As a seasoned crypto investor with scars from numerous market cycles etched onto my screen-weary eyes, I find myself intrigued by the recent developments surrounding Shiba Inu (SHIB). The meme coin market has always been unpredictable, but the potential for SHIB’s price rally is undeniably enticing.
It seems that Shiba Inu (SHIB) could be gearing up for a significant price surge. While the second most popular meme coin hasn’t mirrored Bitcoin (BTC)’s trajectory thus far, the SHIB community is eagerly awaiting a substantial leap forward. Meanwhile, Bitcoin, the leading cryptocurrency, continues to gain steam as it approaches its record high (ATH), fueled by optimistic market trends.
As an analyst, I’ve noticed an interesting pattern in the meme coin market: Dogecoin (DOGE) seems to be mirroring Bitcoin’s (BTC) price movement as we approach the pivotal $0.18 price point. Unlike DOGE, Shiba Inu appears to have a less direct connection to Bitcoin’s price fluctuations. Nevertheless, given its unique dog-themed nature, Shiba Inu has the potential to spark a broader price surge in the coming days.
Significant investors, often referred to as ‘whales,’ are showing signs of expecting a price surge for SHIB. They’re purchasing large quantities of SHIB tokens prior to this potential rally. As per CryptoQuant, over 1.3 trillion SHIB coins were taken out from cryptocurrency exchanges on Oct. 29, indicating a strong trend of buying interest in the coin, as suggested by the significant increase in exchange withdrawals.
The consistent purchases by ‘whales’ are significant. These large investors are known for their long-term investment strategies and resistance to short-term or panic selling. Instead of creating intense selling pressure on a cryptocurrency like Shiba Inu, whale purchases typically stabilize the market. A growing number of whale purchases for Shiba Inu is considered a robust bullish indicator, which could potentially trigger a price surge.
Shiba Inu potential price breakout
Right now, the meme coin is being exchanged at $0.00001854 following a 1.56% drop over the past day. Just around 15 hours ago, Shiba Inu was trading at $0.00001948, suggesting further gains might occur. However, since then, the coin has experienced a decline, catching many investors off guard. Interestingly, other coins such as DOGE and BTC have been experiencing price growth instead.
However, as previously stated, the SHIB’s price pattern tends to differ from that of other coins. The current drop in price might be seen as a necessary correction before a possible surge in value. Furthermore, large investors, or “whales,” continue to show interest in the meme currency, and their recurring purchases could generate positive momentum for the coin.
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2024-10-30 16:00