The price of Shiba Inu is expected to rise by up to 300%. The increase in SHIB whale activity is seen as a positive development for the second-largest meme coin by market cap. Other on-chain indicators also paint an optimistic outlook for SHIB, suggesting that a bull market rebound may be imminent.

Shiba Inu's price is expected to rise by 300%

Cryptocurrency analyst Javon Marks shared insights on X platform, predicting that the price of Shiba Inu may soon rise by 300%. Marks noted that the memecoin has executed a confirmed hidden bullish divergence and is trading above recently broken levels:

"SHIB is preparing to enter the 'next phase,' with a target price of $0.000081."

Reaching this target would bring the second-largest meme coin to and possibly exceed its current record levels. Furthermore, as the memecoin is currently trying to catch up with DOGE, a SHIB rebound is expected to happen soon.

Increased SHIB whale activity

Data shows that Shiba Inu whale activity has increased. Large SHIB transactions have risen by nearly 4%, indicating that whales are actively accumulating the memecoin.

This trend brings a favorable outlook for the price of Shiba Inu, as these whales typically contribute to price discovery and could soon lead to significant increases. In just a few days, these whales have traded trillions of SHIB tokens.

In the past 24 hours, a total of 25.7 trillion SHIB tokens were traded, peaking at 63.9 trillion SHIB tokens on November 6. Amid the increasing whale activity, a notable on-chain transaction involved a specific whale transferring $10.4 billion worth of SHIB to a cryptocurrency exchange.

While this often indicates poor price prospects for Shiba Inu, further on-chain data suggests that these coins are related to a large cryptocurrency exchange. This means that the memecoin is loading to meet significant demand.

Lastly, according to analysis from CoinGape, other on-chain indicators for SHIB also provide a positive outlook for Shiba Inu. These indicators include the divergence between SHIB price and daily active addresses (DAA), which has reached its highest level in the past month.

These developments provide investors with important insights regarding the future performance of Shiba Inu and highlight the potential of the memecoin.

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