• Shiba Inu price has seen a 20% rally this week, reaching new 2023 highs of $0.00001291.
• Ethereum whales are increasingly showing interest in SHIB, as the meme coin builds momentum for the next breakout.
• Despite the spike in activities among the whales, the money flow index is showing signs of slowing down.
The crypto world has been abuzz with the recent surge in Shiba Inu price, with the meme coin rallying 20% this week to reach new 2023 highs of $0.00001291. The second-most popular meme coin has shown no signs of slowing down, currently trading at $0.00001140. This has led to increased interest from Ethereum whales, as seen in data from WhaleStats which shows SHIB topping the list of most used smart contracts among the top 100 Ethereum whales.
The rally in Shiba Inu price has been impressive, but there are signs that the momentum is slowing down. For example, SHIB failed to break above resistance at the 200-day Exponential Moving Average (EMA) (in purple) at $0.00001182, with bulls only managing a long candle wick. Additionally, the Money Flow Index (MFI) is showing signs of slowing down, indicating that the velocity of funds flowing into Shiba Inu markets may be slowing.
Despite these signs, many investors are optimistic that Shiba Inu will continue to make gains in the near future. If investors continue to cash out for profit, SHIB may be forced to seek refuge at $0.00001050 ahead of another potentially massive rally to $0.000014 and $0.000018, respectively in the coming week.
The crypto world is waiting with bated breath to see what the future holds for the meme coin. Will it continue its impressive rally or will the momentum soon slow down? Only time will tell.