With the current market sentiment leaning bullish, SHIB has the potential for a strong breakout in the near term.
Shiba Inu (SHIB) cryptocurrency is currently experiencing an boost in the activity of ‘whales’ – large investors that purchase significant amounts of digital assets. This whale activity could signal a greater event for SHIB and could push its price higher as more investors watch these actions.
Shiba Inu’s current price is $0.00001778, with a 24-hour trading volume of $334.91 million and a market capitalization of $10.48 billion. However, this outcome will largely depend on sustained buying pressure and whether retail investors join in on the buying spree. The price has dropped by 4.38% in the past 24 hours, reaching its peak on October 28, 2021 at $0.00008819 and its lowest price on November 28, 2020 at $0.0000000005637.
The Fear & Greed Index currently stands at 71, indicating “Greed.” The supply inflation rate has decreased, with 79.56 billion SHIB removed from circulation in the past year. Whale accumulation, with the boost in large holders’ SHIB inflows by 15% in the past week, signals that major investors expect future price gains. With a 14,575% burn rate in circulation, and SHIB being moved off exchanges into private wallets, it suggests that major holders, or whales, are accumulating and tightening the available supply for trading.
As the supply on exchanges decreases, there is less SHIB available for retail investors to buy, which could push prices up if demand boosts. This buying activity from whales typically precedes market rallies, as it creates scarcity and boosts market confidence.
If this whale-driven demand continues, SHIB could break through its $0.000018 resistance, experiencing significant upward momentum.
