Shiba Inu has seen notable price fluctuations, challenging Dogecoin’s dominance. Beginning the year below $0.000010, SHIB surged over 450%, reaching a high of $0.000045 by mid-February. However, it remains 70% under its peak price from 2021. Recently, whale interest in SHIB has soared, even as Dogecoin shows bearish on-chain metrics. Analysts suggest that DOGE investors are increasingly turning to Shiba Inu due to its strong buying signals.
Shiba Inu’s Whale Interest Skyrockets
Over the past 10 days, Dogecoin (DOGE) has seen a decline in active users, transaction volume, and social media engagement. Data from Santiment shows reduced activity on DOGE’s network between May 18 and May 28, alongside a drop in social discussions, indicating declining interest.
Data from IntoTheBlock reveals a significant decrease in whale transactions, with the value declining from $3.01 billion to $1.42 billion, a decline of over 52.8% in just a week.
On the other hand, whale interest in SHIB price is on the rise. Data from IntoTheBlock shows that large transaction volumes worth over $100K have surged, climbing from $29.93 million to $214.18 million. This increase has significantly boosted SHIB’s trading volume, generating a bullish market sentiment.
The marketing head for Shiba Inu noted that SHIB has once again surpassed ADA. This marks a notable shift in the meme coin sector and impacts the standings of prominent digital currencies. Furthermore, the Shiba Inu meme coin has surged to the 10th position in market capitalization rankings.
Also read: This May Spark a Fresh Upswing if Shiba Inu (SHIB) Price Manages the Break Out of These Levels!
After the success of Ethereum ETFs, there is now talk about the potential for a SHIB ETF, which is triggering excitement in the market. While there haven’t been any official applications yet, Shytoshi Kusama, the lead developer, raised a question about the possibility of creating a SHIB ETF. This, together with a petition from Grayscale, has gained support from the community and increased the buying pressure.
What’s Next For SHIB Price?
After the SHIB price recovered from the 20-day EMA at $0.000026 and moved towards a peak of $0.0000286, bears emerged with strong pressure. As a result, it lacked the necessary momentum to sustain this rise, dropping heavily toward its EMA trend lines. Currently, the SHIB price is at $0.000027, having increased by over 4% in the past 24 hours.
Bears are looking to strengthen their hold by pushing the price below the moving averages. If they succeed, the SHIB/USDT pair could fall back to the resistance channel, where it’s likely that buyers will emerge. If buyers fail to make a comeback, we might see SHIB price dropping toward the low of $0.000023.
If the SHIB price reverses and bounces from current level, it might break above the Fibonacci resistance levels. This could result in a bullish pattern for SHIB price. This pattern might trigger a rally towards a target of $0.000033.
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