Shiba Inu (SHIB) is looking to establish a foothold above the 200-day simple moving average (SMA) as whales boost their dogecoin (DOGE) stash to a nearly four-year high.
SHIB has exhibited considerable fortitude throughout the 24-hour trading, ascending from $0.00001287 to $0.00001312, constituting a respectable 2% appreciation.
At press time, the token traded close to the 200-day SMA of $0.00001300. A breakout would confirm a shift from a bearish to a bullish trend, as the 200-day SMA is widely tracked as barometer of long-term trajectory. Note that bulls have already failed twice in the past four weeks to secure the breakout.
That said, the latest attempt may succeed as it is marked by a pick-up in trading volumes. According to CoinDesk's market insights AI model, as SHIB neared the 200-day SMA, volumes picked up to an extraordinary 943.1 billion tokens, suggesting institutional capital deployment and validating the optimistic breakout trajectory.
Key technical insights
- Prices appreciated from $0.00001287 to $0.00001312, representing a 2% gain across 24 hours.
- Substantial support was established near the $0.00001270 level, with consistent buyer emergence.
- Resistance penetration occurred at $0.00001300 level amid elevated volume.
- Session pinnacle reached $0.00001316 on an extraordinary volume of 943.1 billion tokens.
- Psychological support threshold at $0.00001300 successfully defended throughout rally phase.
- The token's destruction rate experienced an extraordinary 1,682% escalation with 1.3 million tokens withdrawn from circulation, whilst Shibarium network activity demonstrated resurgence with daily transactions surpassing 1.2 million.
- Financial markets presently assign 100% probability to U.S. interest rate reductions within eight days, with meme cryptocurrency derivatives exhibiting heightened institutional engagement as open interest in SHIB appreciated 4%.
Dogecoin whale stash rises
Dogecoin (DOGE), the world's leading meme token by market value, has surged over 10% in one week, largely driven higher by expectations for a spot DOGE ETF approval in the U.S.
The rally is marked by a sharp rise in the number of coins held by DOGE whales.
According to Santiment, wallets holding 1M to 10M DOGE began accumulating during the late August dump and have since increased their total holdings to 10.91 billion DOGE, a nearly four-year high, representing 7.23% of the meme coin's supply.
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