Shiba Inu Price Hits 22-Month High Amid Key Onchain Activity, Will Rally Continue?

03.03.2024

Shiba Inu Price: Shiba Inu (SHIB), ranked as the second-largest meme cryptocurrency, has risen for eight consecutive days and jumped $0.00000923 to $0.00002055, registering 120% growth. This rally backed by rising volume and the development of a bullish reversal pattern indicates the coin price is poised for a higher rally.

Also Read: Memecoin Mania: Shiba Inu (SHIB) Price Shoots 52%, Insider Predicts 800% Rally In A Week

Strategic On-Chain Moves Propel SHIB to Stellar Gains

Shiba Inu Price| Tradingview

The cryptocurrency market picked up aggressive bullish momentum in late february as Bitcoin price witnessed massive demand from the traditional market through spot ETFs. With an early hours gain of 38%, the SHIB price hit 22- month high of $0.000023, followed by a minor retracement to $0.00002027

The dramatic rally in Shiba Inu (SHIB) price within 24 hours has been closely linked to notable on-chain activities highlighted by Spotonchain. Just two days before the surge, an astute trader known as “0x37d” strategically withdrew 75.91 billion SHIB from Binance, which led to a 69% profit increase, equating to a $614K gain following the price pump.

Furthermore, a significant move by MakerDAO’s founder, who purchased 7.41 billion SHIB for the first time, resulted in a 47.1% return, netting $47.1K in profit. Another noteworthy activity involved an Upbit-related wallet that accumulated 2.13 trillion $SHIB in 24 hours, making it the seventh-largest SHIB holder with 12.45 trillion SHIB.

The $SHIB price soared over 50% (24H). What happened on-chain in the past 3 days leading to the pump?

1. Smart trader 0x37d withdrew 75.91B $SHIB (currently $1.51M) from #Binance 2 days ago before the pump, now making $614K (+69%).
🔔 https://t.co/qknAUOYg82

2. #MakerDAO… pic.twitter.com/qwXzW28r1N

— Spot On Chain (@spotonchain) March 2, 2024

These transactions showcase how smart money players are actively accumulating the asset providing retail traders more conviction for the higher rally.

Also Read: Shiba Inu Coins Prediction As Rising Burn Rate Sparks a Parabolic Price Rally

Will Shiba Inu Price Recovery Continue?

The rising Shiba Inu price witnessed a surge in supply pressure at $0.0000212 evidenced by the long-wick rejection candle in the daily chart. The overhead selling pressure may trigger a minor pullback and retest the recently reclaimed level of $0.00001788 and $0.00001518.

However, this correction is necessary for the asset to maintain a long-term rally as buyers manage to regain strength during such breaks.

Technical Indicator:

Bollinger Band: The rising coin price challenges the upper boundary of the Bollinger band indicator project and the buyers are dominating this asset.
Relative Indicator: The daily RSI(95%) slope climbing to the overbought region reflects the SHIB price is poised for a minor retracement.