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.

Technical analyst Tom Tucker added, “SHIB is trading just above its YTD low, with a double-bottom pattern forming. Exchange supply is dropping, futures open interest is rising, and a BTC rally could add fuel.”