$SHIB Price Analysis: Whales Enter to Fund $300 Million
2024-11-25Bittime - The big movements of whales, investors with large capital, in crypto are often in the spotlight. Recently, whale activity on the Shiba Inu token ($SHIB) increased drastically, with transactions reaching $300 million (Rp. 4.74 trillion) in 24 hours.
However, despite this large capital injection, the price of $SHIB actually experienced a decline of 5.88%, reflecting the market's cautious attitude amidst the bearish trend that hit the crypto market as a whole.
Whale Activity Increases 148%
Based on data from IntoTheBlock, Shiba Inu large transaction volume increased 148% in the last 24 hours. Whale activity, which usually involves transactions worth more than $100,000 (Rp. 1.58 billion), indicates significant buying or selling pressure.
Total trading reached 11.61 trillion SHIB, or the equivalent of $300.98 million (Rp. 4.76 trillion). However, this surge in activity has not been able to lift the price of $SHIB which continues to fall, indicating that selling pressure is more dominant in the market.
Read also: Will Shiba Inu Price Rise to $1 Level?
Market Pressure and $SHIB Price Drop
Despite active whales, Shiba Inu price fell 9.05% to $0.00002486 (Rp.0.394) in the last 24 hours. This decline is in line with the bearish trend hitting the crypto market, including Bitcoin which fell 1.80% to $96,883 (Rp. 1.53 billion) per coin.
Several other major assets such as XRP and Dogecoin also experienced sharp declines of up to 13%. As a result, SHIB's position in the market capitalization list fell from 12th to 14th place, with its market value shrinking to $14.76 billion (Rp. 233.2 trillion).
The Role of Whales in the SHIB Market
SHIB price movements are influenced by various factors, including profit-taking by whales after previous price increases.
On November 21, SHIB saw a spike from $0.000023 (Rp.0.364) and peaked at $0.00002816 (Rp.0.445) on November 23. However, the price weakened again, currently at $0.00002494 (Rp.0.394).
To start a recovery, buyers need to break the resistance level of $0.0000281 (Rp.0.444). If successful, the price may rise to the key levels of $0.000029 (Rp.0.459) to $0.000039 (Rp.0.616). Conversely, if the price falls below $0.000023 (Rp.0.364), the bearish trend may continue to $0.000020 (Rp.0.316).
Read also: Shiba Inu Coin (SHIB) Price Rises More Than 40%, Shytoshi Kusama Reveals the Cause
Bullish Shiba Inu Prediction, Could It Rise 2,000%?
Despite the current bearish market, some analysts believe that $SHIB still has huge growth potential. Crypto analyst Austin Hilton predicts a rally of up to 2,000% for Shiba Inu, driven by increased adoption, ecosystem updates, and token burning to reduce supply.
Key catalysts that could trigger this rise include:
- ShibaSwap expansion, platforms decentralized exchange milik Shiba Inu.
- Adoption of crypto payments by mainstream businesses.
- Innovation in the NFT ecosystem and utility of the SHIB token.
However, this prediction remains speculative. Crypto market volatility and global economic conditions are important factors that investors must take into account before making a move.
Read also: Number of Shiba Inu Token Burns Increases Nearly 15,000%
Conclusion
Even though whale activity provides positive signals, the Shiba Inu market is currently still under bearish pressure. Price recovery will largely depend on buyers' ability to overcome important resistance levels.
In-depth research and risk management are key to dealing with the high volatility of the crypto market. Shiba Inu, with its strong community and growing innovation, remains a token to watch in the future.
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Reference:
- EconoTimes, Artikel EconoTimes, Accessed November 25, 2024
- to gasoline, Article Benzinga, Accessed November 25, 2024
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