As the broader digital currency market displays signs of recovery, Shiba Inu [SHIB] is following suit. The meme-based coin has recently witnessed a notable surge in significant transactions, leading to speculation on its upcoming price direction.
In the past 24 hours, there has been a remarkable increase in whale activity, with substantial transactions spiking by 92%, amounting to $46.03 million. This sudden rise in whale transactions has prompted the cryptocurrency community to ponder whether this surge could potentially propel the coin’s price towards $0.00002.
Could the uptick in whale activity drive SHIB’s next trajectory?
Whales are often regarded as the catalysts for major price shifts. Lately, they have been actively accumulating or redistributing SHIB. Large transactions, which commonly involve sums exceeding $100,000, are typically a key indicator of whale involvement.
The recent 92% surge in significant SHIB transactions indicates that affluent investors are positioning themselves for a potential price rally or profit-taking opportunity. If this accumulation trend persists, it could signify a bullish breakthrough.
Nevertheless, the price of the meme coin remains highly volatile, susceptible to external market influences that may steer its trajectory.
Is a Shiba Inu rally towards $0.00002 likely?
Currently trading at $0.00001678, SHIB faces a challenging ascent to reach the critical resistance level of $0.00002.
Despite this, the coin has recorded a substantial gain of more than 48% since the recent cryptocurrency market downturn. This surge instills further optimism regarding its short-term price prospects.
The current surge in whale activity and positive technical indicators indicate a favorable outlook for the coin’s future. Moreover, the ongoing trend of increased buying interest coupled with reduced selling pressures could pave the way for SHIB to test higher resistance levels around $0.00002.
Noteworthy advancements within the Shiba Inu ecosystem, such as the introduction of Shibarium and its layer-2 solution in late December, have bolstered the positive market sentiment mentioned above.
All these factors, combined with the escalating whale engagement, could create a favorable environment for SHIB’s price to climb on the charts.