- SHIB’s surge in whale interest shifts focus from Dogecoin to Shiba Inu.
- SHIB rises to 10th in market cap, surpassing ADA.
- Speculation mounts over potential SHIB ETF, intensifying buying pressure.
The surge in whale interest observed in Shiba Inu (SHIB) is indicative of a noteworthy transformation in the cryptocurrency realm. Whereas Dogecoin (DOGE) has historically held sway over the meme coin domain, recent findings point to a discernible downturn in DOGE’s engagement.
Over the past 10 days, DOGE has witnessed a decrease in active users, transaction volume, and social media engagement, signaling waning interest. Conversely, SHIB has emerged as a focal point for investors, with whale interest skyrocketing in recent weeks. Large transactions exceeding $100,000 have surged, driving SHIB’s trading volume and igniting bullish market sentiment.
Moreover, SHIB’s resurgence has surpassed expectations, outpacing other cryptocurrencies like ADA and securing the 10th spot in market capitalization rankings. The potential for a SHIB exchange-traded fund (ETF) has also sparked excitement among investors, with discussions gaining traction within the community. Although official applications for a SHIB ETF have yet to surface, lead developer Shytoshi Kusama’s inquiry, coupled with support from entities like Grayscale, has intensified buying pressure and fueled speculation.
Looking ahead, the trajectory of SHIB’s price remains uncertain. After a recent recovery followed by bearish pressure, SHIB is currently trading at $0.000027, reflecting a modest increase in the past 24 hours.
However, bears are actively seeking to push the price below key moving averages, potentially leading to a drop towards $0.000023. Conversely, a reversal from current levels could trigger a bullish pattern, propelling SHIB towards Fibonacci resistance levels and a target of $0.000033.
Read also:
disclaimer read moreCrypto News Land, also abbreviated as "CNL", is an independent media entity - we are not affiliated with any company in the blockchain and cryptocurrency industry. We aim to provide fresh and relevant content that will help build up the crypto space since we believe in its potential to impact the world for the better. All of our news sources are credible and accurate as we know it, although we do not make any warranty as to the validity of their statements as well as their motive behind it. While we make sure to double-check the veracity of information from our sources, we do not make any assurances as to the timeliness and completeness of any information in our website as provided by our sources. Moreover, we disclaim any information on our website as investment or financial advice. We encourage all visitors to do your own research and consult with an expert in the relevant subject before making any investment or trading decision.
