Shiba Inu, one of the most renowned meme coins trading within the cryptocurrency realm, again nabbed significant attention today, March 2, as its price rallied nearly 70%, sparking optimism among crypto market traders and investors globally. Amid this phenomenal rally witnessed by SHIB, an enormous whale transaction, revealed by the blockchain tracker Whale Alert, showcased the shifting of a whopping 3.02 trillion SHIB, piquing the interest of crypto market enthusiasts.

This significant SHIB transfer underscores growing confidence among traders and investors in the Shiba Inu ecosystem, aligning with increased on-chain activity showcased by the above-mentioned whale transaction. Meanwhile, Coinglass’ data curated a tidal wave of bullishness on SHIB, fueling further optimism.

SHIB Whale Shifts Funds Amid Market Optimism

Intriguingly, this whale transaction surfaced amidst a flurry of advancements showcased by Shiba Inu’s community, birthing additional optimism for its token, SHIB. The Shiba crypto community recently unveiled a plethora of new features on the meme coin’s ecosystem, following which the SHIB rally commenced. This encompassed numerous developments, including the SHEboshi launch, the imminent KNINE launch, Sharbi’s FETCH bridge, and many others.

Aligning with these developments, the whale’s nearly 3 trillion SHIB move sparked curiosity.

According to the data revealed by Whale Alert, an unknown wallet, 0x73af3bcf…7e2054d935, transferred the aforementioned amount of SHIB to another unknown wallet, 0x40b38765…b6e418e489 today. This transaction showcased a bolstered sense of confidence among SHIB whales, as this transfer signals heightened on-chain activity rather than dumps to exchanges.

Meanwhile, with nearly 3 trillion SHIB relocated, market participants expect further potential impacts on SHIB’s price action.

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Shiba Inu Price Soars

As of writing, the Shiba Inu price noted an upsurge of a staggering 65.91% over the past 24 hours and is currently trading at $0.00002178. With a 293.98% surge in the meme coin’s trading volume over the past day, Shiba Inu continues to make waves throughout the cryptocurrency universe.

Technical indicators revealed by Trading View further painted a bullish climate for Shiba Inu, with a strong buy sentiment prevailing within the market. The RSI also hinted at an overbought condition for SHIB, aligning with the token’s phenomenal rally while also signaling that a consolidation may be looming.

Derivatives data streamlined by Coinglass hinted at an uptrend, mirroring SHIB’s price rally. The open interest surged 88.03%, whereas the volume rocketed 361.16%, hinting at burgeoning market activity and new money entering the market. Even the OI-weighted funding rate increased, propelling further bullishness as investors illustrated readiness in investing more on long positions.

Collectively, mirroring Shiba Inu’s recent chronicles, the meme coin appears to be riding a wave of bullishness. However, an overbought condition stirs speculations over a potential drop ahead.

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