The Shiba Inu cryptocurrency community is pinning hopes on a significant surge in value, aiming for a target price of $0.001 per SHIB coin as new mysterious investors, known as whales, have recently acquired billions of SHIB tokens.
Amidst a slight pause in the cryptocurrency market’s growth momentum following an impressive last quarter, there’s a noticeable trend among large investors shifting their focus towards meme coins.
This trend is exemplified by the recent activity surrounding Shiba Inu (SHIB), a cryptocurrency inspired by the Shiba Inu dog breed. Three new wallets have emerged, accumulating a staggering 184 billion SHIB tokens, valued at around $4.9 million, within a short span.
According to a tweet from the respected on-chain analyst “The Data Nerd,” these new wallets swiftly withdrew their Shiba Inu (SHIB) holdings from major exchanges such as Binance and Coinbase within just 24 hours.
Moreover, this surge in Shiba Inu (SHIB) whale activity is accompanied by a significant increase in the movement of large holders. Data from the on-chain analytics firm IntoTheBlock indicates a remarkable 1,058% uptick in large holder activity over the past month.
This suggests a growing trend of accumulation by whales as bullish sentiment focuses on reaching the $0.001 price level for SHIB. It also reflects increasing confidence among whales in SHIB’s long-term potential, despite short-term price fluctuations.
Simultaneously, there’s been a surge in trading activity for meme coins, as highlighted in a recent report from Coingecko. According to the report, meme coins delivered an average return of 1,312% in the first quarter of 2024, surpassing returns from more established cryptocurrencies like Bitcoin, Ethereum, and Solana, which averaged only 70.0%.
Despite these positive indicators and optimistic forecasts, SHIB’s price remains vulnerable to volatility. Following an impressive surge in early March, where it reached a multi-month high of $0.000045, the cryptocurrency has since retreated by approximately 33%.
Crypto analyst “SHIB KNIGHT” suggests that SHIB’s current trading range, between $0.00002392 and $0.00003308, indicates a potential consolidation phase. In a tweet to his 427,000 followers, the analyst identifies support levels at $0.00002392 and $0.00002125 as potential buying opportunities in case of further downward movements.
However, according to insights from IntoTheBlock, if the downward trend persists and Shiba Inu (SHIB) breaks below its current trading range, critical support levels to monitor would be between $0.000019 and $0.000025. This range is noteworthy because it encompasses approximately 71.03 trillion Shiba Inu (SHIB) tokens, which were recently acquired by 82,920 addresses at an average price of $0.000023.
