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HomeNewsSHIB Price Outlook: $230M Signal Could Reshape Shiba Inu's Trajectory

SHIB Price Outlook: $230M Signal Could Reshape Shiba Inu’s Trajectory

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  • SHIB’s consistent performance above the $0.00003 mark, amidst a drop in memecoin interest, suggests a strong base of support.
  • Shift of 7 trillion SHIB to long-term storage reflects holder confidence, potentially setting the stage for price growth beyond $0.00004.

Shiba Inu (SHIB) has exhibited noteworthy steadiness and the possibility for upward movement in its value. During a period marked by decreased interest in the broader memecoin sector, the valuation of SHIB has consistently held above a support level of $0.00003 as of mid-March. 

Source: Tradingview

This occurrence coincides with the movement of 7 trillion SHIB tokens, valued at around $230 million, into long-term storage by its holders, suggesting a collective pause in selling activity. This strategic choice hints at a potential for price ascension beyond the $0.00004 threshold.

On a specific day in March 2024, SHIB successfully maintained its position above the $0.000030 support, reaching a peak of $0.000033 despite a general dip in memecoin interest. The reluctance of SHIB holders to part with their assets at present rates might lay the groundwork for an upward price trajectory, breaching the $0.00004 mark.

Shiba Inu (SHIB) Exchange Reserves | Source: CryptoQuant

From the onset of March 2024, the transfer of 7 trillion SHIB tokens from active trading accounts to secure storage reflects a broad hesitation to sell at current market rates. At present values, this batch of tokens stands at an approximate worth of $230 million. Such a marked decrease in tokens available for immediate trading is expected to have a beneficial effect on SHIB’s price short term, due to a tightened supply.

If there’s a resurgence in demand within the memecoin space soon, the existing supply constraints could notably elevate SHIB’s price point.

Shiba Inu has notably surged recently, marking a 280% increase from $0.00001178 at February’s end to $0.00004456 by early March. This leap propelled the dog-themed cryptocurrency ahead in a generally bullish period, capturing the attention of many traders.

This spike in value was matched by a surge in trading volume, positioning SHIB as the memecoin with the highest volume of transactions, hitting $31 billion in just a week, as reported by Kaiko.

Analyst Javon Marks had previously foreseen such a price movement in October 2023, predicting SHIB would reach $0.000081. Continuing with his forecasts, Marks recently reiterated his confidence in SHIB’s potential for further appreciation, maintaining the breakout goal of $0.000081 as still within reach.

Source: @JavonTM1

It’s impressive to note that SHIB has climbed approximately 531% since Marks’ initial forecast. His ongoing analysis proposes that maintaining a position above $0.000081 could potentially initiate a near 90% increase to $0.0001553, setting a new high for SHIB.

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Isai Alexei
Isai Alexei
As a content creator, Isai Alexei holds a degree in Marketing, providing a solid foundation for the exploration of technology and finance. Isai's journey into the crypto space began during academic years, where the transformative potential of blockchain technology was initially grasped. Intrigued, Isai delved deeper, ultimately making the inaugural cryptocurrency investment in Bitcoin. Witnessing the evolution of the crypto landscape has been both exciting and educational. Ethereum, with its smart contract capabilities, stands out as Isai's favorite, reflecting a genuine enthusiasm for cutting-edge web3 technologies. Business Email: info@ethnews.com Phone: +49 160 92211628
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