Shiba Inu (SHIB) is making another push to settle above its long-term trend line — the 200-day simple moving average (SMA) — as trading volumes spike and broader meme-coin interest returns.
Over the latest 24‑hour window SHIB climbed from $0.00001287 to about $0.00001312, roughly a 2% gain, trading near the 200‑day SMA at approximately $0.00001300. Traders watch that level closely: a sustained close above it would flip the long-term read from bearish to bullish. Bulls have tried and failed to clear this band twice in the last month, but this attempt is notable for volume and on‑chain activity.
Volume surged to an extraordinary 943.1 billion SHIB as the token approached the 200‑day line, according to CoinDesk’s market insights model — a sign institutional or large-holder participation may be increasing. Price action shows durable support around $0.00001270, while the session high reached $0.00001316.
On-chain metrics add context: the reported burn rate spiked by 1,682% with about 1.3 million tokens removed from circulation, and Shibarium daily transactions topped 1.2 million. Derivatives and positioning also leaned bullish — SHIB open interest rose ~4% — while macro markets price in a near-certain U.S. rate cut within days, a tailwind for risk assets.
Dogecoin (DOGE) likewise saw accumulation by large wallets, with Santiment reporting wallets holding 1M–10M DOGE raised combined balances to about 10.91 billion DOGE, a near four‑year high, as ETF hopes fueled demand.
Risk note: market reads and technical signals are short‑term indicators, not guarantees. Price trends can reverse quickly, and increased volumes or on‑chain metrics do not ensure sustained gains. This is informational content and not investment advice.
Why it matters: a confirmed breakout above the 200‑day SMA would mark a meaningful sentiment shift for SHIB and could invite more institutional flows into meme coins, while rising whale concentration in DOGE highlights cross‑token interest in the space.
Source: CoinDesk. Read the original coverage for full details.