Shiba Inu (SHIB) has joined the recent cryptocurrency market surge, with its price increasing by 10% in just 24 hours. This significant rise is attributed to a notable whale investor who has re-emerged after nearly three years of inactivity, purchasing a massive 323 billion SHIB coins within hours.

According to blockchain surveillance platform Spot on Chain, this whale address initially received 167 billion SHIB in April 2021 and has now acquired an additional 323 billion SHIB, worth $8.29 million, in just three hours. The whale's balance remains at 323 billion SHIB, with no sales or distributions recorded.

The SHIB price has crossed a crucial resistance level, currently trading at $0.00002616 with a market capitalization of over $15.4 billion. Daily trading volumes have also surged by 16%, exceeding $763 million. The Shiba Inu burn rate has seen a significant increase, which could further boost the price. However, to maintain its uptrend, SHIB needs to convert the $0.00003 price level from resistance to support. If unsuccessful, the price may drop below the 50-day EMA.

To break through the $0.00003 level, increased accumulation is necessary to counteract the selling pressure from holders who tend to sell at breakeven, hindering a breakout. If successful, Shiba Inu's price could continue its upward trajectory.

In conclusion, Shiba Inu's recent price surge is attributed to the return of a significant whale investor, and its price crossing a crucial resistance level. While challenges remain, the potential for further growth is promising. As the market continues to evolve, it will be exciting to see how Shiba Inu's price action unfolds.