Is a Shiba Inu Price Recovery Looming As Whales Move $39M?

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Lately, Shiba Inu (SHIB) has been attracting notice due to substantial transactions involving the token being detected on the blockchain. As reported by Whale Alert, a platform that analyzes blockchain activity, over 1.6 trillion SHIB tokens, approximately $39 million in value, have been moved from Crypto.com to unidentified wallets.

This development raises questions about whether there could be more growth or a continued rise in the well-known meme-based cryptocurrency.

Large Transactions Hint at Accumulation Activity

Over the past day, there have been numerous transactions involving Shiba Inu coins. The most significant one involved the transfer of approximately 1.6 trillion SHIB tokens, which was sent from Crypto.com to unidentifiable private wallets – a pattern often seen with large-scale investors or ‘whales’.

Despite Crypto.com typically having a minimal role in the Shiba Inu ecosystem, transferring funds to personal wallets is often associated with accumulation by significant investors. This recent move by a “whale” is likely due to heightened excitement generated by the launch of the Treat Token, which could potentially propel the SHIB price to a new all-time high.

Historically, such measures are often seen as an indicator of an upcoming price increase because they demonstrate investor enthusiasm. At the moment, the SHIB price stands at $0.00002196, representing a 9% drop within the last 24 hours, accompanied by a 39% boost in trading activity.

Spike in Whale Inflows Signals Increased Interest

Based on IntoTheBlock’s analysis, there was a rise in the Large Holders Inflow metric, indicating an uptick in the number of wallets holding at least 0.1% of the Shiba Inu (SHIB) token stockpile. Over the specified timeframe, approximately 492.81 billion SHIB tokens were moved into these ‘whale’ wallets, marking a growth compared to the previous period.

The increase in inflows was balanced by a decrease in outflows amounting to approximately 382.94 billion SHIB from these wallets, resulting in a net inflow of around 109.87 billion SHIB.

The buildup of large investments in Shiba Inu fuels the belief that its price could significantly increase, especially since the actions of major investors often signal shifts in the market. However, a recent assessment has sparked discussions about the possibility that Shiba Inu’s price may not reach $1.

Shiba Inu Price Forms Bullish Patterns on Weekly Charts

According to a technical analysis, the price of Shiba Inu might soon surge, as suggested by a distinctive pattern known as “cup-and-handle” formation on its weekly chart. This technical pattern is often seen as a signal for a possible price boost.

A well-known analyst, referred to as “Strong”, predicts that the price of SHIB could potentially reach $0.000066651 if it successfully breaches its resistance level. This upward trend was previously observed when the token rebounded from $0.00003329 in December, only to correct to $0.0000186. The fact that SHIB continues to hold the top spot among ERC-20 tokens in terms of market capitalization suggests a strong potential for future growth.

Currently, several market analysts are expressing positive expectations about Shiba Inu’s price trajectory within the current market cycle. Specifically, crypto market analyst Javon Marks points out that Shiba Inu has surpassed a significant resistance trendline, which could pave the way for further price increases for SHIB in 2025 if the price stays above $0.00002.

As per Marks’ analysis, a suitable short-term price goal to focus on is approximately $0.000081, which aligns with the resistance levels observed in past cycles. For this ongoing bull market, he predicts the peak could reach around $0.000155.

However, another expert, Rose Premium, observed a downward trending channel on the daily graph. If this momentum persists, she anticipates the price to potentially hit levels of $0.00003236, $0.00003870, and $0.00004349.

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2025-01-07 23:08