Shiba Inu's 8% Surge: A Whale-Driven Recovery Attempt Amidst Bearish Sentiments

Shiba Inu (SHIB) gained 8% last Wednesday, marking a recovery attempt after the token dipped to a major low of $0.0000116. While Bitcoin is consolidating at 97k with signs of a possible breakout above 100k in the next few days, the Shiba Inu ecosystem has been subjected to declining profitability. Investors are diving into other projects, such as 1Fuel (OFT), as analysts predict a 100x meteoric rise upon exchange listing.

Shiba Inu is currently trading at $0.00001622 as price recovery continues in the daily time frame. Shiba Inu's profitability recorded an all-time low with 17% of holders still in profit. Over 70% of SHIB investors are losing money due to the token's persistent downtrend. Concerns about the future of SHIB are driving bearish sentiments among traders as current price momentum signals upcoming sell-offs at resistance zones.

However, SHIB surged 8% last Wednesday, and on-chain data shows whales are still accumulating the token despite long-term holders facing difficulties with profitability. If accumulation continues to build up and break through the next crucial resistance point at $0.000023, it may rekindle a strong bullish sentiment that may drive Shiba Inu to new highs.

Given recent Shiba Inu price trends, the slight surge appears to be a temporary uptrend as the token has formed a descending candle on the daily chart suggesting a strong bearish trend. In the absence of a significant surge in demand, Shiba Inu may veer off towards a new low, plunging long-term holders further into loss.

In addition to the waning network growth indicating less interest from new investors, Shiba Inu may struggle to get back on track if the ecosystem does not offer investors strong incentives to bet on the future of the token. While SHIB’s recovery trajectory is unclear, investors are joining 1Fuel super-fast tech project which boasts of a promising market outlook.

While investors are closely watching SHIB reaching critical entry levels to break even, attention is being diverted to 1Fuel super-fast tech platform offering as high as 100x returns upon listing. 1Fuel is a new exchange platform with a