IMPORTANT POINTS:
- SHIB has experienced a bearish consolidation in its price, but is showing signs of resistance.
- SHIB’s whale activity increases, reducing selling pressure and providing stability.
- The launch of Shibarium and expectations about the emergence of Bitcoin may increase the price of SHIB in the future.
Shiba Inu (SHIB) has been in a bearish consolidation phase in recent weeks, causing concern among investors. Despite being called the “Dogecoin killer,” SHIB has been oscillating between $0.0000075 and $0.0000070 since September, after a sharp drop last month. However, despite this setback, SHIB supporters have shown signs of strength in increasing whale activity, leading to optimism about the future of the token.
Recent data from IntoTheBlock revealed a dramatic increase in whale transactions, especially on September 21, when the total value of whale transactions exceeded $47 million. This whale activity was highlighted by Whale Alert, a cryptocurrency transaction monitoring service, which reported a significant transfer of SHIB from the Amsterdam exchange Bitvavo.
This increase in whale activity is a positive sign, as when cryptocurrency whales withdraw their holdings from exchanges, this usually means a reduction in selling pressure, leading to optimism about the SHIB price prospect. In addition, it usually includes a commitment to HODL your assets for the long term, which provides stability.
In addition, on-chain metrics also show that giant whales continue to gather in SHIB, leading to low volatility that favors short positions. This strong buying activity led the price to consolidate and hold above the solid support level of $0.000007, indicating that bullish sentiment remains active.
The launch of Shibarium, a development aimed at improving the functionality and use cases of SHIB, has raised expectations as to whether the token will regain its strong momentum. The SHIB community remains focused on the future and demonstrates continued commitment to the project.
However, while the future of SHIB remains uncertain, some analysts, such as Austin Hilton, predict a significant increase in the price of SHIB up to $0.001, which could happen between mid to late in 2024. This rally may be driven by events such as the emergence of Bitcoin and the approval of a spot Bitcoin ETF.
At the time of writing, SHIB is trading at $0.0000072, reflecting a 1% decline in the last 24 hours. The SHIB community and investors remain attentive to future developments in the cryptocurrency market.
