Rally Incoming for Shiba Inu (SHIB)? Whales Accumulate $184 Billion SHIB in Past Month
The post Rally Incoming for Shiba Inu (SHIB)? Whales Accumulate $184 Billion SHIB in Past Month appeared on BitcoinEthereumNews.com.
TLDR Shiba Inu (SHIB) has made an unexpected return to the market, bouncing off the 50-day EMA support level Analysts have identified potential buying zones for SHIB, predicting a looming rally and possible price targets Whales have been accumulating SHIB at discounted prices, with nearly 184 billion tokens purchased from exchanges in the past month The SHIB burn rate has surged 233% following a critical upgrade to the Shibarium network, which is expected to kickstart a bull market The Shiba Inu team has issued a warning about scammers launching fake tokens, urging the community to be cautious and thoroughly research before investing Shiba Inu (SHIB), the popular meme-inspired cryptocurrency, has recently made an unexpected return to the market, bouncing off the 50-day exponential moving average (EMA) support level. This rebound has given traders hope for a potential reversal and the confidence needed to halt the larger decline that began more than a week ago. Analysts have been closely monitoring SHIB’s price movements and have identified potential buying zones for the token. SHIB Knight, a prominent crypto analyst, revealed his intention to buy Shiba Inu at specific price points, believing that the current price decline presents a compelling buying opportunity. He identified $0.000026 as a key support level that SHIB should hold to maintain its bullish momentum. Buying more $SHIB at these levels. Accumulation will end up with a massive pump. pic.twitter.com/CEbuKXy4GR — $SHIB KNIGHT (@army_shiba) May 30, 2024 While some analysts have refrained from making specific price predictions, others have ventured forecasts for potential price targets upon a future price increase. Crypto market analyst Javon Marks anticipates a price target of $0.0000886 for SHIB during the next significant price rally. Despite the recent price dip, on-chain data suggests that large investors, often referred to as “whales,” are actively accumulating SHIB.…
Filed under: News - @ June 3, 2024 5:28 pm