Shiba Inu’s price is projected to rise by up to 300%. The increase in SHIB whale activities is seen as a positive development for the second-largest meme coin by market capitalization. Other on-chain metrics also paint an optimistic picture for SHIB, suggesting a bullish rally could commence imminently.
Expectations of a 300% Increase in Shiba Inu Price
Crypto analyst Javon Marks shared insights on the X platform, predicting that Shiba Inu’s price could soon witness a 300% increase. Marks noted that the memecoin has executed a confirmed Hidden Bullish Divergence and is trading above a level it recently broke:
“SHIB is preparing to move to ‘the next level’ and targeting a price of $0.000081.”
Reaching this target would allow the second-largest meme coin to meet and potentially exceed its current record level. Moreover, as the memecoin is currently attempting to catch up with DOGE, a SHIB rally is anticipated to occur soon.
Increase in SHIB Whale Activities
Data indicates a rise in Shiba Inu whale activities. Large SHIB transactions have increased by nearly 4%, demonstrating that whales are actively accumulating the memecoin.
This trend presents a favorable outlook for Shiba Inu’s price, as these whales typically contribute to price discovery and could lead to a significant rally soon. In just a few days, these whales traded trillions of SHIB tokens.
Over the last 24 hours, 2.57 trillion SHIB tokens were traded, with a peak of 6.39 trillion SHIB tokens on November 6. Among the rising whale activities, a notable on-chain transaction involved a specific whale transferring $10.4 billion worth of SHIB to a cryptocurrency exchange.
While this usually suggests a negative outlook for Shiba Inu’s price, further on-chain data indicates that the coins are associated with a major cryptocurrency exchange. This implies that the memecoin is being loaded to meet significant demand.
Finally, according to CoinGape analysis, other SHIB on-chain metrics also provide a positive outlook for Shiba Inu. These metrics include the divergence between SHIB price and Daily Active Addresses (DAA), which has reached its highest level in the past month.
These developments signal significant insights for investors regarding Shiba Inu’s future performance and highlight the memecoin’s potential.
