SHIB Whales Are Back! Will SHIB Hit $0.00002 Soon?
Shiba Inu (SHIB) started to show indications of revival along with the broader cryptocurrency market. Actually, there was a notable spike in big transactions for the memecoin recently, which sparked conjecture regarding its next price movement.
Whale activity surged by 92% to reach $46.03M in major transactions in the last day alone. The cryptocurrency community is now speculating whether the boost would cause the price of the cryptocurrency to go closer to $0.00002 or not, given the abrupt increase in whale activity.
Will Whale Activity Propel SHIB to New Highs?
Most of the time, whales are thought to be the ones who start significant market changes. Lately, they have been occupied with accumulating or redistributing SHIB. High-net-worth investors are positioning themselves for a potential price spike or profit-taking opportunity, as evidenced by the most recent 92% increase in SHIB big transactions. Should the accumulating pattern persist, this might be a bullish break. The price of the memecoin is still very erratic, though, as outside market forces could determine its direction.
SHIB, which is currently trading at $0.00001669, must advance sharply to achieve the $0.00002 critical resistance level. But since the latest cryptocurrency market meltdown, the memecoin has increased by more than 48%. This gives rise to greater hope regarding its short-term price fortunes. Furthermore, SHIB may be able to test higher resistance levels at about $0.00002 due to the current pattern of buying interest and decreased selling pressure.
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