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- Shiba Inu breaks above a downward trendline, signaling a potential bullish rally, with 3% gains in 24 hours and 4.40% over the week.
- Whale activity shows 765.83% net flow growth over 30 days, highlighting renewed accumulation despite lingering caution.
- Derivatives data reflects rising interest, with a 30.74% trading volume increase and $405.15K liquidations in the last 24 hours.
Shiba Inu (SHIB), the popular meme cryptocurrency, has caught the attention of analysts and investors. After reaching a multi-month high of $0.000033 in December 2024, SHIB has struggled, dropping to the $0.00002 range. Currently, it shows signs of recovery, trading at $0.00002223, with a 3% gain in 24 hours and 4.40% over the past week.
A prominent pseudonymous analyst, SHIB Knight, revealed a critical bullish development on January 15. Highlighting a chart on X, the analyst noted Shiba Inu’s breakout above a downward trendline that had marked its lower highs and bearish momentum. Breakouts of this nature typically signal a shift in market sentiment, where sellers lose ground, and buyers take charge.
In his words, “Shiba Inu is ready to pump.” The Shiba Army, the token’s dedicated community, has responded with optimism. This trendline breakout could indicate the start of a fresh rally.
Large Shiba Inu Holder Activity Shows Accumulation
Supporting the optimistic outlook for Shiba Inu, on-chain data points to heightened activity among its major holders. Over the past week, the 7-day net flow recorded a modest increase of +1.93%, signaling a renewed interest in the token.
The 30-day net flow paints an even more compelling picture, showing a staggering growth of +765.83%. This indicates that large holders are steadily accumulating SHIB, potentially capitalizing on lower prices following the market downturn in December.
However, the 90-day net flow remains in negative territory at -17.80%, highlighting that some caution still persists among the token’s largest investors. This mixed sentiment suggests a cautious but growing confidence in SHIB’s long-term prospects.
These metrics reveal a shift in sentiment among whales, with accumulating behavior outweighing selling pressure in recent weeks.
Metrics from Shiba Inu’s derivatives market provide further evidence of a potential bullish rally. Trading volume surged by 30.74%, reaching $187.03 million, signaling a notable increase in market interest and activity. This rise indicates that traders are becoming more engaged with SHIB, likely in anticipation of significant price movements.
Open interest also climbed by 9.90%, reaching $486.69 million. This increase reflects a growing number of positions being taken, suggesting that traders are gearing up for potential price shifts and further volatility in the market.
Additionally, liquidations totaled $405.15K within the last 24 hours, with $234,220 stemming from short positions. This development highlights how bearish traders were caught off guard by the recent breakout, further fueling the momentum for a bullish scenario.
Although $170,920 in longs was also liquidated, this reflects active trading amid recent upward movement.
While SHIB’s breakout above the trendline and accumulating whale interest are promising, the broader market dynamics remain uncertain. Long-term net flow metrics suggest the token hasn’t fully recovered from earlier sell-offs. Investors should monitor further developments, especially in whale activity and trading volumes, for clearer confirmation of a sustained rally.
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