SHIB News: The dog-themed meme cryptocurrency Shiba Inu nabbed significant investor optimism today, primarily due to on-chain factors adding a bullish tint to future price movements. Today, July 20, a crypto market whale was recorded to accumulate a whopping 2.7 trillion SHIB from a crypto exchange. This chronicle underscores the token’s potential to pump further, paving the way for a possible $0.0000386 price target ahead.
Here’s a brief report on the dog-themed meme coin’s latest market stats and what it hints for future price action.
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SHIB News: Whale Sacks 2.7 Tln Coin
According to data streamlined by the tracker Whale Alert, 2.70 trillion Shiba Inu coins, worth $48.34 million, were recorded to have been accumulated from the Robinhood crypto exchange. The unknown whale address 0x40b38765 was registered as having done the transaction.
Further investigation into the wallet address revealed that it currently held a staggering $653.52 million worth of the Shiba Inu token, per Etherscan data. This colossal holding has stirred optimism on the meme-based token’s future potential, primarily due to the whale’s undeterred confidence and interest in the asset.
The massive whale accumulation has brought significant investor enthusiasm to the token’s capabilities to offer gains. On the other hand, Shytoshi Kusama, the Shiba Inu lead developer, recently took the stage to further highlight the coin’s decentralized capabilities.
In light of the recent CrowdStrike outage, Kusama teased the Shiba Inu ecosystem as a practical solution that mitigates risks encountered by centralized systems. This chronicle has further sparked discussions, serving as optimistic SHIB news.
Meanwhile, SHIB’s price appears to be surfing an optimistic wave, supported by the buying pressure brought upon by the abovementioned whale.
SHIB Price Gains Momentum
Coinciding with today’s broader market trend, SHIB price jumped 1.87% to trade at $0.00001789. The token’s 24-hour lows and highs were recorded as $0.00001705 and $0.00001815, respectively.
Notably, the weekly charts illustrated gains worth 4.67%. A recent Shiba Inu price prediction by CoinGape Media revealed that the technical chart on the weekly time frame flags a bullish reversal pattern, known as rounding bottom. This hints that the token is experiencing signs of a bottoming downtrend, paving the way for a potential $0.0000386 price target by month’s end.
However, the 14-day RSI rested at 50, hinting that the asset is currently in a neutral state. Further buying, as in the one mentioned above, could bring upside pressure to the asset, serving as optimistic SHIB news for the token’s future price action.RSI, or Relative Strength Index, is a technical indicator used in the analysis of financial markets. It is intended to chart the current and historical strength or weakness of a stock or market based on the closing prices of a recent trading period. A RSI resting at 50 typically signifies that the asset is neither overbought or oversold, implying a balance between buying and selling pressure.
The SHIB token belongs to the Shiba Inu cryptocurrency, which is an ERC-20 token on the Ethereum blockchain.
Further buying introduced to the asset could mean an increase in demand, resulting in an upward pressure on its price. If more investors or traders begin purchasing the SHIB token, the price could potentially increase, hence the optimistic outlook.
However, it is important for investors to conduct their own thorough research and consider various factors before making investment decisions as the crypto market is highly volatile
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