Whales are piling on SHIB as the price increased by 8% in the past 7 days. Data from IntoTheBlock shows large outflows from big wallets during the weekend that favor a bullish Shiba Inu price prediction.
On August 7, 359.6 billion SHIB tokens worth approximately $4.9 million were moved out of exchanges and into cold wallets.
This typically signals that whales expect to hold on to these assets for a long period as they expect that the price will increase.
Whale wallets typically hold more than 0.1% of a token’s circulating supply. They include big exchanges like Binance and Coinbase. When these addresses register big outflows, it means that investors are sending their SHIB tokens to external wallets.
IntoTheBlock data shows a big spike in whale activity during the weekend after days of nearly no action.
As this accumulation occurred in the midst of an uptrend, it favors a bullish Shiba Inu price prediction.
Shiba Inu Price Prediction: SHIB Hits Temporary Resistance But Could Soon Make a Comeback
Shiba Inu’s 4-hour chart shows that the price encountered some resistance at the $0.00001400 level during the weekend.
The price is now moving toward a key area of support at $0.00001300 that is in confluence with the 200-period exponential moving average (EMA) of this lower time frame.
We could expect a big move at this point once the price hits this threshold, especially if whale activity increases. If such a bounce occurs, the price could move to $0.00001600 during the week.
The Relative Strength Index (RSI) favors a downward move for now as it has dropped below the mid-line and the 14-period moving average. If the RSI stays above 50, it will provide further confirmation that the price is ready to take a U-turn upon bouncing off this area of support.
Trading volumes in the past 24 hours have declined by 26%, meaning that this selling pressure could be part of a temporary pullback.
Becoming a millionaire by buying and holding Shiba Inu at this point would require a big initial investment as the token’s market cap has grown to almost $8 billion.
It is much more likely to find 10X or even 100X crypto investments among the best crypto presales like Token6900 (T6900) as these assets are smaller in size and their value could rapidly rise if they get enough traction.
Token6900 (T6900) Raises Nears $2M Raised in Just a Few Weeks
Token6900 (T6900) is what meme coins should be. Community-centered tokens fueled by ‘pure vibe liquidity’ that seem to offer nothing but can become something if you are willing to believe in their potential.
This project has no roadmap, makes no promises, and offers no incentives apart from a deep desire to take a stand against a system that makes you spend more than 70% of your income on rent and suffocates you with student loans.
Paired with a touch of 2000s nostalgia, T6900 embraces a generation’s rallying cry to break the cycle and get out of the hamster wheel. Hard capped at $5 million, the biggest believers will be the ones to reap the highest returns.
To buy $T6900 and start believing in something, simply head to the Token6900 website and connect your wallet (e.g. Best Wallet). You can either swap USDT or ETH for this token or use a bank card to invest.
Click Here to Participate in the PresaleThe post Shiba Inu Price Prediction: Massive 100% Spike in Whale Activity – Can SHIB Make You a Millionaire? appeared first on Cryptonews.
