Shiba Inu Price Prediction as SHIB Surges 6% Despite Concerns of Whale Token Dump
Despite concerns reports that one of the largest SHIB holding wallet moved nearly $30 million to eight different wallets on Thursday, which could signal that the wallet’s owner intends to dump these tokens onto the market, Shiba Inu (SHIB) pumped 6.5% on the day.
SHIB was able to retake the $0.000008 level and hit fresh highs for the month, buoyed amid a broad crypto rally on the news that a US judge had ruled that XRP is not a security.
Importantly for the SHIB bulls, the meme coin was able to break to the north of a downtrend it has been stuck in since mid-April, as well as to break convincingly to the north of its 21 and 50-Day Moving Averages (DMAs).
With Shiba Inu’s technical outlook having taken a turn for the better, bulls are marking out their upside price targets.
The first one will likely be a retest of support-turned-resistance in the $0.0000083-84 area.
Was SHIB able to get beyond that, a retest of resistance in the $0.0000097 area would be likely, as would a retest of the 200DMA at $0.00001.
Meanwhile, the bullish move would be completed if SHIB was able to retest its April highs near $0.000012.
Time will tell whether recent transfers from the largest Shiba Inu whale will translate into selling pressure.
As per a tweet from Lookonchain, prior to Thursday’s move, the whale hadn’t made any large transfers for 610 days.
Bubblemaps claimed that the wallet is most likely connected to Shiba Inu’s founders.
As per the Shiba Inu official website, a public beta version of the project’s Ethereum layer-2 scaling solution Shibarium is live.
Once the alpha version of Shibarium goes live, this should facilitate the development of the Shiba Inu ecosystem via lower transaction fees and faster transaction times, as well as providing a
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