Shiba Inu (SHIB) is in consolidation mode as buyers find new motivation. Specifically, SHIB bulls have all but cooled off after a relatively riskier week that saw the Meme coin surge 6.93%. Now, some of its recent gains are retracing its gains, a clear sign of profit-taking by market makers, a trend that many believe is necessary for a bullish recovery.
According to current market data, the Shiba Inu is down $0.000008195, its first single-day decline in a week. Spot exchange trading volume also dropped by 18.41% to $173,150,418. Despite the decline in the index, many analysts predict that the possibility of another growth spurt for Shiba Inu is very high, as many buyers will take advantage of low prices to increase accumulation.
SHIB/USD 4-hour chart | Source: TradingView
Despite the current sell-off, Shiba Inu discussion trends and trader sentiment remain positive, with the coin’s Fear and Greed Index reaching 66 points, proving that greed remains a fundamental platform for investors to focus on.
The core developers of the Shiba Inu ecosystem have been working hard to enhance their services. Recently, SHIB Wallet launched email login and anti-forget recovery functions to improve user experience.
Shiba Inu also considers itself to be one of the most deflationary cryptocurrency projects today. Earlier this week, the protocol’s burn rate increased by more than 12,800%, with millions of SHIB being destroyed, increasing the scarcity of the number of Meme coins in circulation. These bullish trends are sure to create a catalyst that could take SHIB from worrying lows to new heights.
Shiba Inu whale accumulated 7.84 trillion SHIB
Elsewhere, SHIB whales have also made new moves in the past 24 hours. According to IntoTheBlock, capital inflows from major owners surged 48.48% overnight to a staggering 7.84 trillion SHIB. Just two days ago, the figure stood at 410.21 billion SHIB, marking a staggering 1,911.2% increase in inflows from major owners.
What makes this performance unique is that it was accompanied by a simultaneous increase in cash inflows. Within the same 24 hours, SHIB had an outflow of 968.24 billion, a significant increase of 121.62% from the previous trading day.
The increase in whale SHIB accumulation coincides with the coin’s impressive price movement. After rising nearly 20% over the past three weeks, SHIB is now approaching the key threshold of $0.0000084. If SHIB breaks through this level, it will open the door to rapid growth, potentially reaching $0.00001 or more.
Historical data shows the significance of this milestone. The last time SHIB broke through this threshold from bottom, its price surged 37% in just two weeks in July. However, the market remains cautious, questioning whether this price increase is a ploy by market makers to lure investors into buying SHIB in anticipation of a sharp price increase.
The fate of the coin now hangs in the balance, with the price chart being the ultimate prophecy. As the SHIB community is eagerly watching, only time will reveal whether the Shiba Inu will succeed in overcoming this key resistance level or succumb to market volatility.
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According to “USA Today”