- Accumulation of SHIB has been on since the market crash early in August
A few price levels might be key to predicting where the memecoin goes next
As a seasoned crypto investor with battle scars from the 2017 bull run and the subsequent bear market, I’ve learned to keep my eyes peeled for opportunities amidst the chaos. The Shiba Inu saga has been a rollercoaster ride, but its recent developments have caught my attention.
Could it be possible that Shiba Inu will regain its strength during the upcoming bull market, given the increasing number of meme coins flooding the market recently?
Although it faces a growing number of competitors, Shiba Inu continues to show signs of vitality, with new advancements that could influence its standing and competitive advantage in the market. For instance, Kraken recently disclosed that Shiba Inu (SHIB) will be used as collateral for over 200 perpetual futures.
The rate at which Shiba Inu tokens are being destroyed (or “burned”) skyrocketed by more than 28,000%, with over 96 million tokens being removed from circulation in a recent period. However, this is a relatively small number when considering the memecoin’s large overall supply.
Nevertheless, it highlights Shiba Inu’s deflationary characteristic which may considerably lower the supply in the long term.
Shiba Inu’s August demand levels
Regarding Shiba Inu’s supply, AMBCrypto noticed a substantial increase in ownership starting from 5th August. By the 29th August, whale holdings had climbed from 588.73 trillion to 589.61 trillion SHIB.
Despite these recent gains, whale addresses were down by 15.86 trillion SHIB on a YTD basis though.
Over a specific time frame, the investor group experienced a substantial increase in their wealth, growing from approximately 125.44 trillion to 131.83 trillion. This growth indicates that investors are poised to end August with a higher total compared to their initial 155.89 trillion SHIB holdings projected for the start of 2024.
In a similar vein, the number of retail tokens increased from 220.75 trillion SHIB in January to 264.75 trillion by the 5th of August. However, as of the 29th of August, their holdings have decreased slightly to 262.14 trillion, suggesting that much of the recent demand for SHIB may have originated from large investors (whales) and individual investors.
SHIB prime for a breakout?
As an analyst, I’ve noticed that Shiba Inu has been moving within a triangle or wedge formation since it reached its peak in March, and it currently stands at these levels. It appears we might be on the verge of September with a break from this pattern, which could lead to another significant long-term upward trend.
If Shiba Inu coin continues to rise towards its upcoming significant resistance point around $0.00002951, it could potentially surge by over 100%, according to current market conditions. Furthermore, a price increase from its current level to the Year-to-Date (YTD) peak would represent a substantial gain of approximately 224%.
Testing Shiba Inu’s prior all-time high (ATH) would mean a potential increase exceeding 500%. However, this is contingent upon Shiba Inu managing to generate sufficient demand to spark another significant bull run.
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2024-08-30 21:11