Shiba Inu (SHIB) is experiencing a notable price movement today, driven by significant whale activity and technical indicators suggesting a potential upswing. A recent withdrawal of 220 billion SHIB tokens, valued at $4.63 million, from Binance by a single entity has caught the attention of investors. This large transaction is seen as a bullish signal, indicating heightened interest from institutional or high-net-worth investors. Analyst Javon Marks points out the presence of "hidden bullish divergence" in the price chart, which could signal further price appreciation for SHIB.
The broader crypto market context also plays a role in SHIB's current trajectory. The stabilization of major cryptocurrencies like Ethereum and Bitcoin has created a favorable environment for altcoins, including SHIB, to gain momentum. Additionally, the anticipation of a more crypto-friendly administration under incoming U.S. president Donald Trump is contributing to positive sentiment across the market. This optimism is reflected in the performance of other major cryptocurrencies, with XRP and Cardano's ADA also seeing gains.
Shiba Inu's price has increased by 3.42% today, reaching $0.000022.