- Shiba Inu (SHIB) price hovering around $0.000007 finds support amid increased whale activity and burgeoning network transactions.
- The recent launch of Shibarium, the Layer 2 scaling solution, along with heightened on-chain activity, paints an optimistic picture for SHIB’s near-term price trajectory.
As the crypto waves continue to roar with uncertainty, Shiba Inu (SHIB) seems to have found its sailor in the form of crypto whales, whose intensified activity is charting a course towards bullish shores for this meme-originated asset.
Whale Watch: A Prelude to a Bullish Wave?
Despite the bearish tug that pulled SHIB’s price to a critical support level of $0.000007, there’s growing optimism amongst its community. The enthusiasm is largely fueled by a noticeable uptick in whale transactions, notably around September 21, where a total whale transaction value sailed past the $47 million mark, as reported by Whale Alert. A significant transfer from the Amsterdam-based exchange Bitvavo spotlighted this activity, suggesting a decrease in selling pressure as whales seem to be moving their treasures off exchanges, a typical indicator of long-term holding intents.
Moreover, on-chain metrics reveal that large whale wallets continue to stockpile SHIB, thereby reducing market volatility and establishing a strong support level. Such accumulation often heralds a bullish sentiment within the cryptosphere.
The recent deployment of Shibarium, aimed at elevating SHIB’s utility and use cases, has further stirred the waters in favor of Shiba Inu. Shibarium’s promising onset has ignited conversations around SHIB regaining its upward momentum, particularly after the platform’s Chief Marketing Strategist, LUCIE, reinforced the ongoing roadmap’s potential to the SHIB community.
Orders Piling Up: The Bullish Tide Ahead?
The growing network activity, accentuated by a 36% increase in transactions over a fortnight, alongside the recently relaunched Shibarium Layer 2 scaling network, indicate a revitalized ecosystem. Crypto exchanges are now witnessing a surge in SHIB purchase orders, notably a towering figure of 5.07 trillion SHIB awaiting execution.
With such monumental purchase orders on the horizon, and the current market demand outstripping supply by over 170 billion SHIB tokens, the winds seem to be blowing favorably for Shiba Inu. Moreover, the Global In/Out of Money Around Price (GIOM) data also fortifies the hopeful outlook, aligning with a potential price rebound towards the $0.000010 mark.
As the SHIB community holds its breath and sails through the present market tempest, the actions of whales and the budding on-chain activity could indeed steer SHIB towards calmer, bullish waters ahead. Yet, like any crypto voyage, the path is fraught with unpredictable market currents, where even whales might find it challenging to keep the SHIB vessel afloat amid larger crypto market ebbs and flows.