Recent price performance and important on-chain metrics for Shiba Inu indicate one of the most significant recoveries in recent months.
Price Growth of Shiba Inu
Shiba Inu (SHIB) has firmly broken above key moving averages on the daily chart after weeks of sluggish trading. Resistance levels that formerly restrained upward momentum are currently being tested, notably around $0.000013. For the first time since early May, SHIB is trading above both its 50-day and 100-day EMAs, which is often viewed as a signal for potential long-term rallies.
Increase in Transaction Volumes
According to IntoTheBlock's data, there were 114 large SHIB transactions in the last day, and the total transaction volume soared to 5.43 trillion SHIB, representing a 3.8 times increase from recent seven-day lows. This sharp increase in transaction volume often signifies accumulation by large holders, indicating potential upward price movements.
Investor Outlook
If SHIB can confidently clear the $0.000013-$0.0000145 zone, a test of the psychologically significant $0.00002 milestone may be possible. However, a quick retracement could occur if speculative traders lock in gains and this breakout is not maintained. Volume and whale activity remain key indicators to assess the authenticity of this surge.
Shiba Inu continues to demonstrate the relevance of the meme coin narrative, with explosive on-chain volume and technical breakouts paving the way for a potential recovery in the market.
