The Shiba Inu (SHIB) cryptocurrency could be on the brink of a major price rally as whale activity surges, according to recent on-chain data. This notable increase in large SHIB transactions, alongside technical indicators, is sparking optimism for a potential bull run. Analyst Javon Marks predicts that Shiba Inu could gain as much as 300%, making it one of the most closely watched meme coins in the market.
Bullish Signals For SHIB – A 300% Price Rally On The Horizon
Crypto analyst Javon Marks recently highlighted that SHIB’s current position aligns with a Hidden Bull Divergence, a technical pattern often seen before significant price movements. Marks anticipates a rally that could propel Shiba Inu toward a $0.000081 target, representing a potential 300% gain from its current levels. This target is seen as particularly bullish, as it could bring SHIB closer to its all-time high (ATH) of $0.000088, recorded in 2021.
A 300% rally could mark SHIB’s next phase in a broader market rally for meme coins. Dogecoin (DOGE), the largest meme coin by market cap, has recently surged by over 23% in just a week, while SHIB has trailed with a single-digit gain of just above 5%. Market analysts believe SHIB may soon catch up, as its price often mirrors DOGE’s performance. If SHIB can achieve Marks’ predicted target, the meme coin would solidify its position as a top contender in the crypto market.
Rising Whale Activity Spurs Market Optimism
A surge in whale activity on the Shiba Inu network is also adding to the bullish sentiment. Data from IntoTheBlock reveals a 4% increase in large SHIB transactions, suggesting that whales, or large holders, are actively accumulating SHIB tokens. In the last 24 hours alone, whales have traded an impressive 2.57 trillion SHIB tokens, with recent trades hitting a seven-day high of 6.39 trillion tokens.
The involvement of these whales often signals potential price movements, as their large transactions can drive price discovery. This trend points to a positive outlook for Shiba Inu, as whales are typically strategic investors looking to profit from significant price shifts. However, some large transactions may also indicate selling activity, with a recent transaction involving $10.4 billion worth of SHIB sent to the Coinbase exchange. While such moves can often imply potential selling, on-chain data shows that Coinbase may be preparing for increased demand, rather than an immediate sell-off.
Additional Bullish On-Chain Indicators for SHIB
Other on-chain metrics further indicate a potential bull run for Shiba Inu. CoinGape’s analysis highlighted that the SHIB price-Daily Active Addresses (DAA) divergence recently reached a one-month high, signaling heightened network activity. This metric, which tracks the correlation between price and active wallets, has historically been a precursor to price surges.
Final Thoughts
The current data suggests a potentially bullish outlook for SHIB, driven by whale accumulation, rising transaction volumes, and favorable on-chain metrics. As Shiba Inu positions itself for a potential rally, a 300% gain could be within reach if the market conditions align. With both whales and retail investors keeping a close eye on SHIB, the meme coin’s price trajectory in the coming weeks will be one to watch.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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