Shiba Inu’s large transaction volume has spiked massively in four days, providing a bullish outlook for the second-largest meme coin by market cap. This development indicates that SHIB whales are back, which is a positive for the Shiba Inu price.
Shiba Inu Large Transaction Volumes Spike Over 150% In Four Days
IntoTheBlock data shows that Shiba Inu’s large transaction volumes spiked over 150% in four days, between March 2nd and 5th. On March 2nd, these SHIB whales traded $17.28 million worth of Shiba Inu while the trading volume skyrocketed to $39.84 million on March 5, which also represents a 7-day high.
This development is bullish as it indicates that SHIB whales are back. Before now, there was a massive drop in SHIB’s large transaction volumes amid the market downtrend, which heightened last week, suggesting that these whales were choosing to remain on the sidelines. However, the recent spike means that there is a growing confidence in Shiba Inu’s potential once again among these investors.
Further data from IntoTheBlock also confirms that these whales are indeed back as the ‘Concentration’ metric is currently bullish. This indicates that these investors are actively accumulating more SHIB to their portfolios. Increased whale activity is particularly bullish for the Shiba Inu as it always precedes a significant surge in the meme coin’s price.
A major milestone will be for the Shiba Inu price to reclaim the psychological $0.00002 level, which will confirm that the meme coin’s bull run is still on track. Meanwhile, other on-chain metrics, like net network growth, still need to turn bullish for SHIB to sustain any positive momentum the meme will likely enjoy.
SHIB To Still Rally To As High As $0.0004
In an X post, crypto analyst Crypto ELITES predicted that the Shiba Inu price could still rally to as high as $0.000472905. This came as the analyst outlined three sequential targets for SHIB.
Related Reading: Shiba Inu Price To $0.000045? Here Are The Major Support And Resistances To Watch Out For
These targets are $0.000085171, $0.000183312 and $0.000472905. Crypto ELITES assured that the technical outlook for the meme coin is positive. According to them, SHIB will take the stage as Bitcoin’s dominance decreases.
Meanwhile, crypto analyst Javon Marks has also continued to predict that the Shiba Inu price could soon witness a gain of over 400% as it rallies to $0.000081. He explained that SHIB is still holding its breakout which took place between late 2022 and early 2023. A rally to this $0.000081 price target could pave the way for the meme coin to reach its current all-time high (ATH) and possibly a new ATH.
At the time of writing, the SHIB price is trading at around $0.00001361, up over 4% in the last 24 hours, according to data from CoinMarketCap.
Featured image from Adobe Stock, chart from Tradingview.com
Credit: Source link
