The Shiba Inu dog-themed cryptocurrency (SHIB) has seen a significant price increase, jumping 3% in the past 24 hours. The price movement comes after four consecutive days of decline, marking a significant recovery for the meme coin.
This price increase is closely correlated with a significant increase in large trading volumes, which often indicates increased activity among whales or people who hold large amounts of cryptocurrency.
According to data from IntoTheBlock, Shiba Inuâs total large trading volume reached 3.78 trillion SHIB, or about $66.61 million. This marks a more than 40% increase in large trading activity over the past 24 hours, indicating increased participation from whales, either through buying or selling.
Shiba Inu prices recover
On October 10, the price of Shiba Inu dropped to $0.000016, marking a low after several days of decline. However, buying pressure increased shortly thereafter and the price began to recover, continuing its upward momentum on October 11. At press time, SHIB was up 3% over the past 24 hours, reaching $0.00001791.
If the bullish trend continues, the Shiba Inu price could rise to $0.000019 in the near future. If this level is breached, analysts predict that the next important resistance level will be at $0.000022. However, if the bulls push the price above this level, SHIB could head towards $0.000026.
On the downside, if the bears regain control, they will push the price below $0.000016. Such a move could trigger a decline towards the 50-day simple moving average (SMA) at $0.000015, with a potential drop to the key support at $0.000012.
Whale Activity and Market Psychology
Large trading volumes are often considered an important metric for understanding whale behavior, as these large holders can impact prices through their buying or selling decisions.
The sharp increase in Shiba Inuâs large trading volume indicates increased interest from these whales, which could reflect a strong accumulation phase or a large sell-off. Regardless of the motive behind these trades, such activity often attracts market attention to the coin.
The timing of the SHIB price increase also coincides with a broader recovery in the cryptocurrency market, as investor confidence returns after recent downturns. The Shiba Inu has attracted particular attention over the past week, potentially benefiting from the positive sentiment surrounding the broader market recovery.
Cultural and market influences
The Shiba Inu's recent price trend may be due to its presence in popular culture. Notably, actor Christopher Lloyd, best known for his role in the Back to the Future series, recently reunited with DeLorean, the maker of the iconic movie car, for a new Time Capsule series of digital collectibles.
The trailer for the series, created by filmmaker Allan Ungar, features Lloyd in a tribute to his character, Doc Emmett Brown. The trailer features a DeLorean, a character in a hazmat suit, and a Shiba Inu dog, seemingly a nod to the growing presence of cryptocurrencies in Web3 and digital collectibles.
Additionally, a tweet from the official SHIB X account led to speculation about a partnership between the Shiba Inu and DeLorean. In response, DeLorean hinted at its support for the SHIB, further weaving the meme coin with pop culture references. In another notable event, Elon Musk's Tesla Cybercab launch featured a Shiba Inu dog, further adding to the coin's cultural visibility.
Looking Ahead for the Shiba Inu (SHIB)
The price outlook for Shiba Inu remains dependent on market conditions and whale activity, which have played a major role in the recent price recovery. The ability of bulls to push SHIB above $0.000019 could lead to further upside, with a potential target of $0.000022 and above. However, a sell-led reversal could result in a decline towards key support levels at $0.000015 and $0.000012.
As the Shiba Inu continues to gain attention in the crypto world and pop culture, its price movements will likely remain closely tied to market sentiment, whale activity, and potential partnerships in the digital space.
