Analysts say that when looking at the weekly price chart of Shiba Inu (SHIB), SHIB is now in a price increase process. SHIB has been gradually recovering within the triangle pattern, especially in the past few weeks. However, it is also seen that SHIB has not yet consolidated above $0.0000255.
SHIB Price and Whales
The Relative Strength Indicator, known as the RSI, can be seen on the price charts of SHIB, where it is close to 50, ie neutral. Thus, analysts say that SHIB will continue its consolidation phase in its triangle pattern before a possible price breakout. SHIB hit an all-time high of $0.000088 in October 2021. At the time of writing, SHIB is trading at $0.002356. Thus, SHIB exhibits a price performance about 73.4% below its ATH of $0.000088.
However, experts state that although SHIB is at a much lower level than its ATH, transactions with SHIB have increased by 35%. Experts also underline that this increase has occurred after the movements of whales, known as macro investors, especially in the last 24 hours. In other words, institutional investors and whales are turning to SHIB and increasing their trading activity.
WhaleStats, a whale movement tracking platform, states that the whales’ SHIB balance has increased by 121.5%. Additionally, WhaleStats reports that the average SHIB held by the first 100 whales with SHIB has also increased by 123.5%.
Star of the Burning Parties SHIB
In addition to all these, SHIB also comes to the fore with token burning parties and the SHIB ecosystem is actively working on this issue. NOWPayments, a crypto payment platform, also now comes with a feature that will automatically burn some of the earnings from Shiba Inu (SHIB) and Doge Killer (LEASH). Thus, as these tokens are burned, the prices of the related tokens may increase in the long run and their investors can earn more.
The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should perform their transactions in line with their own research.