Shiba Inu (SHIB) has found itself in a bearish consolidation phase over the past few weeks, causing concern among investors.
Notably, the so-called “Dogecoin killer” has been ranging between $0.0000075 and $0.0000070 since September after a sharp drop last month. Nevertheless, despite this setback, SHIB supporters have continued to show signs of resilience, with whale activity surging, sparking optimism among SHIB enthusiasts about the token’s future.
Recent data from IntoTheBlock revealed a notable surge in whale transactions, especially on September 21, when the total whale transaction value exceeded $47 million. Whale Alert, a prominent crypto transaction tracking service, underscored this whale activity, which reported a substantial SHIB transfer from Amsterdam-based exchange Bitvavo.
Typically, when cryptocurrency whales withdraw their holdings from exchanges, it signifies a decrease in selling pressure, igniting optimism regarding SHIB’s price outlook. Additionally, this action often implies a commitment to holding (HODLing) their assets for the long term as they opt for more secure storage solutions.
Notably, on-chain metrics have also shown that giant whales continue accumulating SHIB, resulting in low volatility favouring short positions. This strong buying activity has led to price consolidating and holding above the solid support level of $0.000007, a sign that bullish sentiment remains active.
Adding further intrigue to the SHIB story is the recent release of Shibarium, a development aimed at enhancing the token’s utility and use cases. This release has sparked discussions about whether SHIB can regain its upward momentum.
Over the weekend, Shibarium dominated conversations on the X platform as LUCIE, the Chief Marketing Strategist of the Shiba ecosystem, shared a video presentation outlining the roadmap for Shibarium. LUCIE passionately reminded the SHIB community of the paramount importance of maintaining focus, saying, “The road ahead is filled with promise and brilliance, and our progress is steady.”
That said, while predicting SHIB’s future remains shrouded in uncertainty, popular crypto analyst Austin Hilton envisions a meteoric surge in SHIB’s price trajectory to $0.001, set to unfold between the mid to late stages of 2024. According to him, this rally will mostly be driven by the upcoming Bitcoin halving and the approval of a spot Bitcoin ETF.
“When we see Bitcoin go up and the overall crypto market go up, Shiba Inu will rise dramatically…these bitcoin ETFs are a massive big deal out there that will spark the next bull rally, and Shib will benefit from that…” Hilton said in a recent video.
At press time, SHIB was trading at $0.0000072, reflecting a 1% drop over the past 24 hours.