Can SHIB rise 50% by the end of 2024?
Have you heard? On November 11, 2024, a giant whale withdrew $2.45 million worth of SHIB from Coinbase, and still holds 37.929 billion coins, making a profit of $5.1 million! When this news broke, everyone exploded; when a whale moves, the market trembles, does this mean that SHIB is about to take off?
Also, from November 4 to November 11, SHIB surged 60%, forming a bullish flag pattern, and technical analysis suggests it could rise another 48%! This wave of activity has made people see hope for SHIB to soar by the end of the year. Moreover, on November 20, another 16.7 trillion SHIB left exchanges; last year, this action led to a 62% increase. Could we see another big surge this time? Just thinking about it is thrilling!
So why is SHIB so strong, and why is it expected to continue rising by the end of 2024? There are quite a few reasons.
First, the entire cryptocurrency industry is warming up, blockchain technology is becoming increasingly popular, and policies are becoming friendlier. As the eleventh-ranked coin, SHIB will certainly benefit and attract more funds.
Secondly, SHIB is also innovating, with DeFi applications, NFT projects, and the Layer 2 solution Shibarium all under intense development. Once these projects are launched, the value of SHIB will increase, and the price will follow.
Furthermore, the global economy is recovering; people have money now, and risk appetite is higher. Assets like SHIB, which offer high returns, are certainly in demand. With more funds, prices naturally go up.
However, we can't just think about the rise; we must also recognize the risks and challenges. SHIB is a meme coin, and its price depends on market sentiment and speculative behavior. If market sentiment changes and investor confidence collapses, prices will plunge. Additionally, governments around the world are strengthening regulations on cryptocurrencies, and SHIB must operate compliantly, or it could face setbacks.
Despite the risks, we can still look forward to SHIB's future. If it can maintain its growth momentum, expand its ecosystem, and enhance its technology, a 50% rise by the end of 2024 is not impossible.
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