Shiba Inu is experiencing a surge in demand as the meme coin sector witnesses a notable increase, following Bitcoin’s price leap over the $52,000 mark in recent hours. Investors are eagerly purchasing SHIB at various Fibonacci levels, expecting additional upward movement. Nonetheless, as SHIB’s price rises, there is a noticeable decrease in interest from large-scale investors, marked by a decline in significant transaction volumes. This trend is raising alarms about a potential correction for the meme coin.
SHIB Loses Support From Whales
In the past 24 hours, the SHIB market experienced a significant liquidation as positions worth approximately $137.2K were liquidated, with the impact evenly distributed among traders on both sides of the market. Notably, the Shiba Inu cryptocurrency has observed an increase in open interest, which rose by more than 2.3% to a total of $27.6 million, indicating increased trading activity.
Despite an uptick in prices and trading volumes, there’s a noticeable decline in engagement from large-scale investors. According to IntoTheBlock data, there has been a substantial decrease in the volume of large transactions, dropping from 4.57 trillion SHIB to just 1.2 trillion SHIB. This significant decline in interest from these “whale” investors has led to declined volatility in SHIB’s market price.
However, the future potential for SHIB is bullish due to several much-anticipated developments. The latest SHIB magazine features insights from the Shiba Inu lead developer, Kusama, highlighting upcoming developments in Shibarium and the SHIB ecosystem. In an article titled “Unleashing the SHEboshis and Some Other Updates,” Kusama outlines significant progress, including efforts to place Shibarium as a leading meme platform and build a network state.
Kusama revealed plans for a new experiment with the 404 Eth Standard called “THE SHEboshis,” a unique NFT project aimed at enhancing liquidity on Ethereum and its integration into Shibarium. Upcoming releases include ShibaSwap 1.5 and a 2.0 upgrade, with several tokens and projects moving to Shibarium.
What’s Next For SHIB Price?
Shiba Inu’s recent performance shows it hovering above its moving averages, signaling a surge in buying interest. Bulls are currently maintaining the price above the EMA20 trend line; however, bears defend the price near $0.00001. As of writing, SHIB price trades at $0.00000993, surging over 2.5% from yesterday’s rate.
With a rising 20-day EMA at $0.0000096 and an RSI around 65, there’s no definitive edge for sellers. As a result, if buyers can break through the $0.00001 resistance line, it could trigger a potential surge towards the $0.11 resistance area.
Conversely, should sellers push and maintain the price below the moving averages, the balance could shift in their favor, potentially driving the SHIB/USDT pair down to $0.0000092, and possibly further to a key support level at $0.0000085.