SHIB price forecast: Shiba Inu Coin price has experienced a remarkable increase in its market value, rising sharply in the last day. This meme coin surpassed the $0.000022 mark, indicating a bullish trend despite ongoing market fluctuations. Currently, the Shiba Inu Coin price is at $0.00002251, with a surge of 7% indicating a bullish trend.

The 24-hour trading volume for Shiba Inu has ticked up by 20%, totaling $886 million. This surge indicates growing interest among traders. Additionally, its market cap rose 6% to $13.26 billion, securing #11 rank in the market standings.

Shiba Inu Coin Price

Over the past week, SHIB, the second leading meme coin currency has shown little movement, aligning with a broader downturn in the market. This phase of stagnation is crucial for the cryptocurrency as it generally encourages accumulation among investors. Overall, the market has seen a 9% drop, leading to significant losses for many digital currencies.

Whales Drive Significant Increase in Transaction Volume

Recent data from IntoTheBlock reveals that SHIB has seen a dramatic 165% rise in large-scale transactions. In just 24 hours, the transfers surged from 3.73 trillion SHIB to 6.18 trillion SHIB. This significant activity indicates increased interest from major investors.

Whale Alert, a key blockchain monitoring service also noted a significant transfer of nearly 2 trillion SHIB tokens on the well-known trading platform Robinhood. The coins were shifted to a wallet that has yet to be identified, sparking intense curiosity among cryptocurrency enthusiasts.

875,000,000,000 #SHIB (19,666,682 USD) transferred from #Robinhood to unknown wallethttps://t.co/hxSvwFxC0E

— Whale Alert (@whale_alert) May 1, 2024

A wallet labeled as -4D935 is now under the spotlight for acquiring two large sums of SHIB. Each transaction involved 875 billion SHIB, making up a total of 1.75 trillion SHIB. With a market value of approximately $39.2 million, these transactions have fueled widespread speculation regarding the potential motives behind such large moves.

SHIB Price Forecast Amid Rallying Whale Activity

The meme coin Shiba Inu is currently facing a pivotal resistance level at $0.00002315. Breaking through this barrier could see its value rise to $0.000025. Such a move might set the stage for reaching the $0.0001 threshold.

However, a downturn could push its price down to a support level of $0.000022. Should market sentiment turn negative, SHIB could fall further to $0.00002. Increased bearish momentum may confirm a downward trend.

The daily technical analysis shows a promising outlook for Shiba Inu, with its price on a recovery path. The Relative Strength Index (RSI) is at a balanced 42.

Shiba Inu Coin Price| Source: Tradingview

The Moving Average Convergence Divergence (MACD) for Shiba Inu shows a decrease following a sharp spike. The MACD line has crossed below the signal line, indicating potential bearish momentum in the short term.

The post SHIB Price Forecast: Why Spiking Whale Activity Could Propel Shiba Inu To $0.0001 appeared first on CoinGape.

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Filed under: News - @ January 1, 1970 12:00 am