Shiba Inu (SHIB) seems to be preparing for a significant price increase. Although the second-largest meme coin has not yet followed in Bitcoin's (BTC) footsteps, the SHIB community is expecting a massive breakout. Bitcoin is the largest cryptocurrency in the market, and as it approaches its all-time high (ATH), it has maintained a positive momentum.
In the meme space, Dogecoin (DOGE) follows the price trend of BTC, nearing the critical $0.18 price level. Compared to DOGE, Shiba Inu has a lower price correlation with Bitcoin. However, dog-themed meme coins have the potential to trigger broader price increases in the near future. Large holders or whales are predicting this price trend. They have been buying SHIB tokens in large quantities before this potential rebound. According to CryptoQuant data, over 1.3 trillion SHIB tokens were withdrawn from cryptocurrency exchanges on October 29. The significant increase in exchange outflows indicates a strong buying trend for the token.
For whales, the frenzied buying behavior is crucial. Whales are known for holding tokens long-term and do not engage in short-term or panic selling. Whales typically do not exert strong selling pressure on tokens. For Shiba Inu, an increase in whale purchases is a strong bullish signal, which is essential for its potential price increase.
The potential price breakout of Shiba Inu continues, with the meme coin currently trading at $0.00001854 after a decline of 1.56% in the past 24 hours. About 15 hours ago, Shiba Inu was trading at $0.00001948, and it looked like there would be further increases. However, since then, the coin has been on a downward trend. This is surprising because the prices of other coins like DOGE and BTC have been rising. But as mentioned, SHIB's price typically does not follow the trends of these tokens. The price drop today can be seen as a healthy adjustment before a potential price breakout. Moreover, whales have not given up on the meme token, and their frequent buying activities can inject bullish momentum into the token. JMRF11
