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The Shiba Inu token (SHIB) has experienced a challenging market over the last six months, losing more than half of its value. Currently priced at $0.0000138, the token is down 70% from its March high of $0.000045. This significant drop has been stressful for investors who bought in during its peak. However, there is a faint glimmer of hope as the market has seen a modest gain of 6.5% over the past week.
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Crypto analyst LuckSide believes that SHIB is poised for a significant rally in the coming months, with whale activity being a key factor. However, another crypto analyst, Dexter, along with CoinCodex, suggests that development may be slightly below par. As a result, SHIB may not boast high short-term returns, but its long-term value remains substantial. According to CoinCodex, by mid-October, SHIB might experience a slight decline of -0.51%, reaching approximately $0.00001330.
Whale Activity: The Main Catalyst
One of the most notable developments in the Shiba Inu market is the significant increase in whale activity. In just two days, whales accumulated over 3 trillion SHIB tokens, indicating renewed interest from large holders and major investors. Additionally, whales have withdrawn over $4 million worth of SHIB from exchanges, which often signals high confidence in the meme coin’s long-term prospects.
Currently, SHIB’s market cap stands at $7.8 billion. LuckSide believes that this accumulation of SHIB tokens will trigger a strong price rally. He projects that SHIB could potentially rise to $0.001, marking an increase of 7,145% from its current price. Despite this optimistic prediction, LuckSide notes that whale movements usually signal a significant market shift. He also suggests that retail investors might buy in if Shiba Inu can break its significant resistance level of $0.000016, which is just 16% higher than its current price.
Bearish Sentiment Persists
Despite the positive developments, not all indicators point to an upward trend. The current market sentiment for Shiba Inu, as measured by the Fear & Greed Index, is at 33 (Fear). CoinCodex’s predictions for SHIB also align with a more conservative outlook, forecasting a slight drop of -0.51% by October 17, 2024, potentially bringing the price down to $0.00001330.
Shiba Inu has struggled to maintain momentum after several successive positive movements. Over the last month, the coin had green days only 50% of the time, and its price volatility remained at 4.49%.
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Data from CoinCodex and other sources suggest that SHIB might not be a good buy for short-term investors, primarily due to the current market hesitancy. This hesitation is reflected in the softened price action, making short-term prospects less attractive.
Long-Term Potential Still In Play
While the short-term future of SHIB remains uncertain, some analysts are optimistic about its long-term potential. For instance, crypto trader Dexter predicts that Shiba Inu could easily reach $0.00015, representing a tenfold increase from its current price.
LuckSide’s model is more aggressive than Dexter’s, but both provide room for optimistic investors to hold on and wait. According to LuckSide, meme coins like SHIB often experience episodic surges, especially when whales start rallying.
In conclusion, while the short-term outlook for Shiba Inu may be uncertain, the long-term potential remains promising. Investors should keep an eye on whale activity and market trends to make informed decisions.
