Shiba Inu’s Surge: A Closer Look for Crypto Traders

I’ve been diving into the crypto trading scene lately, and one name keeps popping up – Shiba Inu (SHIB). It seems like everyone’s got their eyes on it, especially with the recent price movements. SHIB has gained about 4% in the last day or so, hitting $0.000025. But what’s really interesting is the context behind this surge.

The Case for SHIB: Sentiment and Tech

First off, let’s talk about sentiment. You know how crucial it is in crypto trading in the US. When people feel bullish, prices tend to go up and vice versa. And right now, there seems to be a wave of positivity surrounding SHIB. Not just because of its price increase but also due to some impressive milestones – like crossing 500 million transactions on its Layer-2 blockchain, Shibarium.

Now, don’t get me wrong; I’m not saying this is a guaranteed bull run. There are still some resistance levels to overcome – particularly at $0.00003 where the rally stalled on November 12th. But if SHIB can break through that level? Well, then we might just be looking at further gains.

And then there’s Shibarium itself – a technological upgrade that seems to have improved efficiency and reduced costs for users. Plus, they’re automating token burns starting January 2024 which could potentially reduce supply significantly.

The Whale Factor: Moderation or Manipulation?

But here’s where it gets a bit murky for me – whale activities seem to have moderated recently. For those not familiar with crypto currency online trading, whales are basically big players who can swing prices with their buys or sells.

The interesting part? An estimated 18 trillion SHIB were bought by around 62k addresses at an average price of $0.000028 between $0.000027 and $0.00003 range. This could indicate that there are still plenty of smaller players (retail investors) accumulating despite the absence of whale action.

So why did these whales stop? Are they waiting for another dip? Or maybe they’re just stacking quietly?

Summary: The Waiting Game

In conclusion, while there are compelling reasons to consider a bullish case for SHIB based on current market dynamics – I’m still holding off making any major moves myself until more data comes in.

If we see further confirmation from retail sentiment or perhaps even some renewed activity from larger holders then maybe it’ll be time to act!

As always though – do your own research before diving headfirst into any cryptocurrency short term trading strategies!