- Dogecoin Whales Shift to Shiba Inu as SHIB Accumulation Spikes — Analysts Predict Major Rally
Dogecoin’s (DOGE) recent 80% surge has drawn attention to meme coins, with Dogecoin whales now eyeing Shiba Inu (SHIB) as a potential next big investment. In the past week alone, whale accumulation in SHIB has soared by an astounding 7,469%, indicating strong interest from large holders. This surge in whale transactions has sparked excitement in the market, as investors wonder if SHIB might see a similar rally in the coming months.
SHIB Whale Accumulation Soars, Transaction Activity Rises
Recent data from IntoTheBlock highlights a significant increase in whale transactions for SHIB, with large-holder trades jumping from 53 to 324 within a month. A recent whale movement involved the transfer of 6 trillion SHIB tokens, reflecting a shift in portfolio strategies as holders diversify from DOGE to SHIB. In October alone, a wallet moved 83.36 billion SHIB from Binance, and in September, another whale withdrew approximately $4 million worth of SHIB from a centralized exchange.
While this accumulation signals bullish interest, SHIB has only seen an 8% price increase over the last 30 days. Despite this modest gain, a recent 2.88% dip positions SHIB at $0.0000186, leaving investors watching for potential breakout points.
Technical Analysis: SHIB Gears Up for a Bullish Run
According to technical analyst Ever Crypto Sage, SHIB is forming a bullish pennant pattern that could drive its price to $0.00003. Currently trading above the 50-day SMA but below the 200-day SMA, SHIB is navigating a neutral market sentiment, which could change if it surpasses key resistance levels.
Our analysts have identified a four-month range for SHIB, with a resistance level of $0.00002050 and a support level of $0.00001260. If SHIB holds above the upper resistance line of the symmetrical triangle, it could rally by 45% to $0.000028. Some analysts even project a potential 68% surge to $0.000032 if SHIB’s momentum continues.
Bullish Indicators: MACD, RSI, and ADX Point to Growing Momentum
SHIB’s Average Directional Index (ADX) stands at 16.46, suggesting that market volatility is rising. This is further supported by a bullish crossover in the Moving Average Convergence Divergence (MACD) indicator, with the Relative Strength Index (RSI) reading at 56.96, signaling a growing bullish trend.
Analyst Zach Humphries has an even more optimistic outlook, suggesting that SHIB could potentially surge by 890% from current levels. If this occurs, SHIB could achieve a $100 billion market cap, trading at $0.000171. Humphries believes that SHIB’s rising popularity and whale interest could fuel this massive growth, positioning SHIB as a prime contender in the meme coin sector.
If $SHIB does a 10x from current price levels, we will see the asset hit over a $100B market cap.
— Zach Humphries (@Z_Humphries) November 5, 2024
Here’s why it can happen 🧵
BOOKMARK this. pic.twitter.com/SSfUNO6nIr
Will SHIB Follow in DOGE’s Footsteps?
As whale interest grows and SHIB’s technical indicators align for potential gains, the meme coin could be on the brink of a significant rally. Investors are keeping a close eye on SHIB’s performance, hoping that its recent accumulation and strengthening technical indicators might signal a breakout akin to DOGE’s recent run. With experts forecasting gains up to 890%, Shiba Inu could soon become a standout in the cryptocurrency market.
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.
About The Author
