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The price of Shiba Inu (SHIB) has rallied over 26% in the past month, primarily driven by increased accumulation from so-called “crypto whales.”
These wealthy investors appear confident that SHIB is poised for significant gains, buying trillions of tokens ahead of the highly anticipated Shibarium rollout.
SHIB has been on a tear recently, surging over 26% since July 10.
After hitting a low of $0.0000070, the meme coin found support and rebounded sharply, sending it on an extended uptrend in the following weeks.
After five bullish weekly closes, $SHIB rallied as high as $0.000010 on August 5 before pulling back to $0.0000098 – the price it currently trades.
During Shiba Inu’s upside move, the token reclaimed the 20-day and 50-day Exponential Moving Averages (EMAs) after trading below or between them since mid-June.
SHIB also overcame the stubborn resistance zone around $0.0000085, mainly thanks to higher trading volumes and positive investor sentiment.
Although SHIB’s Relative Strength Index (RSI) remains elevated at 66, the recent rally has undoubtedly improved the token’s technical standing – setting the stage for further growth in the weeks ahead.
Shiba Inu’s impressive surge has mainly been fueled by renewed buying from whales anticipating further upside for the token.
According to data from WhaleStats, $SHIB is the most-traded token of the top 100 whale wallets across multiple chains.
Additionally, $SHIB is also the biggest token by dollar value – highlighting the confidence that whales have in Shiba Inu’s prospects.
This bullish whale activity shows no signs of abating, as Twitter user LucieSHIB, part of the Shiba Inu marketing team, recently revealed that another investor had purchased a staggering 4.41 trillion $SHIB tokens worth $40 million.
One of the main reasons for this recent whale buying spree is the pending release of Shibarium – Shiba Inu’s layer-2 scaling solution.
These whales appear confident that Shibarium’s release could be a driver of the SHIB price.
Unsurprisingly, regular investors have also piled in after seeing these whale movements – making SHIB a token to watch in the short term.
With crypto whales demonstrating a renewed appetite for Shiba Inu, some investors are wondering which other meme coins could benefit from the buying activity.
New Shibie Coin (SHIBIE) token has quickly built momentum through its recently-launched presale phase.
Shibie Coin aims to capitalize on the hype around Shiba Inu, dubbing itself the “bombshell bitch of crypto.”
The project is characterized as a fusion between Shiba Inu and Barbie – blending two pop culture icons to help generate buzz from retail investors.
SHIBIE’s creators have employed unique branding and appealing tokenomics to help the token stand out in the ever-evolving meme coin space.
Still in its presale phase, the project has already raised over $260,000 as buyers take early positions in the hope of market-beating returns.
Shibie Coin’s whitepaper outlines that 6 billion $SHIBIE tokens have been allocated to presale investors, representing 60% of the total supply.
Additionally, 20% of the supply has been reserved for DEX liquidity to minimize slippage and allow investors to enter and exit positions seamlessly.
The token’s creators have also focused intensely on community-building, which has resulted in a massive influx of new members to Shibie Coin’s Telegram channel.
In addition to these elements, SHIBIE is gaining visibility through endorsements by popular crypto influencers like YouTuber Jacob Bury, who discussed the token’s potential in a recent video.
Ultimately, while the meme coin space remains volatile, Shibie Coin’s timely emergence makes it an intriguing token to keep an eye on amid the current Shiba Inu buzz.
Supporters of Shibie Coin (SHIBIE) can take part in pre-sale and buy tokens here.