February 16, 2024 at 04:35 AM GST updated: February 16, 2024 at 03:24 AM 2 mins read News
  • Whales are retreating from the Shiba Inu market as prices surge, indicating a potential market correction.
  • Despite the decrease in whale activity, increased trading activity is observed, with SHIB hovering above its moving averages.
  • Anticipated developments, including Shibarium and unique NFT projects, suggest a bullish future for SHIB.

Shiba Inu (SHIB) is witnessing a significant shift in its market dynamics as whales retreat amidst a notable surge in prices. This retreat is sparking concerns among investors about a potential correction for the meme coin. 

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Despite this withdrawal, trading activity is on the rise, with Shiba Inu’s price maintaining its position above its moving averages. The current price of Shiba Inu stands at $0.00000993, marking a surge of over 2.5% from the previous day’s rate.

Observers note that while whale activity is declining, the overall trading volume remains high, suggesting sustained interest from smaller investors. This increased activity is contributing to the stability of Shiba Inu’s market price, which is hovering above its moving averages. Analysts point to bullish signals, such as Shiba Inu’s position above the EMA20 trend line and an RSI around 65, indicating a potential for further price gains if buyers manage to break through the resistance at $0.00001.

Furthermore, there is anticipation surrounding upcoming advancements in the Shiba Inu ecosystem, which have the potential to enhance the coin’s value. These advancements encompass the rollout of Shibarium, a platform geared towards augmenting the meme coin’s functionality, as well as the debut of distinct non-fungible token (NFT) projects such as THE SHEboshis. These endeavors form a crucial aspect of Shiba Inu’s overarching strategy to solidify its position as a prominent entity in the meme coin arena and bolster its network capabilities.

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