Bitrabo Editorial
Shiba Inu is witnessing a resurgence in interest from cryptocurrency whales, as evidenced by a sharp increase in large transactions recently. These high-volume investors are accumulating significant amounts of the meme coin, potentially influencing its price trajectory.
Whale Activity and Price Impact
IntoTheBlock’s data indicates a staggering 2,300% surge in Shiba Inu’s daily large transaction volume, totaling $223 million. These transactions, surpassing $100,000, are typically executed by whales in the crypto market. This uptick in whale activity signals positive sentiment for the meme coin, as whales can have a substantial impact on price movements.
Such whale accumulation often leads to a bullish trend in Shiba Inu’s price. Additionally, other favorable metrics, such as an increase in daily active addresses and transactions, suggest active trading among crypto investors in the meme coin.
Moreover, Shiba Inu has witnessed a rise in its burn rate, with over 143 million SHIB tokens burned in the past week. The coin’s fundamentals remain robust, with recent integration into CoinGate, a popular cryptocurrency payment platform, expanding its utility.
Despite these positive developments, concerns persist around the performance of the Shibarium layer-2 network, which has seen a decline in daily transactions, raising apprehensions within the ecosystem.
Future Price Projections
Analysts like Ali Martinez and DamiDefi have shared insights into Shiba Inu’s potential price movements. Martinez suggests a 20% upswing to $0.00002954 if Shiba Inu breaches the upper boundary of a descending parallel channel at $0.00002444. On the other hand, DamiDefi points to a falling wedge formation on the daily chart, hinting at a possible price surge of over 50% if Shiba Inu breaks out from its current levels.
Shiba Inu’s price performance may be influenced by Bitcoin’s stability, as the two cryptocurrencies exhibit a strong price correlation. While Shiba Inu recently showed signs of bullish momentum, it faced a sharp correction alongside Bitcoin, emphasizing the interplay between the meme coin and the flagship cryptocurrency.
Currently trading at around $0.00002404, Shiba Inu has witnessed an upward movement in the last 24 hours, according to data from CoinMarketCap.