With a 4% increase in whale activity, the price of Shiba Inu (SHIB) is expected to potentially rise 300%. The cup and handle pattern indicates that by early 2025, the price could rise 90% to reach $0.00003545. Recent whale transactions show that 25.7 trillion SHIB tokens were traded within 24 hours. Compared to Dogecoin's 115% growth year-to-date, SHIB has underperformed. A U.S. city plans to establish an Innovation and Blockchain Strategy Center (SHIB). Recent data shows increased activity in the Shiba Inu (SHIB) market, with whale trades and trading volume reaching significant levels in early November 2024.
According to data from IntoTheBlock, large transactions of the second-largest meme cryptocurrency have increased by nearly 4%. In the past 24 hours, whale traders transferred 25.7 trillion SHIB tokens, and on November 6, the token's trading volume hit a new seven-day high of 63.9 trillion. One notable transaction was the transfer of $10.4 billion worth of SHIB to Coinbase, with analysis indicating this was to meet growing demand rather than to address selling pressure.
Shiba Inu
SHIB Price This Year So Far, this cryptocurrency has risen about 78.50%, reaching $0.0000191 on November 8. However, this growth lags behind its main competitor Dogecoin, which has risen 115% during the same period. Technical analysis shows that a cup and handle pattern has formed in SHIB's price chart. This pattern usually indicates a potential upward trend, and current data suggests it could rise to $0.00003545 by early 2025. This target represents a 90% increase from the current level. Cryptocurrency analyst Javon Marks points out that there is hidden bullish divergence in SHIB's pattern, suggesting a potential rise of 300%. The analyst's target price is $0.000081, close to the token's previous all-time high of $0.000088.
Market observers note that SHIB often follows the price trends of Dogecoin. With DOGE performing strongly, rising 23% over the past week, traders' expectations for SHIB to follow Dogecoin's trends have increased. The daily active addresses (DAA) for SHIB have reached their highest level in a month, indicating increased user engagement with the cryptocurrency. This metric is typically associated with potential price movement. In terms of relative strength, SHIB's daily RSI is 58.42, indicating there is room for growth. This stands in stark contrast to Dogecoin's RSI, which exceeds 70, a condition some analysts interpret as overbought and potentially leading to profit-taking.
Recent developments include the proposal to establish an Innovation and Blockchain Strategy Center (SHIB) in an undisclosed city in the U.S. This initiative aims to create a center for blockchain technology and sustainability. Trading data shows that whales have been actively participating in the SHIB market. Large traders continue to transfer significant amounts of tokens, with recent trading volumes remaining high. The SHIB/DOGE trading pair is currently in an oversold state, indicating recovery potential. Historical patterns suggest that this situation has previously led to rebounds of 30% to 150%. Market analysts view $0.00002032 as a key resistance point. Breaking this price could confirm the cup and handle pattern and potentially trigger the anticipated upward trend. The price movements of the cryptocurrency are closely related to the broader market conditions and whale activity. Recent data indicates sustained large transactions, suggesting ongoing interest from major traders. Current market indicators show stable SHIB trading volumes, with whale activity continuing to influence price movements. Recent trading data suggests sustained interest from large investors.
