Shiba Inu Price Prediction as SHIB Rises 6% Despite Whale Token Dump Concerns

SHIB/USD chart / Source: TradingView

Despite worrying reports that one of SHIB’s largest wallets moved nearly $30 million to eight different wallets on Thursday, which could indicate that the wallet owner intends to release these tokens to the market, Shiba Inu (SHIB) pumped 6.5% on the day.

SHIB was able to retake the $0.000008 level and hit new highs for the month, buoyed amid a broad crypto rally by news that a US judge had ruled that XRP is not a security.

Importantly, for SHIB bulls, the meme coin was able to break north of a downtrend it has been stuck in since mid-April, as well as convincingly break north of its 21-day and 50-day moving averages ( DMA). .

Price Prediction: What’s Next for Shiba Inu (SHIB)?

As the technical outlook for the Shiba Inu has improved, the bulls are marking their price targets higher.

The first will likely be a retest of support-turned-resistance in the $0.0000083-84 area.

If SHIB was able to go beyond that, a retest of resistance at the $0.0000097 area would be likely, as would a retest of the 200DMA at $0.00001.

Meanwhile, the bullish move would be complete if SHIB could retest its April highs near $0.000012.

Time will tell if the recent transfers of the largest Shiba Inu whale will translate into selling pressure.

According to a Lookonchain tweet, prior to Thursday’s move, the whale had not made large transfers for 610 days.

Bubblemaps claimed that the wallet is likely connected to the founders of the Shiba Inu.

Community Building Out SHIB’s Utility: Is Now a Good Time to Start Accumulating?

according to him Shiba Inu official websiteA public beta version of the project’s Ethereum Layer 2 scaling solution, Shibarium, is available.

Once the alpha version of Shibarium goes live, this should facilitate the development of the Shiba Inu ecosystem through lower transaction fees and faster transaction times, as well as provide a new home for the development of new innovative related projects. with Shiba Inu.

And the Shiba Inu team already has a bunch of these projects in the works.

The ShibaSwap decentralized exchange (DEX) has been active for some time, where Shiba enthusiasts can trade SHIB, LEASH, and BONE tokens and generate passive income through token and liquidity mining.

ShibaSwap can also be used to trade non-fungible tokens (NFTs) of the popular SHIBOSHIS collection.

The NFT collection issued by the Ethereum blockchain can also be purchased via Open sea.

The developers are also building a dedicated decentralized Shiba Inu metaverse called SHIB: The Metaverse and a free collectible card game called Shiba Eternity.

Time will tell if the development of the Shiba Inu ecosystem will be enough to push SHIB back to all-time highs.

For those who are optimistic about the future of the ecosystem, now is probably a good time to start accumulating SHIB tokens.

SHIB (SHIB) Alternative to consider

Although his outlook has improved, Shiba Inu is still high-stakes game.

Crypto degenerators with a high risk tolerance looking for a trade that could provide a better opportunity for exponential gains should consider investing in small cap meme coins.

Here’s a project that analysts believe could turn a solid lead.

Wall Street Memes (WSM)

Wall Street Memes, one of the most popular retail investment communities on the internet, rose to fame in the 2021 stock meme craze and has recently been expanding its relevance in the cryptocurrency space with the pre-sale of its new token. $WSM.

The pre-sale success of $WSM, which has raised $14.5 million in just over a month, is hardly surprising given the size of the Wall Street Memes community.

Not only are there 523,000 hyper-engaged community members in your Instagram account wallstbetsthere are another 214k on Twitter and over 100k on his other two Instagram channels, wallstgonewild and wallsstbullsnft.

In total, Wall Street Memes has a strong social community of 1 million degens, which analysts believe almost guarantees the $WSM token will be listed on tier 1 crypto exchanges like Binance.

Since 30% of the token supply is retained for community rewards, airdrops to holders can reasonably be expected to be a large part of the ecosystem.

In fact, the first $WSM airdrop it is open now.

analysts They are already predicting great things for Wall Street memes when you trade on the exchanges and you can be a part of that.

Visit Wall Street Memes here

Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all your capital.