Whales and institutional investors are showing strong interest in Shiba Inu (SHIB) as the meme coin continues to consolidate its price within a tight range between $0.00002287 and $0.00002644. Over the past two weeks, notable bets have been made by whales, accumulating a substantial 5.45 trillion SHIB meme coins, valued at $162 million in the past three days.
According to on-chain analytics firm Glassnode, there has been a significant outflow of tokens from exchanges, indicating that both whales and retail investors are actively moving tokens out of exchanges. This notable outflow suggests a high level of interest and confidence in SHIB, which could potentially reduce selling pressure and prevent a price decline in the near future.
A newly created wallet withdrew 60 billion SHIB tokens, valued at $1.52 million, from Binance on November 28, 2024, further indicating strong interest in the meme coin. This withdrawal from exchanges suggests that SHIB could be a good addition to one’s portfolio in anticipation of an upcoming rally.
In addition to long-term holders, traders are also optimistic about SHIB, with open interest (OI) rising by 3.9% over the past 24 hours, as reported by Coinglass. This growing OI reflects traders’ confidence in the meme coin and hints at a positive outlook for SHIB.
Technical analysis suggests that SHIB is currently in a consolidation zone, with the potential for a breakout if it closes a daily candle above the $0.00002644 level. In such a scenario, SHIB could surge by 40% to reach $0.000037 in the coming days. The Relative Strength Index (RSI) also indicates potential upside momentum for SHIB, with a current value of 58, well below the overbought point of 70.
At the time of writing, SHIB is trading near $0.00002528 and has seen a trading volume increase of 18% in the past 24 hours. This heightened participation from traders and investors signals a bullish outlook for SHIB in the near term. With whales and institutions showing strong interest and technical indicators pointing towards potential growth, SHIB could be a cryptocurrency to watch in the coming days.