Shiba Inu ($SHIB) has been doing good for the past weeks as the meme coin’s price experienced a 15%surge in 10 hours.
Shiba Inu ($SHIB), the meme coin that has eclipsed Dogecoin ($DOGE) in recent months with its massive gain, may burst beyond all-time highs (ATH) during the current bull run.
The altcoin bounced back from a weekend price drop, gaining 15% in just ten hours to reclaim important support at $0.000028. The altcoin is presently trading at $0.00002769, with a critical resistance level of $0.000030 on the horizon.
$SHIB increased from a low of $0.00002388 to a high of $0.00002887 in a single day. Over the last few weeks, the altcoin has managed to maintain its positive momentum.
The altcoin first encountered a significant rejection at $0.000035, halting its 330 percent rise. The rejection caused a massive whale dump of almost 31.07 billion SHIBA INU, causing the price to plummet to under $0.000021.
Last week’s enormous sell-off was driven by whales, and the same whales could reignite the bulls for the largest altcoin this week. Whales transferred approximately 260 billion SHIBA INU tokens, according to Etherscan data.
The price has seen a positive increase anytime SHIBA INU whales possessing $100K or more worth of meme currency to start accumulating, according to data from crypto analytic firm Santiment. A similar whale pile is currently forming, which is one of the primary causes of the current price increase.
To keep track of market sentiments and a likely run to ATH, one could keep an eye on the whale charts for SHIBA INU. If we look at the historical price motion of meme currencies, $SHIB is currently 28% below its all-time high of $0.000038, but that gap might be closed within a day, if not a few hours.
Last week, SHIBA INU was on the cusp of getting into the top-10, and it still has a chance to do so during the current bull run, even though $DOGE, the original meme currency, appears to be in a price slumber.
