Shiba Inu sees declining whale interest amid price surge: What’s next for SHIB prices?
Shiba Inu has been seeing a surge in demand as the meme coin sector has grown in prominence, with the price of Bitcoin surging past $52,000 in recent hours. Investors are enthusiastically buying SHIB at various Fibonacci levels and are hoping for further upward movement. Nonetheless, as SHIB’s price rises, there is a noticeable decline in interest from large investors, with trading volumes falling significantly. This trend is sounding the alarm about a potential fix for meme coins.
SHIB loses support from whales
Over the past 24 hours, the SHIB market has experienced significant liquidation with approximately $137,200 worth of positions liquidated, with the impact split evenly between traders on both sides of the market. In particular, open interest for the Shiba Inu cryptocurrency increased by more than 2.3%, reaching a total of $27.6 million, showing an increase in trading activity.
Despite the rise in price and volume, there has been a noticeable decline in the participation of large investors. According to IntoTheBlock data, large transaction volumes decreased significantly from SHIB 4.57 trillion to SHIB 1.2 trillion. The significant decline in interest from these “whale” investors has reduced the volatility of SHIB market prices.
However, SHIB’s future potential remains optimistic due to several highly anticipated developments. The latest SHIB Magazine features insight from Shiba Inu lead developer Kusama and highlights future developments in the Shibarium and SHIB ecosystem. In an article titled “SHEboshis and other updates released,” Kusama describes significant progress, including efforts to establish Shibarium as a leading meme platform and build network presence.
Kusama revealed plans for a new experiment using the 404 Eth Standard called “THE SHEboshis,” a unique NFT project that aims to improve Ethereum’s liquidity and integrate into Shibarium. Future releases will include ShibaSwap 1.5 and 2.0 upgrades and will move several tokens and projects to Shibarium.
What’s next for SHIB pricing?
Looking at Shiba Inu’s recent performance, we can see that it is hovering above its moving average, showing a surge in buying interest. Bulls are currently holding the price above the EMA20 trendline. However, the bears defend the price near $0.00001. At the time of writing, the SHIB price is trading at $0.00000993, a surge of more than 2.5% from yesterday’s rate.
With the 20-day EMA rising to $0.0000096 and RSI around 65, sellers do not have a clear advantage. As a result, if buyers are able to break the $0.00001 resistance, there is a possibility of an upward move towards the $0.11 resistance area.
Conversely, if sellers push and hold the price below the moving average, the balance will shift in their favor, potentially pushing the SHIB/USDT pair lower to $0.0000092 and further towards the key support level at $0.0000085.