Shiba Inu (SHIB) is among the most popular cryptocurrencies in the market. Despite its popularity, the asset has struggled to make positive price movements over the last few months. SHIB saw a wave of notable transactions towards the end of this past week, most significantly 1.3 trillion being moved in 24 hours. Whale activity around the SHIB token appears high, despite an overall down week for the asset. At the end of last week, Shiba Inu was down to $0.00001492, an 11% drop over the week.
The latest dip is likely because Bitcoin (BTC) fell below $65,000. Investor fears grew around the Mt. Gox reimbursement plan and the US government moving over $2 billion worth of BTC recently. Shiba Inu is very sensitive to market changes and typically follows Bitcoin in its ups and downs. As Bitcoin has stumbled again in price, SHIB is following suit, thus causing the potential wave of transactions recently. The overall bearish outlook of the crypto market could also hamper any possibility of a price rally for SHIB. The asset has struggled to gain momentum since March when it hit a price of $0.000036 following BTC’s rise to a new all-time high.
According to CoinCodex data, SHIB’s price could climb to $0.00003465 on Aug. 6, 2024. Reaching $0.00003465 from current levels would translate to a rally of over 119%. CoinCodex researchers do not anticipate SHIB’s price holding at $0.000034, predicting a correction back to current levels soon after.
Also Read: Shiba Inu: SHIB’s Game Plan to Burn Billions by Gaming
Are Shiba Inu Whales Optimistic A Rally Is Coming?
On the other hand, the trading volume spike also indicates that significant SHIB holders are becoming more confident and active. Shiba Inu whales alone can drive market momentum forward, albeit easier when positive SHIB news is revealed. Despite the recent downturn for the asset, SHIB is stabilizing on the charts. The drop from March 2024 to the start of June was massive, but now the asset has plateaued. Given that this steady drop is over, perhaps holders are confident that Shiba Inu can gather some momentum and begin a slow climb back up.
Entering this weekend, price predictions around SHIB were overall positive and bullish. While the asset hasn’t had a significant jump upward, it also hasn’t significantly dropped. This may sound like very safe news, however, only a significant breakthrough by the SHIB team or Bitcoin will send SHIB sky-high. For now, stability for SHIB is the best ability.
