Shiba Inu Price Prediction as $2.6 Billion Trading Volume Comes In – Are Whales Buying SHIB Before $1?
On Sunday, Shiba Inu takes a minor 1% dip in its price to $0.000035 with Shiba Inu’s substantial $20.67 billion market capitalization that not only underscores its significant market presence but also cements its status within the top ten cryptocurrencies.
Shiba Inu price prediction takes a closer look at the recent $2.27 billion trading influx and assesses the potential impacts on SHIB’s market position.
As the market anticipates possible whale movements, the question remains: are big investors accumulating SHIB in anticipation of its price reaching $1?
The Shiba Inu community witnessed a significant token burn, marking a 23,000% increase in the burn rate.
Developers initiated this with two large transactions, destroying 9.6 billion SHIB tokens valued at around $332,000, followed by an additional burn of 3.8 million SHIB tokens worth $131,384.
Not stopping there, they also eliminated 28 LEASH tokens and 19,551 BONE tokens, showing a broad commitment to reducing supply across their ecosystem.
Lucie praised the Shibarium developers and users for their crucial role in this process and the network’s growing adoption, even though SHIB’s praice has seen a 23% decrease from its peak on March 5.
The technical outlook for Shiba Inu suggests a period of consolidation within a symmetrical triangle pattern, identified on the chart. This pattern is characterized by a narrowing price range, indicative of a balance between supply and demand, and thus, a standoff between bulls and bears.
The pivot point, a crucial level for traders, is currently set at $0.0000336. A decisive movement beyond this pivot could set the tone for the coin’s next major move.
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