The rise of SHIB, currently valued at $0.00002803, is gaining momentum, attracting interest from both retail and institutional investors. SHIB’s trading volume reached $5.69 billion in the last 24 hours, clearly indicating market awareness. This behavior indicates that SHIB may be preparing for significant price movements, especially if market sentiment remains bullish.
Favorable attitude towards Memecoin
A huge part of SHIB’s growth can be attributed to the positive sentiment existing in the cryptocurrency market. The results of the recent US elections have instilled a growing confidence that seems to be spreading across the crypto space.
Renewed confidence in the broader crypto landscape has largely been the catalyst for the SHIB price increase. Some analysts even predict that the price could rise by as much as 306% based on this positive outlook.
This optimism has led to a significant increase in whale activity, with large investors making trades that could significantly boost SHIB’s value in the coming months. With the growing interest in meme coins, SHIB’s market position is becoming increasingly favorable.
Whale activity indicates confidence
One of the main factors determining the growth of SHIB is whale activity. Previously silent for eight months, the investor has now resurfaced and sent significant amounts of SHIB to the exchanges. One such deal is the transfer of SHIB 100 billion worth $2.81 million to Gemini. This deal, among other things, shows that whales are deliberately poised to take advantage of the recent surge in SHIB.
Early $SHIB buyer “0xd6b” with a profit of $120 million has returned to offloading tokens after 8 months of inactivity.
An hour ago, this whale deposited $100 billion SHIB ($2.81 million) into the #Gemini account, leaving $2.5 trillion SHIB ($73 million) in the account.
Total estimated profit from $SHIB: $120 million (+415%).
Follow @spotonchain… https://t.co/yGvZt3QyKC pic.twitter.com/SODtxnIZ77
— Spot On Chain (@spotonchain) November 12, 2024
Keith holds a massive $2.5 trillion SHIB worth about $73 million, even after moving large volumes. This behavior usually indicates confidence in the asset’s potential, implying that large investors are targeting continued expansion.
Shiba Inu and market dynamics
The future of SHIB will likely depend on continued whale activity and prevailing market sentiment. The evolution of the cryptocurrency market indicates significant development potential for SHIB. Growing interest from institutional investors, as well as the enthusiasm of ordinary traders, could create the conditions for another significant surge in prices.
However, with profit booking already underway, it is clear that some investors are trying to realize their profits. The euphoria around SHIB, fueled by favorable sentiment and large transactions, remains growing, with many betting on the memcoin’s continued success. The coming months will be critical to ascertain whether SHIB can maintain its rising trajectory or face setback.
Featured image from pngtree, chart from TradingView
