Key Insights
- Shiba Inu is testing its 200-day simple moving average near $0.00001300.
- Trading volume has surged so far, and is indicating possible institutional inflows into SHIB.
- Dogecoin whales raised their holdings to 10.91 billion DOGE amid ETF speculation.
Shiba Inu is drawing fresh attention as it hovers near the 200-day simple moving average (SMA). The popular meme coin has climbed above $0.000013 after a minor gain in 24 hours.
That move pushed SHIB just above the $0.00001300 mark, an area watched closely by traders as a signal of longer-term strength.
Why This Moving Average Matters for Shiba Inu
The 200D Simple Moving Average often acts as a line between bearish and bullish conditions. For Shiba Inu, holding a close above this level would mark a change toward more stable upward strength.
Recent price action shows strong support at $0.00001270. Meanwhile, Resistance stands near $0.00001320, with a breakout opening the door to $0.00001350 and beyond.
Short-term signals appear promising, but traders are still moving with caution around this asset.
Just as this was happening, Shiba Inu’s burn rate surged by 1,682%, with 1.3 million SHIB destroyed in 24 hours. Additionally, Shibarium, Shiba Inu’s layer-2 solution, processed more than 1.2 million daily transactions.
This rising activity shows fresh demand for the ecosystem, and is likely one of the factors giving SHIB extra support beyond speculative trading.
Dogecoin Whales Boost Holdings to Four-Year High
While Shiba Inu works to confirm a breakout, the general memecoin market also seems to be tracking ypwads as well.
Particularly, Dogecoin is seeing its own surge of interest. Large holders, which are often called whales, have raised their combined stash to 10.91 billion DOGE. That is the highest level in nearly four years and represents over 7% of the supply.
On-chain data indicates that wallets holding between 1 million and 10 million DOGE have been buying aggressively since late August. This accumulation is in line with speculation that the U.S. could approve a spot Dogecoin ETF.
If such a product gains approval, institutional demand for DOGE could rise sharply.
Investor Sentiment Remains Mixed for Shiba Inu
Shiba Inu’s short-term rally was a major source of optimism. However, deeper data shows selling pressure from long-term holders. Over five days, 906 billion SHIB worth $11.6 million flowed into exchanges. These moves often indicate profit-taking and can weaken confidence in continued gains.
However, while this is concerning, around 8 trillion tokens have also flowed out of exchanges over the longer 30-day period, according to Nansen.
The age consumed metric, which tracks the spending of older tokens, has also spiked to a three-month high. This points to long-term investors cashing out after the rally.
Their actions carry weight because they control large supplies that can shift price trends.
Data from Glassnode also shows green bars on the net position change indicator, which means that deposits into exchanges have been strong over the short term.
For some context, higher inflows typically come before selling, which explains why traders are cautious despite the recent price jump.
Price Outlook for Shiba Inu
At the time of writing, SHIB trades near $0.000013. Analysts are eyeing $0.00001285 as an important support level, which means that holding that range could allow SHIB to build strength for another push higher.
If sellers gain control and support breaks, SHIB could slide toward $0.00001252 or even $0.00001182.
That would erase recent progress and deepen bearish sentiment.
On the upside, a clean break above $0.00001320 could drive the token toward $0.00001391, shifting the tone back to bullish.
Ivan Petrov is a seasoned journalist with deep insights into Russia’s dynamic crypto landscape. His work focuses on market dynamics and the transformative potential of blockchain technology, making him a go-to expert for understanding Russia’s digital financial innovations.
