Shiba Inu Set for Major Rally as $100M Volume Signals Whales Are Buying!
Allgemein• Shiba Inu (SHIB) has dropped to $0.00001030, a 1.5% decline in the past 24 hours
• SHIB’s 24-hour trading volume has risen beyond $100 million, suggesting positive volatility
• Shibarium’s testnet is seeing over 400,000 transactions per day and 14 million wallet addresses
Shiba Inu Price Prediction
The price of Shiba Inu (SHIB) recently dropped to $0.00001030, making for a 1.5% decline in the past 24 hours as the cryptocurrency market as a whole falls by 1%. The meme token has declined by 11% in a week and 3% in the last 30 days but gained 27% since the beginning of the year.
$100 Million Trading Volume
Encouragingly, SHIB’s 24-hour trading volume has begun to rise again, moving beyond $100 million in the past day. This suggests that positive volatility could be reentering the picture and SHIB could even see some major rallies along the way with its upcoming full public launch of layer-two network Shibarium.
Price Indicators Suggest Bottoming Out
Looking at SHIB’s chart shows that it is close to bottoming out judging by its current indicators. Its 30-day moving average (yellow) is close to moving below its 200-day average (blue), while its actual price has fallen below both indicators, signaling that it’s being oversold. Meanwhile, its relative strength index (purple) is just below 40 and on its way down to 30 which would indicate an eventual correction upwards.
Whales May Be Accumulating SHIB
It appears that whales may have begun accumulating SHIB due to it being so undervalued right now; there was a 3 trillion+ transfer from an unknown wallet earlier today which could signify this behaviour. If true then SHIB may not be far away from recovery with support from Shibarium’s testnet which is seeing over 400k transactions per day and 14 million wallet addresses created daily.
Outlook Remains Positive for Shiba Inu
Overall, despite some short term losses for Shiba Inu, outlook remains positive for the meme token with plenty of potential for gains ahead given all of these factors combined