July 13, 2024
Shiba Inu

Shiba Inu (SHIB), the self-proclaimed “Dogecoin Killer,” is wagging its tail with anticipation as it approaches a critical juncture. The meme coin, known for its massive community and playful branding, is on the cusp of breaking through a key resistance level, potentially unleashing a new wave of bullish momentum.

Shiba Inu Hovering Around Profitability Cluster

Currently, SHIB is hovering around the $0.00001 mark, a price point that represents more than just a number. It serves as a crucial “profitability cluster,” where a staggering 1.3 trillion SHIB tokens reside – tokens bought by early investors. This cluster has long been a battleground, with sellers looking to cash out and buyers aiming to push the price higher.

Source: IntoTheBlock

But the tide seems to be turning. Analysts are pointing to a gradual decline in the number of tokens within the profitability cluster, indicating that selling pressure is easing. This, coupled with the shrinking size of the cluster itself, is creating a more fertile ground for SHIB to flourish.

The potential breakout above $0.00001 is not just technical, it’s psychological. Overcoming this hurdle would signal to the market that SHIB has the strength to move beyond its meme coin status and establish itself as a serious player.

SHIBUSD currently trading at $0.00000950 on the daily chart: TradingView.com

And the numbers seem to agree. Data from IntoTheBlock reveals a remarkable surge in large-holder inflow, with whales accumulating a staggering 2.31 trillion SHIB in just two days. This signifies heightened interest and involvement from major players, potentially fueling the rally.

SHIB seven-day price action. Source: Coingecko

SHIB Whale Influx: Bullish Momentum Builds

The sudden influx of large-holder buying is a strong bullish indicator, and suggests that whales see value in SHIB and are positioning themselves for potential gains.

But is this all hype, or is there substance behind the wag? While SHIB’s future remains uncertain, several factors are bolstering its case:

  • Community Strength: SHIB boasts a passionate and vocal community, often credited with driving its price rallies through sheer enthusiasm and social media presence.
  • Exchange Listings: The meme coin has secured listings on major exchanges like Kraken and Coinbase, increasing its accessibility and mainstream appeal.
  • ShibaSwap Ecosystem: The SHIB team is actively developing its own decentralized exchange (ShibaSwap) and other projects, potentially adding utility and long-term value.

The targeted breakthrough of the 1.3 trillion SHIB barrier has become the focal point of attention, symbolizing a pivotal moment for this meme coin. With the recent surge in large-holder inflow and the potential technical breakout above key resistance levels, Shiba Inu appears poised for a significant leap forward.

Featured image from Adobe Stock, chart from TradingView

Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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