On May 10, Shiba Inu (SHIB) experienced a significant surge, jumping 7.46% in just 24 hours compared to its price on May 9, according to data by TradingView.
The momentum was matched by a dramatic 81.69% increase in trading volume, suggesting growing investor interest and strong market activity. As of now, SHIB is priced at $0.00001601 and shows no immediate signs of retreat.
Will SHIB price break out?
This price rally appears to be driven by increased engagement from large holders. Massive on-chain transactions have helped push SHIB above its 50-day Exponential Moving Average (EMA), setting the stage for a potential test of the 200 EMA, which hovers near the current price.
A confirmed breakout above this level could act as a launchpad for further gains, as the 200 EMA often serves as a key structural resistance point.
Supporting this bullish momentum is a fresh on-chain milestone. On May 8, 6.71 trillion SHIB tokens have moved across the network — a new seven-day high. This surge in volume aligns with a broader uptick in whale activity, as inflows to large addresses soared by 2,952%.
On May 7, SHIB inflows to whale wallets surged from 238.91 billion tokens to 6.42 trillion, hinting at an aggressive accumulation phase.
These data points collectively suggest that SHIB may be entering a bullish cycle, with whales playing a central role in driving the rally. If the current momentum continues and the 200 EMA is decisively broken, SHIB could be on the brink of a significant upward move.
Vladislav Sopov