Shiba Inu (SHIB) has recently drawn attention as large-scale transactions involving the token were spotted on-chain. According to Whale Alert, a blockchain analytics platform, more than 1.6 trillion SHIB tokens, worth about $39 million, were transferred from Crypto.com to anonymous wallets.
This has led to concerns as to whether there is a possibility of further upward surge for the popular meme cryptocurrency.
Large Transactions Hint at Accumulation Activity
In the last 24 hours there were several transactions with Shiba Inu, the largest one was the transfer of 1,636,940,000,000 SHIB tokens. These transactions were made from Crypto.com to private wallets whose addresses are unknown which is a typical behavior of ‘whales’.
Although Crypto.com is not usually involved in the Shiba Inu ecosystem on a large scale, moving funds to private wallets is usually linked to accumulation by major investors. This whale move follows increased anticipation brought by the Treat Token launch which has sparked potential of a rally to SHIB price new ATH.
Historically, similar measures are typically viewed as a signal for the price hike since they reflect the investors’ optimism. The SHIB price is currently at $0.00002196, which is a 9% decline in the past 24 hours, with a 39% surge in trading volume.
Spike in Whale Inflows Signals Increased Interest
According to IntoTheBlock, the Large Holders Inflow indicator, which measures wallets containing at least 0.1% of the SHIB token supply, increased. About 492.81 billion SHIB tokens were transferred to the wallets of whales in the same period, which marked an increase from the previous period.
This inflow was accompanied by reduced outflows from these wallets of 382.94 billion SHIB, giving a net flow of about 109.87 billion SHIB.
The accumulation by large holders intensifies the speculation of Shiba Inu price surge especially when whale activity tends to indicate changes in the market. Despite these moves, recent analysis has stirred speculations of Shiba Inu price never hitting $1.
Shiba Inu Price Forms Bullish Patterns on Weekly Charts
Shiba Inu price may be about to break out, according to technical analysis. Technical analysts have observed a cup-and-handle formation on the weekly chart, a technical pattern that signifies a potential increase in the price.
An analyst known as “Strong” estimated that the SHIB price may surge to $0.000066651 if the token manages to break through the resistance level. Such a price trend can be seen in the token’s recovery to $0.00003329 in December from where it corrected to $0.0000186. SHIB has also retained its position as the largest ERC-20 token in terms of market capitalization further increasing its potential for growth.
At the same time, market analysts have put forward quite optimistic price predictions for Shiba Inu in the current cycle. According to Javon Marks, a crypto market analyst, Shiba Inu price has recently broke above a long-term resistance trendline. As stated by Marks, a close above $0.00002 opens the path for even more SHIB price appreciation in 2025.
According to Marks, the short term price target to look for is $0.000081 which is inline with the resistance zones seen in previous cycles. For the current bull market, he put the potential top at $0.000155.
On the other hand, another analyst named Rose Premium noted a descending channel on the daily chart, and if the momentum continues, the price is expected to reach $0.00003236, $0.00003870, and $0.00004349.
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