Shiba Inu Price Prediction as $420 Million Trading Volume Surges In, Yet Whales Are Eyeing Another Coin for 10x Gains

cryptonews.com:

Shiba Inu (SHIB), the world’s second-largest dog-inspired meme coin by market capitalization after Dogecoin that lives on the Ethereum blockchain as an ERC-20 token, has been consolidating in the $0.000011-0.00001150 area in the last few days.

SHIB has failed to keep pace with a rapid surge in Dogecoin over the last few days after widely used social media application Twitter changed its logo to the Dogecoin logo (a picture of a Shiba Inu dog).

SHIB continues to remain constrained to the upside by its 50-day moving average around $0.00001150, while the 21, 100 and 200DMAs all also continue to act as a magnet to the price action.

Despite this, trading volumes have been trending higher in recent days and some think SHIB could soon be about to pop higher.

According to data sourced from CoinGecko, SHIB trading volumes across exchanges hit an impressive $420 million in on Wednesday, even before the day even ended.

That comes after trading volumes neared $600 million on Tuesday, their highest level since mid-March.

Since the start of the year, SHIB trading volumes have been gradually rising in tandem with strong price performance – Shiba Inu is nearly 40% up on the year.

Despite the strong performance since the start of the year, SHIB is still down around 30% from earlier yearly highs in the $0.000016 area.

But SHIB broke above the downtrend from this high late last month.

If it can break away from its cloud of major moving averages, which continue acting as a drag, and get above support-turned-resistance in the mid-$0.000011s, then it could threaten a retest of these earlier annual highs.

The fact that Twitter’s logo is currently a Shiba Inu (even if it’s the Dogecoin logo, not the Shiba Inu logo) should be a tailwind.

Optimism about