Source: DouSha Liao
As the larger cryptocurrency market shows signs of recovery, Shiba Inu [SHIB] is following closely behind. In fact, the recent surge in large transaction volumes for this memecoin has sparked speculation about its next price movements.
In just the past 24 hours, whale activity has surged dramatically, with large transactions increasing by 92%, reaching $46.03 million. The sudden spike in whale activity has led the cryptocurrency community to wonder whether this increase will push the cryptocurrency’s price to $0.00002.
Will the rise in whale activity drive SHIB’s next move?
In most cases, whales are seen as initiators of significant price movements. They have recently been busy accumulating or reallocating SHIB. Large transactions (typically involving amounts exceeding $100,000) are often a key indicator of whale activity.
The recent 92% increase in SHIB’s large transaction volume suggests that high-net-worth investors are positioning themselves for potential price increases or profit-taking opportunities. If this accumulation pattern continues, it could signal a bullish breakout.
However, due to external market forces that may dictate its direction, the price of this memecoin remains highly volatile.
Will the Shiba Inu token rise to $0.00002?
As of the time of publication, SHIB is trading at $0.00001678, facing a significant increase to reach the critical resistance level of $0.00002.
Nevertheless, since the last cryptocurrency market crash, the memecoin has risen by over 48%. This has contributed to a more optimistic sentiment regarding its recent price movements.
At the time of writing, the increase in whale activity and positive technical signals seem to paint an optimistic picture for the future of this memecoin. Additionally, the overall trend of buying interest and reduced selling pressure may allow SHIB to test higher resistance levels (around $0.00002).
By the end of December, developments in the Shiba Inu ecosystem, such as Shibarium and its Layer 2 solutions, have further fueled the aforementioned positive market sentiment.
All of this, combined with the surge in whale interest, could create a perfect storm for SHIB’s price to rise on the charts.
