TLDR
Shiba Inu (SHIB) has made an unexpected return to the market, bouncing off the 50-day EMA support level
Analysts have identified potential buying zones for SHIB, predicting a looming rally and possible price targets
Whales have been accumulating SHIB at discounted prices, with nearly 184 billion tokens purchased from exchanges in the past month
The SHIB burn rate has surged 233% following a critical upgrade to the Shibarium network, which is expected to kickstart a bull market
The Shiba Inu team has issued a warning about scammers launching fake tokens, urging the community to be cautious and thoroughly research before investing
Shiba Inu (SHIB), the popular meme-inspired cryptocurrency, has recently made an unexpected return to the market, bouncing off the 50-day exponential moving average (EMA) support level.
This rebound has given traders hope for a potential reversal and the confidence needed to halt the larger decline that began more than a week ago.
Analysts have been closely monitoring SHIB’s price movements and have identified potential buying zones for the token. SHIB Knight, a prominent crypto analyst, revealed his intention to buy Shiba Inu at specific price points, believing that the current price decline presents a compelling buying opportunity. He identified $0.000026 as a key support level that SHIB should hold to maintain its bullish momentum.
Buying more $SHIB at these levels. Accumulation will end up with a massive pump. pic.twitter.com/CEbuKXy4GR
— $SHIB KNIGHT (@army_shiba) May 30, 2024
While some analysts have refrained from making specific price predictions, others have ventured forecasts for potential price targets upon a future price increase.
Crypto market analyst Javon Marks anticipates a price target of $0.0000886 for SHIB during the next significant price rally.
Despite the recent price dip, on-chain data suggests that large investors, often referred to as “whales,” are actively accumulating SHIB. In the past month alone, new whale addresses have demonstrably acquired nearly 184 billion SHIB from cryptocurrency exchanges, signifying their long-term confidence in the project.
Shiba Inu price at Coingecko
The Shiba Inu ecosystem has recently celebrated a critical upgrade to the Shibarium network, which has reduced bridging time from seven days to just 45 minutes.
This upgrade has coincided with a significant spike in SHIB’s burn rate, which has surged 233% over the weekend. The increased burn rate is expected to contribute to a potential bull market for SHIB.
However, amidst the positive developments, the Shiba Inu team has issued a crucial warning to the community regarding scammers launching fake tokens.
These malicious actors have been falsely claiming involvement with Shiba Inu developers and the future of Shibarium, exploiting various mediums to lend false credibility to their schemes.
#SHIBARMY extreme caution is advised in these volatile times pic.twitter.com/zZg1NctVzm
— Digarch*shib | Shibarium is live (@Digarch) June 2, 2024
The SHIB team has strongly recommended that the community be extremely cautious and thoroughly research before investing in any new SHIB-based tokens.
They have also clarified that the much-anticipated TREAT token has not been released yet, and any tokens claiming to be associated with it are attempts to deceive and defraud the community.
The post Rally Incoming for Shiba Inu (SHIB)? Whales Accumulate $184 Billion SHIB in Past Month appeared first on Blockonomi.