Shiba Inu Sees Whale Frenzy with 10.4 Trillion SHIB Scooped Up as Golden Cross Forms

After a sharp decline and waning investor confidence, whales are now accumulating billions in SHIB, reigniting short-term price and market optimism.

Despite Shiba Inu’s prolonged consolidation, a sudden spike in on-chain activity has caught the market by surprise.

For instance, Shiba Inu’s transaction volume soared to 24 trillion SHIB in early June, with whale activity surging 600%.

This striking on-chain spike may be the reason why bullish momentum is starting to build, given that SHIB has already enjoyed a 4.3% increase over the past 24 hours, trading at $0.00001182.

SHIB’s Golden Cross Pops Up

According to market analyst Kryll, Shiba Inu is witnessing a golden cross amid intensified whale accumulation.

Why is this bullish? Well, a golden cross happens when the 50-day moving average (MA) crosses above the 200-day one, signalling a potential trend reversal from bearish to bullish.

Therefore, Shiba Inu’s short-term price momentum is gaining strength, which has the potential to boost sentiment through positive market psychology.