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Is the $1.5 billion in trading volume coming from "whales"? How much will the #Shiba Inu price go up?
With the Shiba Inu price rising to $0.00003204 on a rather calm day for the cryptocurrency market, SHIB has gained 5% in the last day.
With today's trade volume exceeding $1.5 billion, SHIB has seen an 18% return in a week and a 205% gain in the previous 30 days.
Today may be the start of a fruitful moment for Shiba Inu, since the market has been experiencing a recent upswing.
Its purple relative strength indicator, which was below 50 yesterday, has risen to 70 in the last hour.
Additionally encouraging, the Shiba Inu coin's support (green) and resistance (red) levels have been moving higher in tandem this week, indicating that the coin's price will likely occupy a higher range going forward.
Plus, from $700 million to around $1.7 billion, SHIB's 24-hour trading volume has surged by almost 125% since Monday.
The fact that whales are transferring their holdings to SHIB suggests that they believe the meme token will see significant price appreciation in the near future.
With SHIB currently trading at a discount of 62% from its all-time high ($0.00008616), there is still opportunity for significant profits.
Analysts predict that prices will climb leading up to next month's Bitcoin halving, so these gains might occur when the market as a whole speeds up.
Anticipated rate cuts by the Federal Reserve are anticipated to boost investor enthusiasm for risky assets like cryptocurrencies, which in turn will cause the market to become more positive.
Among them is Shiba Inu, a meme token that, from a basic standpoint, is still one of the market's strongest.
Consequently, we may see a Shiba Inu pricing of $0.00004 in the next weeks, with a possible increase to $0.00005 by summertime.
