TLDR
- Shiba Inu (SHIB) saw a spike in whale transaction volume, reaching 4.29 trillion SHIB on July 6, 2024.
- SHIB price surged 13.25% in 24 hours, reaching $0.00001507 as of July 6, 2024.
- Analysts predict SHIB could reach $0.0001 (eliminating a zero) between 2027 and 2028.
- SHIB outperformed most cryptocurrencies in the top 100 with recent gains.
- Ex-Goldman Sachs analyst Murad Mahmudov predicts another meme coin cycle in the crypto market.
Shiba Inu (SHIB), the popular meme cryptocurrency, is showing signs of recovery after a recent price slump. On July 6, 2024, SHIB experienced a significant surge in whale transaction volume and price, sparking optimism among investors and analysts alike.
According to data from IntoTheBlock, Shiba Inu saw a spike in transactions worth at least $100,000 on July 6, amounting to a daily high of 4.29 trillion SHIB. This marks the largest whale transaction volume in nearly two weeks. The increased activity coincided with a rapid surge in large buys, indicating a potentially bullish trend.
On the same day, SHIB’s price surged by 13.25%, reaching $0.00001507. This impressive gain made Shiba Inu one of the best-performing cryptocurrencies within the top 20 by market capitalization.
In fact, SHIB outperformed most cryptocurrencies in the top 100, trailing only behind Notcoin (NOT), Arbitrum (ARB), Optimism (OP), MANTRA (OM), and Celestia (TIA).
The surge in whale activity and price has reignited discussions about SHIB’s potential to eliminate a zero from its price, reaching the $0.0001 mark. Currently, this would require a 563.57% increase from its current price. While this may seem like a tall order, some analysts believe it’s possible in the coming years.
Coinpedia estimates a price range between $0.0001066 and $0.0001253. This forecast aligns with predictions from other platforms, including Changelly, which sees SHIB reaching the $0.0001 price level by 2027.
The recent price surge and increased whale activity are not the only factors contributing to the positive outlook for SHIB. On-chain data shows that bulls procured up to 4.24 trillion SHIB on July 6, while bears sold 4.18 trillion SHIB, leading to an excess demand of 48.67 billion tokens.
Shiba Inu exchange reserves have dropped by 2.517 trillion SHIB since July 1, indicating that investors are pulling tokens off exchanges.
From a technical analysis perspective, the MACD line has crossed above the Signal line, suggesting a flip in momentum from bearish to bullish. SHIB has already recovered the Fibonacci 0.236 level at $0.00001650 and is now eyeing the 38.2% Fibonacci retracement at $0.00001897.
While SHIB’s performance is impressive, it’s worth noting that the broader meme coin market is showing signs of life. Former Goldman Sachs analyst Murad Mahmudov has predicted another meme coin cycle in the crypto market. This could potentially benefit SHIB and other meme-based cryptocurrencies.
Price performance of Majors and Memes since the $BTC picobottom yesterday.
Yeah I'm thinking this is going to be a Memecoin Cycle. pic.twitter.com/w1p4EeejxM
— Murad (@MustStopMurad) July 6, 2024
