Shiba Inu Price Prediction as $1.5 Billion Trading Volume Floods In – Are Whales Buying?
SHIB has gained by 5% in the past 24 hours, as the Shiba Inu price moves to $0.00003204 on a quiet day for the crypto market as a whole.
This moves means that SHIB has recorded an 18% return in a week and a 205% increase in the last 30 days, with the meme token’s trading volume rising beyond $1.5 billion today.
Such a volume indicates a spike in demand for SHIB, potentially coming from whales who expect the token to rally further in the coming weeks.
And with the market enjoying a lift in recent days, today could be the beginning of a productive period for Shiba Inu.
Shiba Inu Price Prediction as $1.5 Billion Trading Volume Floods In – Are Whales Buying?
SHIB’s chart looks pretty bullish today, with the coin showing plenty of momentum that could continue for another one or two days yet.
Its relative strength index (purple) has jumped to 70 in the past hour, rising from under 50 yesterday.
This signals a big shift in buying pressure, which also finds reflection in SHIB’s 30-day average (orange), which has begun rising again in the last few hours.
What’s also promising is that Shiba Inu’s resistance (red) and support (green) levels have been rising in parallel this week, suggesting that the coin’s price will occupy an increasingly high range in the near term.
On top of this, SHIB’s 24-hour trading volume has increased by around 125% since Monday, rising from $700 million to about $1.7 billion.
Again, this shows that whales may be moving to SHIB in the expectation that the meme token has some substantial gains to make in the coming weeks and months.
🚨 🚨 🚨 2,000,000,000,000 #SHIB (62,232,000 USD) transferred from #Kucoin to unknown wallethttps://t.co/5mARFlvcou
— Whale Alert (@whale_alert) March 27, 2024
And given that SHIB is still some 62% down from its current ATH ($0.00008616), it has plenty of room for big gains.
Such gains could come as the wider market gains speed, with analysts expecting prices to rise as we move towards next month’s Bitcoin halving.
The market is also likely to become increasingly bullish in response to expected Federal Reserve rate cuts, which will increase investor appetite for risk-on assets such as cryptocurrencies.
This includes Shiba Inu, which remains one of the strongest meme tokens in the market in terms of its fundamentals.
The Shiba Inu price could therefore reach $0.00004 in the next few weeks, before making a climb towards $0.00005 and higher by the summer.
New Meme Tokens Bring Greater Volatility
The only issue with SHIB is that, as a well-established meme coin, the days of its astronomical gains are most likely over.
Traders wanting exponential returns will therefore have to look elsewhere, with several newer meme coins looking like they could fill the void.
A good case in point is Slothana (SLOTH), a Solana-based meme token that has raised just over $1.2 million in its presale.
🚀 Exciting news, fellow lazy sloths! Our 'Lazy Sloth Buy Widget' is now LIVE on Slothana's site! 🌿🦥 No more excuses – even the laziest among us can now send SOL with ease. Say no to slovenly sloth and yes to crypto chad lambo time!💸 #Slothana #LazyCrypto #MemeCoin
— Slothana (@SlothanaCoin) March 27, 2024
This figure is highly impressive in light of the fact that it opened its sale only a few days ago, and it provides an indication of how popular SLOTH is becoming among investors.
It has styled its memes after the lovable sloth, a representation of how it expects to make traders big profits with a minimum of effort.
Its launch comes at a time when demand for Solana-based meme coins has been sky-high.
For example, the recently listed Pundu raised just over $100 million in its presale, while DogWifHat has gained by just over 200,000% since listing in December.
SLOTH is clearly trying to tap into such a market, and while it’s still very, its ability to raise over $1 million in just a couple of days is a very good sign.
Investors can get involved in its presale by going to its official website, with the coin available at a price of 1 SOL for 10,000 SLOTH (or roughly $0.019393 per coin).
It’s also worth pointing out that its team was also responsible for Smog (SMOG), which rallied enviably earlier this year after listing.
SLOTH may therefore replicate such performance, making its early investors a sizeable profit.
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
