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Shiba Inu Price Prediction as $100 Million Trading Volume Comes In – Are Whales Buying SHIB at This Level?

Simon Chandler
Last updated: | 3 min read
Source: TradingView

The Shiba Inu price has dropped by 4% in the past 24 hours, falling to $0.00000656 as the cryptocurrency market continues to weather the storm caused by the SEC’s recent actions against Binance and Coinbase.

SHIB’s current price means it has declined by 17% in the past week and by 25% in the last 30 days, with the meme token also down by 19% since the beginning of the year.

However, today’s decline has seen SHIB’s 24-hour trading volume rise back up to $100 million, providing the kind of activity that may help it mount a recovery in the coming days.

And with signs suggesting that whales may have begun buying SHIB at a discount, it may not be long before it does return to growth, especially with layer-two network Shibarium continuing to make progress towards launching.

Shiba Inu Price Prediction as $100 Million Trading Volume Comes In – Are Whales Buying SHIB at This Level?

SHIB’s indicators continue to show weakness, which perhaps isn’t so surprising for a coin that has just fallen by 4% in a day and by 17% in a week.

Source: TradingView

However, these indicators also suggest that SHIB may have hit a bottom and could be on the brink of recovering.

For example, its relative strength index (purple) has begun creeping up again after spending the weekend and the earlier part of the week close to 30 (or below), signaling a slight recovery of momentum.

At the same time, SHIB’s 30-day moving average (yellow) has leveled off after falling consistently in the past week, something which again could mean that it’s very close to seeing a recovery.

Such a forecast is supported by its volume increase today, with increases in trading often preceding increases in price.

It’s also interesting to note that the past few days have seen a couple of big whale transfers involving SHIB, with one transfer on Monday witnessing over 1 billion SHIB being moved from Jump Trading to a private wallet.

<oembed url="https://twitter.com/whale_alert/status/1668364381137121284[/embed]

This appears to suggest that whales have resumed accumulating SHIB again after the meme token’s recent declines.

This possibility is also indicated by data from Whale Stats, which continues to show that SHIB has retained its status as the most popular token among ERC-20 whales.

As such, it’s not hard to imagine that the altcoin will see a recovery sooner or later, perhaps when the market has calmed following the current period of regulatory turbulence.

And with the testnet for Shibarium continuing to see growth in terms of usage, it also seems that the full public launch of the layer-two network will provide SHIB with a real boost.

<oembed url="https://twitter.com/CryptoKingKeyur/status/1669222338431451138[/embed]

In the weeks following Shibarium’s launch, SHIB could easily rise back up to $0.00001, before possibly seeing out the year at somewhere close to $0.00002.

Buy SHIB Now

Newer Meme Tokens

The only problem with SHIB is that it may take some time for it to recover, given that its performance seems to rely mostly on the full launch of Shibarium.

However, newer altcoins and meme tokens may provide the opportunity for rallies in the shorter term, particularly those that are currently going through their presale and will list on exchanges in the near future.

One prime example of such a token is Wall Street Memes (WSM), a new altcoin emerging out of the meme stocks movement, which famously instigated the 2021 GameStop and AMC rallies.

Wall Street Memes launched the presale for its WSM token a few weeks ago, and has already gone on to raise in excess of $7.1 million.

<oembed url="https://twitter.com/wallstmemes/status/1662474606794493954[/embed]

That the sale has already raised such a figure indicates how popular Wall Street Memes could become when its token lists on exchanges, while its Twitter follower count — of more than 230,000 — also provides some indication of how quickly its community is growing.

Investors can enter the presale by visiting the official Wall Street Memes website and connecting their crypto wallets, with WSM purchasable using ETH, USDT or fiat currency (via credit card).

Its presale is currently in its 14th stage, with 1 WSM now costing $0.0289, although this will climb to $0.03370000 by the time the 30th and final stage begins.

Of course, this price could rise substantially higher when WSM becomes tradeable on exchanges in the next few months.

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