17 September 2024
Shiba Inu (SHIB) has had a tough market in the last six months, losing more than half of its value. At $0.0000138 now, the token is down 70% from its March high of $0.000045. Such a plunge is steep and stressful for investors who bought during its peak. Yet a faint glow of hope seems to emanate from the market as it sees a modest 6.5% gain over the last week.
Crypto analyst LuckSide thinks that SHIB will experience a huge rally in the coming months, considering mostly whale activity as an encouraging reason. Meanwhile, based on an examination by crypto analyst Dexter, and CoinCodex, development may be slightly below par, so SHIB will not be able to boast high short-term returns, but the long-term value is really massive. By the middle of October, according to CoinCodex, SHIB may fall down by -0.51% at best and reach $0.00001330.
Whale Activity: The Main Catalyst
One of the most impressive developments in the Shiba Inu market is the drastic increase in whales’ activity. In a mere two days, whales accumulated over 3 trillion SHIB tokens, which shows that these large holders and other major investors have regained interest in this asset. Whales have also withdrawn over $4 million worth of SHIB from exchanges; this, in most cases, is an indicator that confidence remains high in the long-term prospects of the meme coin.
LuckSide believes this accumulation will spur a strong price rally. He projects that eventually, SHIB can go up to $0.001, marking an increase of 7,145% from the present day. Despite this prediction, LuckSide claims that whales’ movements usually herald a considerable market shift. He also believes the man in the street will buy in if Shiba Inu can succeed in breaching its significant resistance level of $0.000016, which is just 16% higher than its price today.
Bearish Sentiment Persists
Still, not all digits indicate an upward trend. The current market for Shiba Inu, in the Fear & Greed Index is dim at 33 (Fear). CoinCodex also made some predictions regarding SHIB and it indeed agrees with the conservative point of view: by October 17, 2024, a minute drop of -0.51% is forecasted, and may get down to $0.00001330.
Shiba Inu has failed to maintain the momentum after several successive positive movements. The coin had green days only 50% in the last month, and the price volatility remained at 4.49%.
Data from CoinCodex and other websites do not consider this as a good buy, primarily due to easy money makers. Broader market hesitancy is reflected in the softened price action that makes the short-term prospects unattractive.
Long-Term Potential Still In Play
While the short-term future of SHIB is unsure, some analysts still hold hope that the coin will experience a long term upside. For example, crypto trader Dexter says Shiba Inu easily reaches the threshold of $0.00015, which is a 10-fold increase.
LuckSide’s model is much more aggressive than Dexter’s model; however, this is much less – but still gives room for optimistic investors to stay and wait. According to him, meme coins like SHIB usually have episodic surges, most especially when whales begin rallying.
Featured image from Pexels, chart from TradingView