Will shiba inu go up again
9/11/2024 04:16am
**Shiba Inu's potential for price increase is analyzed as follows**:
1. **Recent Price Action**: Shiba Inu (SHIB) has experienced a recent price increase to $0.000013, but this gain faces potential resistance. On-chain data indicates that over 4 trillion SHIB are set to sell, which could outpace buyer demand. This suggests a price dip is likely if the sell-off continues.
2. **Market Dynamics**: The SHIB price could face resistance at $0.000014, and a drop to $0.000010 is possible if the sell-off persists. However, whale transactions have spiked, indicating strong buying interest. Additionally, large holder inflows have surged by 164%, which may indicate buying and potential price support.
3. **Investor Sentiment**: Despite recent price declines, a leading investor remains very bullish on SHIB's future, predicting a large rally soon. This sentiment could contribute to price recovery.
4. **Ecosystem Development**: SHIB's ecosystem is expanding, with new developments like the Shiba Eternity game and the Shibarium L2 blockchain. These advancements could enhance SHIB's long-term value proposition.
5. **Technical Indicators**: SHIB's Realized Profit has spiked, suggesting that short-term holders have realized profits. This could lead to a consolidation or decline in price.
6. **Wholesale Market Influence**: SHIB's price is influenced by Bitcoin's price movements, but it needs to maintain its ecosystem evolution to solidify its chances of a retest of its all-time high.
In conclusion, while there are signs of potential price increases due to whale transactions and ecosystem development, the imminent sell-off and short-term holder profit-taking could lead to a temporary price dip. However, the long-term outlook for SHIB may be more positive if it can sustain its ecosystem growth and investor confidence.