Shiba Inu Price Watch: 60% Rally Catches Whale Attention – Is More Growth Ahead?
November 13 2024 - 5:00PM
NEWSBTC
Shiba Inu (SHIB) has had a significant surge this week, with its
price increasing by over 60% in the last seven days. This increase
is indicative of a broader trend in the cryptocurrency market,
where significant coins such as Dogecoin are also reaping the
rewards of overall market optimism. Related Reading: XRP Price
Patterns And 2024 Election Spark Talk Of A New Rally SHIB’s ascent,
presently valued at $0.00002803, is gathering traction, drawing the
interest of both retail and institutional investors. In the past 24
hours, SHIB’s trading volume reached $5.69 billion, clearly
indicating market awareness. This behavior indicates that SHIB may
be preparing for substantial price fluctuations, particularly if
market sentiment continues to be optimistic. Favorable Sentiment
For The Memecoin A huge portion of SHIB growth can be attributed to
the positive sentiment that exists in the cryptocurrencies market.
Recent election results in the United States have instilled growing
confidence, which seems to be spreading within the crypto space.
The broader crypto landscape’s renewed confidence has largely acted
as a catalyst in pushing the price up for SHIB. Some analysts even
foresee that the price might shoot up as much as 306% based on this
positive outlook. This optimism has resulted in a significant
increase in whale activity, with substantial investors executing
transactions that may substantially enhance SHIB’s value in the
forthcoming months. With the growing interest in meme coins, SHIB’s
market position appears increasingly favorable. Whale Activity
Indicates Confidence One major determinant of SHIB’s growth is
whale activity. Previously quiet for eight months, an investor has
now reappeared and sent significant amounts of SHIB to exchanges.
One such deal is the $2.81 million worth of 100 billion SHIB
transfer to Gemini. This trade among others shows that whales are
positioned deliberately to take advantage of SHIB’s recent spike.
Early $SHIB buyer “0xd6b,” with a $120M profit, is back to offload
tokens after 8 months of inactivity. An hour ago, this whale
deposited 100B $SHIB ($2.81M) to #Gemini, leaving 2.5T $SHIB ($73M)
remaining. Total estimated profit from $SHIB: $120M (+415%). Follow
@spotonchain… https://t.co/yGvZt3QyKC pic.twitter.com/SODtxnIZ77 —
Spot On Chain (@spotonchain) November 12, 2024 The whale holds a
massive 2.5 trillion SHIB, worth around $73 million even after
moving large volumes. This behavior usually shows trust in the
potential of the asset, implying that large investors are orienting
themselves for continuous expansion. Related Reading: Shiba Inu
Strategic US Hub Plan Sends SHIB Price On A 23% Moonshot Shiba Inu
& Market Dynamics SHIB’s future will likely be influenced by
persistent whale activity and prevailing market mood. The
cryptocurrency market’s evolution indicates a robust development
potential for SHIB. The growing interest from institutional
investors, along with the fervor of regular traders, may create
conditions for another substantial price surge. Nonetheless, with
profit-taking already underway, it is evident that certain
investors are attempting to realize their profits. The euphoria
surrounding SHIB, driven by favorable sentiment and substantial
transactions, remains elevated, with many wagering on the
memecoin’s further success. The forthcoming months will be pivotal
in ascertaining whether SHIB can sustain its rising trajectory or
will encounter a setback. Featured image from Pngtree, chart from
TradingView
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