Shiba Inu Whale Activity Soars, but Price Struggles to Gain Ground
A recent surge in whale activity on the Shiba Inu blockchain by 1,300% has not been enough to boost the SHIB price, which is currently down over 2% to around $0.0000095.
According to data from IntoTheBlock, large holders recorded $89.88 million in SHIB transactions over the past 24 hours. Despite this, the Shiba Inu price is experiencing a downtrend, raising the question of whether the increased whale activity could signal a significant price pump in the near future.
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Price Prediction – Shiba Inu (SHIB) Faces Bearish Sentiment
Chart analysis indicates a bearish sentiment for the Shiba Inu price in the near term. The SHIB price recently dropped below a crucial medium-term uptrend and rejected resistance at the $0.000010 zone, confirming the bearish trend. With the Shiba Inu price below its 21 and 50DMAs, the chart analysis suggests a bearish near-term trading bias.
However, the possibility of the US SEC approving a Bitcoin ETF could be a market game-changer. If the approval comes through, it could spike market risk appetite, potentially leading to a surge in the Shiba Inu price. If SHIB manages to climb above its 21 and 50DMAs, as well as the downtrend from the December highs and the $0.000010 resistance zone, a retest of the recent local highs near $0.000012 could be imminent.
Uncertain Long-Term Outlook for Shiba Inu (SHIB)
Despite potential short-term price gains, Shiba Inu’s long-term outlook remains uncertain, as the token’s current market cap of around $5.6 billion may struggle to grow without significant adoption. Shiba Inu’s developers have sought to address this by launching Shibarium, a layer-2 scaling solution designed to support the token’s growing web3 ecosystem. However, activity on the newly launched protocol remains subdued, indicating a cause for concern for SHIB investors.
Alternative Meme Coin: $SPONGEV2
For investors seeking an alternative meme coin with potential upside, Sponge V2 ($SPONGEV2) may be worth considering. As the reincarnation of the Spongebob Squarepants-themed $SPONGE token, which achieved a market cap of nearly $100 million in 2023 and delivered substantial gains to early investors, $SPONGEV2 offers staking opportunities and plans to power a new play-to-earn game. The launch of a new game, with free and paid versions, is anticipated, and holders of the previous $SPONGE token will have the opportunity to stake their tokens to receive an equivalent amount of $SPONGEV2 tokens and start earning staking rewards.
This article is for informational purposes only and does not constitute investment advice. Always conduct thorough research and due diligence before investing in cryptocurrencies or any high-risk asset class.
