Shiba Inu (SHIB) is looking to establish a foothold above the 200-day simple moving average (SMA) as whales boost their dogecoin (DOGE) stash to a nearly four-year high.

SHIB has exhibited considerable fortitude throughout the 24-hour trading, ascending from $0.00001287 to $0.00001312, constituting a respectable 2% appreciation.

At press time, the token traded close to the 200-day SMA of $0.00001300. A breakout would confirm a shift from a bearish to a bullish trend, as the 200-day SMA is widely tracked as barometer of long-term trajectory. Note that bulls have already failed twice in the past four weeks to secure the breakout.

That said, the latest attempt may succeed as it is marked by a pick-up in trading volumes. According to CoinDesk's market insights AI model, as SHIB neared the 200-day SMA, volumes picked up to an extraordinary 943.1 billion tokens, suggesting institutional capital deployment and validating the optimistic breakout trajectory.

Key technical insights

• Prices appreciated from $0.00001287 to $0.00001312, representing a 2% gain across 24 hours.
• Substantial support was established near the $0.00001270 level, with consistent buyer emergence.
• Resistance penetration occurred at $0.00001300 level amid elevated volume.
• Session pinnacle reached $0.00001316 on an extraordinary volume of 943.1 billion tokens.
• Psychological support threshold at $0.00001300 successfully defended throughout rally phase.
• The token's destruction rate experienced an extraordinary 1,682% escalation with 1.3 million tokens withdrawn from circulation, whilst Shibarium network activity demonstrated resurgence with daily transactions surpassing 1.2 million.
• Financial markets presently assign 100% probability to U.S. interest rate reductions within eight days, with meme cryptocurrency derivatives exhibiting heightened institutional engagement as open interest in SHIB appreciated 4%.

Dogecoin whale stash rises

Dogecoin (DOGE), the world's leading meme token by market value, has surged over 10% in one week, largely driven higher by expectations for a spot DOGE ETF approval in the U.S.

The rally is marked by a sharp rise in the number of coins held by DOGE whales.

According to , wallets holding 1M to 10M DOGE began accumulating during the late August dump and have since increased their total holdings to 10.91 billion DOGE, a nearly four-year high, representing 7.23% of the meme coin's supply.