The Latest on Shiba Inu (SHIB) Investment Trends
Shiba Inu (SHIB) has experienced a decline in its price this week, amid broader corrections from most cryptocurrencies. This has been a tough week for SHIB hodlers, with the meme coin dropping to as low as 0.00002584 earlier, representing a 15% price decrease from $0.00003069. However, this downturn has presented an opportunity for large investors, known as whales, to purchase SHIB at a reduced price.
New Whales Accumulating SHIB During the Downturn
There has been a consistent rise in the number of whale wallets holding SHIB over time. Recent data indicates that three new whale accounts acquired 184 billion SHIB, valued at around $4.9 million, from crypto exchanges Coinbase and Binance. These wallets are still holding onto their tokens, and a recent 2% price increase for SHIB has already resulted in profits for them.
Will Whales Drive Shiba Inu to $0.00008?
Whales often influence price action and market sentiment in the crypto space. While Shiba Inu has been experiencing a bearish trend lately, recent data suggests that bearish sentiment may prevail, with more bear whales than bull whales currently. The price of SHIB has been fluctuating between support at $0.00002392 and resistance at 0.00003308, indicating a tight range of movement.
- SHIB trading between $0.00002392 support and 0.00003308 resistance
- Bearish sentiment prevailing with more bear whales than bull whales
- Recent buy by new wallets and bull whales hint at a belief in a temporary dip
Potential for a Price Surge in the Coming Weeks
Despite the current downtrend, some analysts are optimistic about SHIBโs future performance. At its current trading price of $0.00002736, SHIB is down by 23% from its peak in this bull run. Analysts suggest that a new technical pattern on the SHIB price chart could lead to a surge, potentially reaching between $0.00058 to $0.00062 in the upcoming weeks. If bullish momentum picks up, SHIB could exceed these levels and head towards $0.00008 and beyond.
Hot Take: The Future of Shiba Inu
Shiba Inu (SHIB) has witnessed a fluctuation in price recently, leading to a buying opportunity for some large investors. The presence of new whales acquiring SHIB during the dip suggests confidence in the coinโs potential. While the current trend may be bearish, there is optimism for a price surge in the near future, potentially surpassing previous highs. As the market dynamics evolve, SHIB holders are keeping a close eye on whale activity to gauge future price movements.
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