April 24, 2024

Top crypto platforms Coinbase, Binance, Robinhood, Wintermute, and Cumberland recently recorded an inflow of over 6.84 trillion Shiba Inu (SHIB) tokens. These platforms saw a massive inflow following Shiba Inu consolidation at the $0.00003 price level.   

Despite its relatively modest price, Shiba Inu (SHIB) still ranks as one of the top cryptocurrencies with high trading volume and strong community support. 

Arkham Data Captures Surge in Shiba Inu Inflows 

Data from the on-chain analytics platform Arkham revealed the massive SHIB inflows in the top exchanges. According to the report, the total inflow recorded exceeded 6.84 trillion SHIB in the past 24 hours. 

This amount of SHIB is valued at $227 million based on current prices, which shows active interest from investors in Shiba Inu.  

 

The platform also revealed that Shiba Inu’s $1.9 billion trading volume in the past 24 hours surpasses Cardano’s value by over $600 million. The figure is worth noting, given that ADA ranks higher than SHIB by market cap.

Shiba Inu’s Rising Profile in America Likely Supporting Its Price Gains

According to a recent survey conducted by private blockchain firm ConsenSys, 17% of American crypto investors revealed that they once held SHIB tokens or currently hold some. The survey also revealed that most investors invest more in Shiba Inu than Solana or Cardano. 

Out of 1,018 respondents in the U.S., 50% claim to have invested in SHIB at some point, and 20% claim that they still hold the assets. To further prove the ongoing accumulation, a Shiba Inu investor, SHIB KNIGHT, shared a post revealing that centralized exchanges are buying the SHIB dip. 

Based on these positive assertions, a popular member of the SHIB Army, Lucie SHIB, believes that SHIB will potentially rally above $0.000054 based on the accumulation trend. SHIB gained 250% in the past month and could likely return to its all-time high of $0.00008845.  

SHIB Shows Bullish Recovery Pattern: Can It Rally Further?

SHIB is in a consolidation phase on the daily chart, finding strong support at $0.000031 after facing pressure from the sellers. Notably, the buyers rallied between February 27 and March 4 before a retracement occurred.

However, SHIB’s current trend is similar to its movement before the February 27 rally, implying that it will likely rally in the coming days if it follows the same trend. 

Unlike the past trend, SHIB is still trading close to the upper Bollinger Band (BB), a bullish sentiment. As such, the $0.000031 support level will act as a pivot point to force a rally above the $0.000034 resistance level in the coming days. 

Additionally, the RSI indicator with a value of 72.37 confirms that the buyers are in control, given that it is rising to the oversold region above 70

Given all the signals, SHIB will likely break above the $0.000034 resistance level in the coming days and record higher highs. If the accumulation of SHIB tokens continues, then $0.00004 will likely be the next profit target for some investors.      


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