When Shiba Inu Price Breakout?

by

What is happening

As a seasoned crypto investor with a penchant for meme coins and an eye for potential, I find myself intrigued by the recent developments surrounding Shiba Inu (SHIB). The past week has been a rollercoaster ride, with SHIB bouncing back from its lows to make a modest recovery.

Over the last week, Shiba Inu (SHIB) has bounced back from a low of $0.00001231 on September 6th to reach a high of $0.0000137, following a three-day period. The price increase for SHIB amounts to approximately 2.88%, which aligns with the broader market’s recovery trend.

Overall, the SHIB price has gained 2.88% in seven days.

When Shiba Inu Price Breakout?

The improvement in Shiba Inu’s condition is tied to a broader market rebound. After a rocky beginning to September, Bitcoin is showing signs of a strong resurgence, dipping to around $53,000 on last Friday.

Based on a new report from data analysis platform Santiment, it appears that the meme coin Shiba Inu (SHIB) is presently facing high degrees of apprehension, ambiguity, and skepticism (FUD).

Burn rate through roof

On September 11th, I witnessed an astonishing surge in the burn rate of Shiba Inu (SHIB). This increase soared a whopping 8,193% following the removal of 3,106,197 SHIB tokens from circulation through eight separate transactions.

The largest of these burns sent 1 million tokens to dead wallets. This burn activity briefly lifted SHIB‘s price to $0.00001367 before it settled at $0.00001359.

By September 12th, the daily burn rate experienced an increase of approximately 3.4 times (or 340.27%). This surge is directly linked to the transaction activity happening on Shibarium, the Layer-2 network associated with Shiba Inu. Here, fees paid in BONE tokens partially get converted into SHIB and are automatically destroyed or burned.

By automating tasks that were previously done manually, this process significantly speeds up SHIB‘s deflationary strategy.

Whale activity

Increased ownership of whales, specifically with Shiba Inu (SHIB), might offer the sustained demand necessary to breach existing resistance barriers, should this trend persist or intensify.

On the other hand, data from IntoTheBlock reveals a substantial 30,045% decline in the outflow of Large Holders for SHIB, suggesting that whales might be disposing of their holdings or selling them off. This decrease in outflows could potentially be attributed to profit-taking or shifts in market opinion.

When Shiba Inu Price Breakout?

This past week saw a notable surge in my observations of whale activity. On September 9th alone, I counted an impressive 98 significant transactions involving Shiba Inu (SHIB), with a massive 3.21 trillion SHIB being transferred.

Two days ago, on September 7th, a significantly smaller amount of Shiba Inu tokens, approximately 645 billion, was moved compared to what we saw recently. Although the general trend shows a decrease in whale activity, some of these large investors are still active, transferring substantial amounts of Shiba Inu for possible strategic purposes such as liquidation or accumulation.

On September 10th, there was a significant increase of about 367% in high-value transactions involving Shiba Inu, amounting to approximately $43.52 million (equivalent to 3.21 trillion SHIB). This surge indicates an uptick in whale activity, as large transactions have had a notable impact on Shiba Inu’s price fluctuations in the past due to the high concentration of substantial holdings among a few investors.

Price prediction

According to Santiment, Shiba Inu (SHIB) might show some promising results when Bitcoin recovers, even though its long-term performance has been poor, with a return of about -32%. This coin is often compared unfavorably to Dogecoin in terms of its performance.

Nevertheless, there seem to be indications suggesting a possible change in direction. Shiba Inu (SHIB) is creating a lower peak, a technical term that implies the prolonged downturn could be coming to an end.

Seeing the development of a new lower high is reassuring, since it suggests a shift in market opinion, with buyers possibly growing stronger than sellers. Should this trend continue, it might hint at the start of a longer-term improvement for Shiba Inu.

Generally speaking, when the lowest points of a downward trend start to increase significantly, it often indicates that positive momentum is building up, possibly signifying a change in trend direction within the coming period.

Monitoring transaction volumes, especially those made by significant investors or ‘whales’, is important since their activities tend to shape Shib’s price trend. Persistent buying activity from these large investors might reinforce the formation of a higher low pattern, thereby bolstering the likelihood of a market rebound.

Read More

2024-09-14 13:52