The second-largest meme coin by market cap, Shiba Inu, has seen a significant increase in its large transaction volume over a short span of four days, hinting at a bullish future. The surge appears to be driven by the return of SHIB whales, an occurrence that augurs well for Shiba Inu’s pricing.
A Surge of Over 150% in Shiba Inu Large Transaction Volume
According to data from IntoTheBlock, Shiba Inu’s large transaction volume witnessed a whopping increase of over 150% in just four days, from March 2nd to 5th. On the 2nd of March, SHIB whales traded $17.28 million worth of Shiba Inu, which then skyrocketed to $39.84 million on March 5, reaching a seven-day high.
Previous weeks saw a considerable shrink in SHIB’s large transaction volumes amid a downtrend in the market, suggesting that major investors were retreating to the sidelines. However, the recent spike signals a renewed investor confidence in Shiba Inu’s future potential.
Additional data from IntoTheBlock also supports this inference. The ‘Concentration’ metric is currently showing bullish signs, pointing to these big investors actively expanding their SHIB portfolios. An increase in whale activity commonly precedes a significant price surge in Shiba Inu.
For Shiba Inu price to regain the psychological $0.00002 level would be a crucial milestone, signifying that its bullish run is firmly on track. However, other on-chain metrics, such as net network growth, also need to turn bullish for SHIB to sustain any positive momentum.
Shiba Inu Price Targeted to Hit $0.0004
Crypto analyst Crypto ELITES, in a recent post, forecasted a rally in the Shiba Inu price to a peak of $0.000472905. The analyst set three sequential targets for SHIB. The targets are $0.000085171, $0.000183312, and $0.000472905.
Crypto ELITES affirmed a positive technical outlook for the meme coin, predicting that SHIB will rise as Bitcoin’s dominance diminishes. In a similar vein, crypto analyst Javon Marks also anticipated a gain of more than 400% in the Shiba Inu price, as it marches towards $0.000081. Marks explained that SHIB is still maintaining its breakout phase that started late in 2022 and continued into early 2023.
Reaching this target of $0.000081 could potentially pave the way for the meme coin to hit its current all-time high (ATH) and potentially establish a new ATH. As of now, SHIB is trading at approximately $0.00001361, indicating a surge of over 4% in the last 24 hours, as per data from CoinMarketCap.
How Can I Track Future Potential of Shiba Inu?
For individuals keen on tracking the future potential of Shiba Inu, downloading a leading cryptocurrency application like Finances Zippy would provide insightful price predictions and market trends.
What is the Significance of the Recent Spike in Shiba Inu Transaction Volume?
The spike suggests a renewed confidence among larger investors, often referred to as ‘whales’. Their return and active trading often precede a significant surge in the coin’s price.
What is the Future Price Prediction for Shiba Inu?
Analysts have predicted a positive future for Shiba Inu, with a potential rally that could take the meme coin’s price to as high as $0.0004.
What are the Predicted Sequential Targets for Shiba Inu?
The three sequential targets predicted for Shiba Inu are $0.000085171, $0.000183312, and $0.000472905.
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