Shiba Inu’s price has been moving up in the crypto market, trying to stay important. Recently, SHIB has shown signs of reaching new monthly highs as more people start using it. In the last day, SHIB’s value has gone up by 1.7%. Even though Bitcoin is leading the market, the recent increase in SHIB withdrawals suggests that its price might rise soon. On Tuesday, the SHIB team spoke at the 2024 Blockchain Futuristic Conference (BFC), where they highlighted the 25,000,000% increase in SHIB’s price since its launch, showing the project’s progress and future plans.
At the conference, they also revealed a partnership with Wert, a fintech company that connects traditional and digital finance, to launch a SHIB fiat on-ramp service. This new service will let users buy BONE and USDC using Visa or MasterCard. The goal is to make it easier for more people to buy SHIB and related products, which could boost demand.
Shortly after the presentation, Shiba Inu lead, Shytoshi Kusama, humorously replied to a question from the major crypto exchange HTX about which asset is “going to the moon” with a playful “WOOF” on X, a term popular in the Shiba Inu community. This response was seen as a hint at the potential for SHIB and its ecosystem tokens, BONE and LEASH, to see major gains.
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Whales and Investors Signal Confidence in Shiba Inu’s Future with Strategic Accumulation
Data from CryptoQuant shows that Shiba Inu’s exchange netflow was negative for the second day in a row on August 13, with SHIB outflows rising by 9.53%. This suggests that investors are holding onto their tokens, expecting a price increase. In the past 48 hours, large Shiba Inu holders, often called whales, have greatly increased their SHIB inflows. According to IntoTheBlock, the netflow for these large holders was positive, with 161.15 billion tokens added, indicating that whales are strategically accumulating SHIB, boosting demand.
Currently, SHIB buyers who purchased at prices between $0.000013 and $0.000014 are breaking even but risk losses if the market turns bearish. However, if the bulls take control, nearly $800 million worth of SHIB tokens could be saved from losses. Shiba Inu’s price is generally in a downward trend, but it’s moving within an ascending channel, suggesting a possible short-term bullish move within this broader bearish trend.
The meme coin faces resistance at $0.00001394, $0.00001553, and $0.00001700. If the bears take over, the SHIB price might find support around $0.00001300 near the lower boundary of the ascending channel and at $0.00001100.
Low trading volume indicates a lack of strong commitment from both bulls and bears. However, a volume increase could accompany a breakout to the upside from the current ascending channel. Shiba Inu’s buy pressure is low but gradually increasing, as shown by rising open interest (OI) from Coinalyze analytics.
The Relative Strength Index (RSI) is neutral at 50.96, showing balanced momentum. The market could move in either direction depending on upcoming price action. If the Shiba Inu price breaks above $0.00001553, it would indicate market strength and could lead to a further rally toward the next key resistance level at $0.00001700. Current Shiba Inu price predictions suggest that while a rally is possible, SHIB must first break through this critical resistance for any significant upward movement to occur.
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