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In the midst of strong and widespread bullish expectations in the cryptocurrency world, Shiba Inu (SHIB) has made headlines with significant whale accumulation. This accumulation has recently caught the attention of crypto traders and investors as a significant event in the altcoin community.
10.85 Billion Dollar Purchase Made
The Whale Alert platform, which tracks large movements on different Blockchains and shares them publicly, reported the accumulation of 332 billion SHIB by an anonymous wallet address. This event caused speculation within the altcoin’s community. Despite a notable 253% increase in the last thirty days, the accumulation, valued at 10.85 billion dollars and executed through the Cumberland trading platform on March 11, contributed to the optimism surrounding SHIB, which encountered a significant resistance level at $0.000045.
This whale activity in the Shiba Inu market has increased enthusiasm within the altcoin community, while confirming the confidence of major stakeholders in the asset. Combined with ongoing developmental progress and continuous SHIB burns in the Shiba Inu community, this whale accumulation has further strengthened market sentiment.
In this context, Shiba Inu continues to trade positively, reflecting the optimism created by the increase in whale activity and the community’s recent successes. At the time of writing this article, the altcoin has risen by 3.83% in the last 24 hours, trading at $0.00003308, and the latest rally has lifted Shiba Inu to the 10th position on CoinMarketCap’s list of top cryptocurrencies by market value.
Key Levels Ahead for the Altcoin
The ongoing buying pressure on SHIB is considered to have the potential to revive the upward momentum and position the altcoin for another upward trajectory. Additionally, derivative data shows a 4.09% increase in SHIB’s open interest and a 16.82% increase in trading volume.
In light of these developments and data, Shiba Inu appears to be on an upward trend. The altcoin’s price breaking above the significant resistance level of $0.000037 could act as a precursor to a recovery, while surpassing $0.0000456 would confirm a significant rally.
