.23% of the total DOGE supply.