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The recent price increases of Shiba Inu are sweeping through the cryptocurrency market like a storm. In particular, the rise in Bitcoin demand through spot ETFs and the significant upticks in on-chain activities have propelled SHIB’s price to its highest level in 22 months. This situation has captured the attention of many investors and crypto enthusiasts, raising expectations for the future.
Shiba Inu Price Reaches New Heights
Shiba Inu’s price has reached a new peak of $0.000023, a 22-month high, due to increased Bitcoin demand via spot ETFs and significant on-chain activities. However, as the market prepares for a potential pullback, what awaits SHIB enthusiasts?
Shiba Inu (SHIB), the second-largest meme coin, recorded a staggering 120% growth by climbing for eight consecutive days, from $0.00000923 to $0.00002055. This upward momentum, supported by rising volume and the emergence of a bullish reversal formation, indicates that SHIB might be gearing up for a significant rally.
Key On-Chain Activities Fueling SHIB’s Rally
The recent price surge of SHIB can be linked to notable on-chain activities, as highlighted by Spotonchain. An investor known as “0x37d” strategically withdrew 75.91 billion SHIB from Binance a few days before the rise, leading to a significant 69% profit increase and a gain of $614,000.
Additionally, the founder of MakerDAO joined the race by purchasing 7.41 billion SHIB for the first time, securing a 47.1% return and a profit of $47,100. Notably, a wallet associated with Upbit accumulated an astonishing 2.13 trillion SHIB in just 24 hours, solidifying its position as the seventh-largest SHIB holder with 12.45 trillion SHIB. These strategic moves by leading players indicate an increase in SHIB accumulation.
Supply Pressure and Potential Pullback
Despite the rising momentum, SHIB faces supply pressure at $0.0000212, as indicated by the long wick of a rejected candle on the daily chart. This overall selling pressure could trigger a minor pullback, potentially retesting the recently reclaimed levels of $0.00001788 and $0.00001518.
However, such corrections are considered healthy for SHIB to sustain a long-term rally. It also allows buyers to reposition and strengthen their holdings during temporary declines.
