Gushiken Yona
Shiba Inu is capturing significant attention in the cryptocurrency market, with technical indicators and on-chain data suggesting a potential price explosion that could see the meme coin skyrocket by over 230%. This bullish outlook, fueled by a compelling price prediction from a prominent crypto analyst and increased whale activity, has made Shiba Inu price prediction after bullish continuation a dominant topic among investors and traders.
Crypto analyst Javon Marks, known as (@JavonTM1 on X), recently ignited excitement within the Shiba Inu community by forecasting a potential surge to $0.000081. Marks, who had a history of analyzing cryptocurrency market trends, based this projection on a bullish continuation pattern identified in SHIB’s technical chart. This pattern, often observed after a period of price consolidation, suggested that SHIB could have been on the cusp of a major upward movement.
Shiba Inu Bullish Continuation Pattern Signals Growth
“A more than 3.33X in an over 234% climb for Shiba is in the cards…,” Marks said in his post, highlighting the potential for substantial gains. The analyst’s chart illustrated a previous instance where SHIB broke out from a similar formation, resulting in a sharp price increase.
He believed the current setup mirrored this earlier scenario, indicating that SHIB might have been poised for another substantial rally. While past performance is not indicative of future results, the recurrence of this pattern added weight to the bullish outlook. The $0.000081 target, if achieved, would have represented a significant milestone for the meme coin, potentially attracting further investment and solidifying its position in the market.
Whale Activity Correlated with Price Movements, Santiment Data Suggested Accumulation
Data from on-chain analytics firm Santiment provided further evidence supporting the bullish narrative. According to its December 2024 analysis, a strong correlation existed between Shiba Inu whale activity and price movements.
Historically, spikes in large transactions (those exceeding $100,000) had often preceded significant price surges. This pattern suggested that large holders, often referred to as “whales,” had a considerable influence on SHIB’s price trajectory.
Recent Santiment data revealed a marked increase in whale transactions, particularly noticeable on December 1 and 9. This surge in activity indicated that whales were actively trading SHIB, potentially accumulating the coin in anticipation of a price rally.
The accumulation of SHIB by large holders could have been interpreted as a bullish signal, as it often reflected confidence in the asset’s future appreciation. Moreover, increased whale activity could impact market liquidity and contribute to price volatility, potentially amplifying upward price movements.
Shiba Inu Price Action
As of 1:25 a.m. ET on Thursday, Shiba Inu was experiencing a downturn, trading at $0.00002228. Despite a significant 24-hour trading volume of $534.29 million, the meme coin faced downward pressure, reflecting a 4.23% decrease in the past day.
This short-term dip contributes to a broader bearish trend observed over the past week and month, with SHIB declining 7.83% over seven days and 11.48% over the last month. Further data from CoinMarketCap reveals that Shiba Inu’s current circulating supply stands at 589.25 trillion SHIB.
This substantial supply contributes to a market capitalization of $13.14 billion, positioning SHIB as a significant player in the cryptocurrency market despite the recent price corrections. The current market cap suggests that while SHIB has experienced a price decrease, it still maintains a considerable presence and investor interest, as indicated by the high trading volume.
Read More
- The Shib Magazine New Website Launches with $BONE Giveaway: 10 Crypto Holders Win Big!
- Privacy Tech Patent Battle Heats Up: Kaal Dhairya Supports Rand Hindi as Zama-Sunscreen Legal War Intensifies
- Shiba Inu Whale Turns $3,800 Investment into $6 Million
Yona has no crypto positions and does not hold any crypto assets. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Daily is an official media and publication of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.
