“Shiba Inu aims to surpass the 200-day SMA amid Dogecoin whales amassing 10 billion tokens.”

Shiba Inu Tests 200-Day SMA as DOGE Whales Push Holdings to Multi-Year High

Shiba Inu (SHIB) is attempting to reclaim its 200-day simple moving average (SMA), signaling a potential shift toward a bullish trend as trading volumes surge.

Over the past 24 hours, SHIB climbed from $0.00001287 to $0.00001312, marking a 2% gain, trading near the critical 200-day SMA at $0.00001300. Previous attempts to break this level over the past month had failed, but rising volumes suggest the latest move could succeed.

Data from CoinDesk’s market insights AI model indicates an impressive 943.1 billion SHIB tokens traded as the price approached the SMA, pointing to growing institutional involvement.

Technical Overview:

Price moved from $0.00001287 to $0.00001312 in 24 hours.
Support solidified around $0.00001270, with consistent buying pressure.
Resistance at $0.00001300 is being challenged on elevated volume.
Session high reached $0.00001316, underpinned by heavy trading.
Token burn rate surged 1,682%, removing 1.3 million SHIB from circulation.
Shibarium daily transactions exceeded 1.2 million, signaling renewed network activity.
Institutional engagement evident, with open interest in SHIB up 4%, amid expectations of U.S. interest rate cuts.

Dogecoin Whales Push Holdings to Near Four-Year Peak

Dogecoin (DOGE) continues its rally, gaining over 10% in the past week, fueled by optimism around a potential U.S. spot DOGE ETF.

Whales holding 1 million to 10 million DOGE have been actively accumulating since late August, bringing total holdings to 10.91 billion DOGE, a nearly four-year high, accounting for approximately 7.23% of circulating supply, according to Santiment.

The combination of SHIB nearing key technical levels and DOGE whales expanding their holdings underscores rising institutional and retail interest in meme tokens as the market prepares for upcoming catalysts.