- Shiba Inu’s (SHIB) gains (5%) outperformed BTC’s gains (1.7%).
- About 30 billion Shiba Inu tokens have moved off exchanges.
- Momentum for the token is strong but it may pause or slow down short-term.
Shiba Inu (SHIB) has been up by 5% in the last 24-hours and the price of the token is hovering around the $0.00000606 as per CoinMarkeCap. With this surge, the token has outpaced Bitcoin, which has gained 1.7% in the last 24-hours. This surge has been fueled by a huge on-chain accumulation event that has slashed immediate sell-side pressure.
At press time, the Shiba Inu price stands at $0.000006131 with an uptick of 5.88% in the last 24-hours as per CoinMarketCap.
On-Chain Accumulation Tightens Supply, Eases Selling Pressure
The star of the show is large-scale holder accumulation. As per data from CryptoQuant, there has been a clear shift in SHIB exchange activity as the recent netflows have turned negative. This indicates that the outflows have surpassed the inflows. According to the data, around 30 billion SHIB have been withdrawn from exchanges from March 28-29.
At the same time, the total amount of SHIB held on exchanges has come down to around 81 trillion. This number indicates that the investors are moving tokens away from the platforms. About $181,000 worth of tokens have been withdrawn and this indicates that there had been a low selling pressure and a shift towards holding of these tokens.
What makes this move compelling? It is not the fleeting speculation but a behavioral shift among holders. Exchange reserves for SHIB have been trending downward, a classic bullish indicator that usually precedes sustained price action.
If the outflow keeps on growing, then the price of the token could increase further. This accumulation frenzy is in line with growing community strength. Recently, according to Etherscan and Shibarium trackers, there were approximately 1.558 million SHIB holder addresses. This number has been a highest one for a few months now. This milestone indicates increasing adoption, as more wallets join the ecosystem despite the market being choppy.
Technical Breakout Fuels Momentum Amid Altcoin Rotation
Complementing the fundamentals is a clear technical breakout. Shiba Inu price has powered above its key short-term moving averages, including the 7-day Simple Moving Average (SMA) and Exponential Moving Average (EMA) both hovering near $0.00000594.
These levels, once resistance, now act as dynamic support, confirmed by a 19.34% spike in trading volume.
The broader market is lending a hand too. The Altcoin Season Index jumped 4.26% to 49, reflecting risk appetite for alternatives like Shiba Inu amid Bitcoin’s consolidation. However, the 14-day RSI sits at 70.01, flashing overbought territory that could trigger short-term consolidation or profit-taking.
Whale Dumping at 83% Loss Adds Volatility
Not all whales have been in favor of accumulating. Recently there had been a major dump, where a long-term holder offloaded millions of SHIB tokens at a loss of 83% from their average entry price. This capitulation followed a prolonged period of underwater positions during Shiba Inu’s multi-month slump.
While such sell-offs can unsettle retail sentiment, they have also contributed to the rebound by clearing weaker hands and easing overhead supply pressure. In crypto’s zero-sum dynamics, one whale’s loss usually becomes another’s opportunity, reinforcing the broader accumulation narrative.
Near-Term Outlook: Cautiously Bullish with Clear Hurdles
SHIB’s fate hinges on holding above 7-day EMA at $0.00000594. A successful defense opens the door to resistance near $0.00000620, with potential for more if volume stays elevated. Yet, stiffer barriers loom at the 50-day and 100-day EMAs higher up. On the flip side, a drop below the recent swing low of $0.00000570 could unravel the uptrend, targeting the ascending support trendlines.
The bias remains cautiously bullish in the very near term, blending on-chain strength, technical momentum, and altcoin tailwinds. But overbought signals that fresh whale dumps warn of volatility.
A decisive daily close above $0.00000610 would scream conviction toward bigger targets.
Momentum Builds, But Sustainability Key
SHIB’s surge rests on solid pillars, 30 billion tokens accumulated, 1.558 million holders and a breakout, outpacing BTC while navigating whale exits. Monitor exchange outflows and price action above $0.00000594 to discern if this sparks a reversal or frizzles into a relief rally.
Also Read: Shiba Inu Price Eyes $0.0000063 as Bulls Aim for Breakout Rally
