- 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.
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.
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.
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.
