Whales are Stacking Up Shiba Inu Amid the Price Surge

Shiba Inu is experiencing bullish sentiment across the border blockchain industry

There is a bullish sentiment for some cryptocurrencies across the border blockchain industry, where Shiba Inu has specifically managed to grab a lot of attention from investors and traders. It is a meme coin that gained significant popularity due to its association with the Shiba Inu dog breed, and the meme culture has caught the attention of whales. These large investors have been stacking up on Shiba Inu tokens, potentially signaling their confidence in the project and its future prospects. This accumulation suggests that whales believe there is a potential for price appreciation in the coming days or weeks.

When the Shiba Inu cryptocurrency originally started out, it gained a significant level of attention by being a Dogecoin competitor that saw a significant level of success, and since then has expanded its ecosystem with the introduction of Puppynet, a testnet blockchain and announced the upcoming launch of Shibarium, which is a Layer-2 network.

Recently, a well-known whale in the Shiba Inu community with an address of 0x40B3 attracted notice with a hefty purchase. According to blockchain analytics company Lookonchain, the top Shiba Inu holder purchased an astonishing 1.5 trillion Shiba Inu tokens.

Its recent on-chain data suggests a bullish sentiment. Specifically, as of June 22, 2023, Shiba Inu is trading hands at $0.000007424 with a market cap of $4.3B, a rise of 3.43% in the last 24 hours. Moreover, the trading volume for Shiba Inu has also increased by 20.06% in that same period, now sitting at $116,794,610. From a technical perspective, the Shiba Inu coin also paints a bullish picture, as it's moving averages and technical indicators show strong buy signals. 

While it's important to note that cryptocurrency investments carry risks, the current bullish sentiment around Shiba Inu indicates growing optimism among market participants.

Shiba Inu Price Prediction 2024 – will SHIB be testing $1 levels soon or fail?

2022 proved challenging for most crypto projects, including the mammoth Bitcoin. Naturally, the bears also took down meme coins like Shiba Inu, known for serving no elaborate purpose and having a massive amount of total supply. With random tweets from celebrities like Elon Musk and Vitalik Buterin, SHIB managed to avoid its worst crash.

Being a lesser-valued token, Shiba Inu has a huge following of investors. Most crypto enthusiasts deem it an alternative to top altcoins that are too expensive. Shiba Inu has secured a place among the top 20 altcoins through suspicious success via pumping and dumping strategies. This coin has often jumped from $0.0002 to nearly $0.75, providing some serious gains.

But according to its performance in 2023, it's hard to say that SHIB will make advances in 2024. The situation might improve if Bitcoin breaks free from the bearish sentiment and charges ahead. Once the crypto winter is over, not just Shiba Inu but many other leading altcoins may push ahead of $1 levels