Shiba Inu Whale Action Hints At Explosive 7,000% Growth
17 Settembre 2024 - 8:30PM
NEWSBTC
Shiba Inu (SHIB) has had a tough market in the last six months,
losing more than half of its value. At $0.0000138 now, the token is
down 70% from its March high of $0.000045. Such a plunge is steep
and stressful for investors who bought during its peak. Yet a faint
glow of hope seems to emanate from the market as it sees a modest
6.5% gain over the last week. Related Reading: Avalanche Revenue
Nosedives Over 40% In Q2 – Impact On AVAX Price Crypto analyst
LuckSide thinks that SHIB will experience a huge rally in the
coming months, considering mostly whale activity as an encouraging
reason. Meanwhile, based on an examination by crypto analyst
Dexter, and CoinCodex, development may be slightly below par, so
SHIB will not be able to boast high short-term returns, but the
long-term value is really massive. By the middle of October,
according to CoinCodex, SHIB may fall down by -0.51% at best and
reach $0.00001330. Whale Activity: The Main Catalyst One of the
most impressive developments in the Shiba Inu market is the drastic
increase in whales’ activity. In a mere two days, whales
accumulated over 3 trillion SHIB tokens, which shows that these
large holders and other major investors have regained interest in
this asset. Whales have also withdrawn over $4 million worth of
SHIB from exchanges; this, in most cases, is an indicator that
confidence remains high in the long-term prospects of the meme
coin. LuckSide believes this accumulation will spur a strong price
rally. He projects that eventually, SHIB can go up to $0.001,
marking an increase of 7,145% from the present day. Despite this
prediction, LuckSide claims that whales’ movements usually herald a
considerable market shift. He also believes the man in the street
will buy in if Shiba Inu can succeed in breaching its significant
resistance level of $0.000016, which is just 16% higher than its
price today. Bearish Sentiment Persists Still, not all digits
indicate an upward trend. The current market for Shiba Inu, in the
Fear & Greed Index is dim at 33 (Fear). CoinCodex also made
some predictions regarding SHIB and it indeed agrees with the
conservative point of view: by October 17, 2024, a minute drop of
-0.51% is forecasted, and may get down to $0.00001330. Shiba Inu
has failed to maintain the momentum after several successive
positive movements. The coin had green days only 50% in the last
month, and the price volatility remained at 4.49%. Related Reading:
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Data from CoinCodex and other websites do not consider this as a
good buy, primarily due to easy money makers. Broader market
hesitancy is reflected in the softened price action that makes the
short-term prospects unattractive. Long-Term Potential Still In
Play While the short-term future of SHIB is unsure, some analysts
still hold hope that the coin will experience a long term upside.
For example, crypto trader Dexter says Shiba Inu easily reaches the
threshold of $0.00015, which is a 10-fold increase. LuckSide’s
model is much more aggressive than Dexter’s model; however, this is
much less – but still gives room for optimistic investors to stay
and wait. According to him, meme coins like SHIB usually have
episodic surges, most especially when whales begin rallying.
Featured image from Pexels, chart from TradingView
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