As a crypto investor with some experience under my belt, I’m excited about the recent developments in the Shiba Inu (SHIB) ecosystem. The surge in whale transactions, as evidenced by IntoTheBlock data, is a bullish sign that could lead to an upward trend in SHIB’s price.
As a crypto investor, I’ve noticed an intriguing development in the Shiba Inu (SHIB) market. Recently, crypto whales have been making a comeback to this meme coin’s ecosystem. Based on on-chain data, these large-volume investors have been actively accumulating SHIB. Their buying patterns could potentially influence the price of SHIB in the near future.
Shiba Inu Sees Spike In Whale Transactions
As a crypto investor, I’m always keeping an eye on the latest trends and developments in the market. Recently, I’ve noticed some intriguing data from the on-chain analytics platform IntoTheBlock regarding Shiba Inu. According to their findings, there was a staggering 2,300% surge in the daily large transaction volume for this meme coin, reaching a massive $223 million. These transactions fall into the category exceeding $100,000 and are typically executed by high-net-worth individuals or “whales.” This significant increase presents a bullish sign for Shiba Inu, as whales possess the power to significantly influence a coin’s price discovery.
Based on current market trends, it seems highly probable that Shiba Inu’s price will experience a significant rise. This prediction is supported by the accumulation of large holdings, or “whales,” in the token. Historically, such accumulation has been followed by price increases. Additionally, other indicators point to a bullish market for Shiba Inu. For example, there has been a notable uptick in daily active addresses and transactions, suggesting that investors are actively engaging with the meme coin.
As an analyst, I’ve observed an uptick in Shiba Inu’s burn rate over the past week, with approximately 143 million SHIB tokens being incinerated during this time frame. Additionally, Shiba Inu’s fundamentals have strengthened recently as it managed to secure a listing on CoinGate, a notable cryptocurrency payment platform.
“The addition of this listing is anticipated to broaden the range of Shiba Inu’s services. With the meme coin, users can complete various commercial transactions, such as booking Airbnb rentals and shopping from brands like Nike and Zalando.”
As a crypto investor, I’ve been eagerly anticipating the growth of Shibarium, our beloved layer-2 network associated with SHIB. However, my excitement has been dampened by its underperformance, which is certainly not what we had hoped for.
SHIB’s Next Move On The Charts
Expert’s perspective: Crypto analyst Ali Martinez shared his analysis on Shiba Inu’s potential future direction in a recent post on X (previously Twitter). He indicated that if the meme coin manages to surpass the upper limit of its descending parallel channel, which is currently at $0.00002444, then we could anticipate a rise of approximately 20%, taking the price up to $0.00002954.
As a crypto researcher, I’ve come across DamiDefi’s analysis in a recent Reddit post. According to their assessment, Shiba Inu has been forming a falling wedge pattern on the daily chart. If this meme coin manages to break above its current price point, it may trigger a significant price surge of more than 50%.
Shiba Inu’s advance could be restrained by Bitcoin‘s lackluster price movement based on IntoTheBlock’s findings. The data indicates a robust connection between the meme coin and Bitcoin. After an impressive surge on May 13, Shiba Inu appeared poised for a bullish turnaround; however, this did not materialize as both coins took a downturn.
Currently, the value of Shiba Inu is approximately $0.00002404 during my writing process, representing an increase within the previous 24-hour period based on data obtained from CoinMarketCap.
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2024-05-16 03:11