16 November 2024
Shiba Inu (SHIB) has piqued the interest of crypto aficionados this week, with its price rising by more than 60% as part of the broader cryptocurrency market rally. SHIB, the second-largest meme coin by market capitalization, is now trading at approximately $0.00002803 with a 24-hour trading volume of $5.69 billion.
This steep surge inspired a new wave of enthusiasm among investors, both retail and institutional, as SHIB continues to prove itself to be more viable in the meme coin space. The upward rise of the coin sparked interest on X (Twitter), a site that has garnered over 41,300 postings mentioning SHIB in recent hours, keeping the speculation going.
$SHIB
pic.twitter.com/k2TmXwhPil
— 𝐋𝐔𝐂𝐈𝐄 (@LucieSHIB) November 13, 2024
Lucie’s Bullish Outlook For Shiba Inu
Lucie, the marketing director of Shiba Inu, has been publicly vocal about her favorable assessment of the token, asserting that SHIB will soon achieve a price target of $0.00006. She recently emphasized SHIB’s exceptional lifetime performance in a tweet, which includes an astonishing increase of over 1.9 million percent against the dollar since its inception.
The tweet created interest, and propelled SHIB to a seven-month high of $0.00003031 then sold off slightly, despite the fact that Lucie did not give an exact timeline as when this should happen.
Her enthusiasm is contagious, and many investors are holding out at this point awaiting SHIB to continue on its upward trend, potentially reaching new heights to surpass its October 2021 all-time high of $0.00008616.
Whale Activity Indicates Profit-Taking Opportunity
Along with the price increase, SHIB has seen increased activity from large holders, or “whales,” who are frequently major market movers. Recently, a whale with the address “0xd6b” returned to the market after an eight-month absence, coinciding with SHIB’s recent advances.
This whale, an early investor who previously profited $120 million from SHIB, transferred 100 billion SHIB, worth $2.81 million, to the Gemini Exchange. This move shows that the whale may be profiting from the continued rally.
While such moves frequently foreshadow a possible cooling spell, they also indicate that significant investors are closely monitoring SHIB’s price behavior, which contributes to overall market sentiment.
Looking Ahead: Could Altcoins Surge?
As Shiba Inu maintains its recent momentum, the future is bright. While Lucie has cautioned that we may not yet be experiencing a full “Altcoin Season,” SHIB’s burgeoning social media presence and excitement over its possible rally suggest a shift in investor opinion.
The anticipation of a breakout that can take SHIB up to new levels has left the investors quite bullish, and most are waiting for possible developments in the market. It is uncertain if SHIB will meet its price expectations but presently, the meme coin is definitely one to watch in the digital currency space.
Featured image from Pexels, chart from TradingView