Shiba Inu Price Up 20% This Week – Ethereum Whales Take Notice

• Shiba Inu price has seen 20% gains this week, reaching highs of $0.00001291.
• Ethereum whales have been zeroing in on SHIB, as Shiba Inu price builds momentum for the next breakout.
• Despite the spike in activities among the whales, the velocity of funds flowing into Shiba Inu markets is slowing down.

This week, Shiba Inu (SHIB) has seen remarkable gains of 20%, reaching new 2023 highs of $0.00001291. The second-most popular meme coin has slowed down its aggressive push from support at $0.000008, and currently trades at $0.00001140. If investors continue to cash out for profit, Shiba Inu 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.

Ethereum whales have been zeroing in on SHIB, as Shiba Inu price builds momentum for the next breakout. According to WhaleStats, a platform tracking crypto whales, Shiba Inu toppled Curve DAO (CRV) from the top position, implying that interest in the meme coin is growing. WhaleStats data revealed that Shiba Inu was one of the most used smart contracts among the top 100 Ethereum whales over 24 hours. Hashflow (HFT) emerged top in this category, above Numeraire (NMR), SHIB, Chiliz (CHZ), and Boba Network (BOBA).

Despite the spike in activities among the whales, the velocity of funds flowing into Shiba Inu markets is slowing down. The 15th largest crypto, boating $6.7 billion in market cap, tested but failed to break above resistance at the 200-day Exponential Moving Average (EMA) (in purple) at $0.00001182. Bulls tried their best to make their way through the seller congestion zone, reinforced by the red band, but only managed a long candle wick.

The Money Flow Index (MFI) indicator starting to trend downwards, which could be a sign that buyers are pausing to take profits. However, the Relative Strength Index (RSI) remains in the overbought region, as the coin’s price continues to move higher. This implies that buyers are still in control, and could keep pushing the price higher.

The general consensus is that Shiba Inu is still a good coin to buy, as long as investors are aware of the risks associated with meme coins. With the right strategy and risk management, investors can maximize their profits and take advantage of the bullish momentum.