The Shiba Inu (SHIB) market has experienced significant volatility, with its trading volume surging by 150% in just 4 days, attracting widespread attention. As the second-largest meme currency by market capitalization, such a large-scale trading activity surge undoubtedly brings positive signals for the market trend of Shiba Inu.
According to data from the well-known blockchain data analysis platform IntoTheBlock, from March 2 to March 5, the trading volume of Shiba Inu experienced explosive growth. Specifically, on March 2, the trading amount of SHIB whales (referring to large investors holding a lot of Shiba Inu) reached $17.28 million, and by March 5, this figure soared to $39.84 million, setting a peak trading amount within 7 days. This data clearly indicates that SHIB whales are becoming active in the market again, and their return is very likely to become an important driving force for the price increase of Shiba Inu.
During the market downturn, the large trading volume of SHIB had sharply declined, especially last week, this trend became increasingly evident, indicating that whale investors had been in a wait-and-see state. However, the current surge in trading volume is undoubtedly a strong signal, showing that investors are once again filled with confidence in Shiba Inu's prospects. IntoTheBlock's bullish 'concentration' indicator further confirms this, showing that whale investors are actively incorporating SHIB into their portfolios. Generally, the activity of whale investors is often accompanied by significant price increases of meme coins, so this return of the whales is undoubtedly a very bullish signal for Shiba Inu. From the price trend perspective, if Shiba Inu can successfully break through the key resistance level of $0.00002, its bullish market trend is expected to continue. Of course, to maintain the current upward momentum, in addition to the support of trading volume, other on-chain indicators, such as net network expansion, also need to show a positive trend.
In terms of price predictions, well-known experts in the crypto space, Crypto ELITES, published updates on social media platform X, predicting that the price of Shiba Inu could soar to $0.000472905. The analyst detailed three price targets, which are $0.000085171, $0.000183312, and $0.000472905. Crypto ELITES believes that
From a technical perspective, Shiba Inu (SHIB) has a good upward outlook. They also pointed out that SHIB is expected to lead market trends in the event of a decline in Bitcoin prices. In addition, crypto researcher Javon Marks has also provided an optimistic forecast. He believes that the price of Shiba Inu could rise by over 400%, reaching $0.000081. Marks stated that the SHIB price breakout trend since the end of 2022 to the beginning of 2023 is still ongoing, and if it can rise to $0.000081, Shiba Inu is expected to reach its current historical high and even create a new record.
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