2024-10-3 19:54 |
Shiba Inu (SHIB) has been experiencing a remarkable upswing, with its price soaring over 35% in the past 30 days. This impressive surge is part of a broader rally in the cryptocurrency market, primarily driven by Bitcoin’s resurgence.
Meanwhile, other memecoins like DOGE, PEPE, and WIF are also enjoying substantial gains, with increases of 20%, 50%, and 73% over the past month, respectively. This trend has sparked speculation that we may be on the verge of another memecoin season.
On that note, SHIB is particularly garnering considerable attention from whale investors. On Monday, crypto analysis firm Santiment revealed a striking 360% increase in whale activity surrounding SHIB compared to the previous week. This surge positions SHIB among the top projects attracting large investors, following closely behind Injective, which saw a 456% rise, and Wrapped Bitcoin, which experienced a 421% increase.
Furthermore, this surge in whale interest is corroborated by data from IntoTheBlock, which reveals that 79% of SHIB holders have maintained their positions for over a year, suggesting a robust long-term investor base. This loyalty, combined with $617 million in transactions greater than $100,000 in the past week, indicates significant activity among larger investors.
Furthermore, the token’s summary indicates that 53% of holders are currently in profit at the current price, with a high concentration (73%) among large holders. Additionally, SHIB demonstrates a strong price correlation (0.8) with Bitcoin, potentially benefiting from the flagship cryptocurrency’s upward momentum.
Technical analysis also suggests a bullish outlook for SHIB. On Sunday, popular crypto analyst “BigMike7335” shared insights using Elliott Wave and Fibonacci analysis to predict potential price movements. According to this analysis, SHIB is nearing the end of a corrective phase, with a possible breakout on the horizon that could propel the token to approximately $0.000024.
Accompanying this bullish sentiment are technical indicators like the Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD), which suggest further upward momentum is possible.
Moreover, on the fundamental side, the Shiba Inu ecosystem is flourishing, particularly with its layer-2 scaling solution, Shibarium, which has recently reached a remarkable total value locked (TVL) of $4 million. This rapid growth is largely fueled by innovations such as K9 Finance’s liquid staking model, which has been attracting more users to the ecosystem.
That said, as SHIB continues to capture market interest, many are betting on Shiba Inu’s potential to reach $0.0001 or higher in the ongoing bull cycle.
AT press time, SHIB was trading at $0.00001846, reflecting a 0.50% increase over the past 24 hours.
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