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Shiba Inu Dominates Dogecoin In Whale Transactions: What’s Next For SHIB Price?

Release: 2024/05/30 01:37 Reading: 929

Original author:CoinPedia News

Original source:https://coinmarketcap.com/community/articles/6657603368adec7811b21ad4

Shiba Inu Dominates Dogecoin In Whale Transactions: What’s Next For SHIB Price?

Shiba Inu Surpasses Dogecoin in Whale Transactions

Shiba Inu (SHIB) has experienced significant price fluctuations, challenging the dominance of Dogecoin (DOGE). Beginning the year below $0.000010, SHIB surged by over 450%, reaching a high of $0.000045 in mid-February. However, it remains 70% below its peak price from 2021.

Surge in Whale Interest in SHIB

In recent weeks, whale interest in SHIB has spiked, while DOGE has shown bearish on-chain metrics. Data from Santiment indicates a decline in active users, transaction volume, and social media engagement for DOGE. Additionally, whale transactions have decreased significantly, dropping by over 52.8% in just a week.

Conversely, whale interest in SHIB is on the rise. Large transaction volumes worth over $100K have surged from $29.93 million to $214.18 million, boosting SHIB's trading volume and creating a bullish market sentiment.

Surpassing ADA and Gazing at a SHIB ETF

SHIB has surpassed Cardano (ADA) in terms of market capitalization, becoming the 10th largest cryptocurrency. Additionally, there are discussions about the possibility of a SHIB exchange-traded fund (ETF), following the success of Ethereum ETFs. The lead developer of Shiba Inu has expressed interest in exploring this potential, gaining support from the community.

Future Prospects for SHIB Price

The SHIB price has recovered from its recent dip and is currently trading at $0.000027. Bulls are attempting to push the price above Fibonacci resistance levels, potentially triggering a rally towards $0.000033. However, bears are also strong, and if they succeed in driving the price below moving averages, SHIB could fall back towards $0.000023.

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