SHIB’s price has seen a decline of 1.77% in the past 24 hours and 3.11% over the last month.
Crypto enthusiasts have their eyes on Shiba Inu (SHIB) as they anticipate a significant price surge. Currently trading at $0.00002466, down from its yearly high of $0.000045, SHIB has been experiencing volatility.
The broader cryptocurrency market’s volatility has impacted SHIB’s performance. The token has seen a 1.77% increase in the past 24 hours and a 3.11% increase over the last month, which is almost 46% lower than its yearly peak. Despite this, market watchers remain optimistic about a potential price rally. Analysts suggest that the second phase of the ongoing bull market could push SHIB to new heights, although the ambitious target of $0.05 is considered unrealistic.
Along with the bearish trend, SHIB’s market capitalization has dropped by 1.38% to $14.62 billion. The 24-hour trading volume has also increased by 13%, reaching $493.5 million. These declines reflect a cautious market sentiment, likely influenced by the significant activity of large holders.
Analysts have been closely analyzing SHIB’s price movements. SHIB Knight, a prominent crypto analyst, has identified $0.000026 as a crucial support level. He believes that maintaining this level is crucial for sustaining bullish momentum. In his view, the recent price decline presents an attractive buying opportunity for traders.
Another crypto market analyst, Javon Marks, has set a price target of $0.0000886 for SHIB, expecting this level to be reached during the next significant price rally. These projections are fueling optimism among investors who are looking for significant gains in the near future.
According to Ali charts, the recent pattern of substantial SHIB transfers to exchanges and reduced market participation has been consistent over the past week. This trend highlights a cautious market outlook, with large holders potentially preparing for further market fluctuations.
On-chain data reveals that large investors, known as “whales,” are actively accumulating SHIB. In the past month, new whale addresses have acquired nearly 184 billion SHIB from cryptocurrency exchanges. This activity indicates strong long-term confidence in Shiba Inu’s potential.
The accumulation by whales is seen as a positive indicator, suggesting that significant players are positioning themselves for future gains. Such moves often precede notable price movements, contributing to the overall bullish sentiment surrounding SHIB.
The reduced activity among retail investors is evident from the declining number of active and new addresses. This decline indicates a conservative approach among market participants, with fewer individuals engaging in SHIB transactions. The data suggests a lack of confidence in immediate market movements, possibly influenced by the substantial token movements by whales.
The Shiba Inu ecosystem recently celebrated a critical upgrade to the Shibarium network, reducing bridging time from seven days to just 45 minutes. This enhancement is expected to improve user experience and network efficiency.
The upgrade has coincided with a remarkable 233% surge in SHIB’s burn rate over the weekend. The increased burn rate is anticipated to contribute to a potential bull market for SHIB by reducing the circulating supply and enhancing the token’s scarcity.