- Shiba Inu (SHIB) remains optimistic despite crypto market uncertainty, with increased whale activity.
- Whale transactions and on-chain data suggest a potential bullish future for SHIB.
As the crypto market continues to experience waves of uncertainty, Shiba Inu (SHIB) appears to have found its guiding force in the form of crypto whales. Their increased activity is shaping a potentially bullish path for this meme-originated asset.
Despite SHIB’s price dipping to a critical support level of $0.000007, there’s a growing sense of optimism within its community. This enthusiasm is largely fueled by a noticeable surge in whale transactions, particularly around September 21. On this date, the total value of whale transactions exceeded $47 million, as reported by Whale Alert. A significant transfer from the Amsterdam-based exchange Bitvavo was a highlight of this activity, indicating a decrease in selling pressure. Whales seem to be moving their holdings off exchanges, a typical sign of long-term holding intentions.
Furthermore, on-chain metrics reveal that large whale wallets continue to accumulate SHIB, which in turn reduces market volatility and establishes a robust support level. Such accumulation often signifies a bullish sentiment within the cryptocurrency sphere.
The recent launch of Shibarium, aimed at enhancing SHIB’s utility and use cases, has added to the optimism surrounding Shiba Inu. Shibarium’s promising beginning has sparked discussions about SHIB regaining its upward momentum, especially after the platform’s Chief Marketing Strategist, LUCIE, highlighted the potential of the ongoing roadmap to the SHIB community.
Orders Piling Up: The Bullish Tide Ahead?
The growing network activity, including a 36% increase in transactions over a two-week period, coupled with the recent relaunch of the Shibarium Layer 2 scaling network, indicates a revitalized ecosystem. Crypto exchanges are now witnessing a surge in SHIB purchase orders, with a significant 5.07 trillion SHIB waiting to be executed.
With such substantial purchase orders on the horizon and the current market demand surpassing the supply by over 170 billion SHIB tokens, the outlook appears favorable for Shiba Inu. Additionally, the Global In/Out of Money Around Price (GIOM) data aligns with a potential price rebound towards the $0.000010 mark.
As the SHIB community navigates the current market turbulence, the actions of whales and the burgeoning on-chain activity could indeed steer SHIB toward more stable, bullish waters ahead. However, like any crypto journey, the path remains unpredictable, with market currents that even whales may find challenging to navigate amid broader crypto market fluctuations.