Shiba Inu (SHIB) surged 5% in the last 24 hours, reaching approximately $0.00000606, driven by significant whale accumulation and reduced exchange supply. This performance outpaced Bitcoin's 1.7% gain during the same period. Data from CryptoQuant indicates that SHIB netflows turned negative, with about 30 billion SHIB withdrawn from exchanges between March 28 and 29, reducing the total held on platforms to around 81 trillion. This shift towards holding rather than selling has eased selling pressure and boosted confidence among retail investors. Technically, SHIB broke above key short-term averages, moving past the 7-day SMA and EMA near $0.00000594, which now serve as support levels. Trading volume increased by 19.34%, reflecting strong buyer interest. However, the 14-day RSI at 70.01 suggests overbought conditions, potentially leading to short-term profit-taking. Despite volatility, the current rally is supported by whale accumulation, technical breakout, and altcoin rotation, with a cautiously bullish outlook if SHIB maintains momentum above $0.00000594.
SHIB Rises 5% as Whale Accumulation Tightens Supply
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