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A lot of limelight has been seen recently on Shiba Inu (SHIB) making it one of the hottest topics to consider in the cryptocurrency arena. The price of SHIB rose by more than 70% over the past week, to the delight of investors and dealers. The trading volume has surged to as high as 246%, reaching an unprecedented high of $6.18 billion, putting to rest doubt over where SHIB will trend next.
SHIB & The Trump Effect
Analysts however contend that the rise in SHIB can be ascribed to the rampant zeal witnessed in the cryptocurrency space fueled by some recent events in the US, including Donald Trump’s election victory, which has invigorated market sentiment – and his endorsement of Elon Musk for a proposed crypto department once he starts work as president.
Amidst this anticipation, SHIB has set its sights on a rather steep growth curve. Currently situated a notch below where it should be, this degree of undervaluation points to the potential for a sharp uptrend within a few days from now. In the medium term, SHIB’s price forecast is rather optimistic given the projected 91.16% increase in the price over the next 6 months. This suggests that this meme token could be on an upward trajectory for quite some time as it cements its position among the leading crypto assets.
Market Sentiment On The Rise
The cryptocurrency landscape, on the other hand, paints a much broader and more optimistic picture, thereby raising a lot of expectations around SHIB. Market experts believe that the victory of Trump has created a market euphoria that complements the rally of Bitcoin and the rest of the digital assets and helps in the upward trajectory of SHIB.
Whale Activity Indicates Interest
Apart from market mood, on-chain data shows an increase in activity by important SHIB holders, known as “whales.” Data by IntoTheBlock shows that early November saw a notable rise in the volume of these high-value transactions—6.47 trillion SHIB overall.
A high level of whale activity typically indicates a strong interest from significant investors, as they position themselves for potential future gains. An indicator that SHIB may be in for another round of price jumps is this pattern of accumulation among large participants.
Still fairly fresh off of a confirmed Hidden Bull Divergence and holding broken out, $SHIB (Shiba Inu), in the midst of a roaring Bitcoin market, can be getting ready for its next level performance towards the $0.00081 target!
This target’s currently over 306% away and a push to… https://t.co/0ySjEfPQgF pic.twitter.com/DwklAFs8zj
— JAVON
MARKS (@JavonTM1) November 8, 2024
Meanwhile, market observers are currently focusing on a potential target of $0.00081, which would represent a 306% increase from current levels, following recent technical breakouts and a confirmed concealed bullish divergence on the charts.
Featured image from DALL-E, chart from TradingView
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