Whales Move SHIB Amid High Social Sentiment: What’s Next For Price?

• 1 Positive sentiment and technical analysis indicate a bullish trend for Shiba Inu (SHIB)
• 2 SHIB stands out due to its burning program and shibarium development.

Investing in various meme coins is similar to strapping into a rollercoaster car, where the journey is full of ups and downs with no safety bar. Their value has often soared as quickly as it plummets, often on the whim of a celebrity tweet or viral challenge. 

However, the thing that sets the meme coins apart is this crypto community is hype as well as social sentiment. Yet, in the ocean-like world of crypto, they can skyrocket to stardom overnight, fueled by tweets and trends.

The same goes for the meme-coin Shiba Inu (SHIB). The two most important factors that could fuel an SHIB rally in the short term are the asset-burning programs by the coin and the development of their layer-2, Shibarium. 

HOURLY SHIB UPDATE$SHIB Price: $0.00002291 (1hr 0.45% ▲ | 24hr 3.59% ▲ )
Market Cap: $13,498,058,363 (3.60% ▲)
Total Supply: 589,273,880,064,562

TOKENS BURNT
Past 24Hrs: 2,624,322 (-0.3% ▼)
Past 7 Days: 64,715,408 (-85.51% ▼)

— Shibburn (@shibburn) May 3, 2024

Tweet By Shibburn | By X platform

According to Shibburn, tokens burnt in the last 24 hours are 2.624 million. The Shibarium layer-2 hard fork was launched on May 2nd, 2024, with cool upgrades like enhanced network performance, faster block processing times, and robust security.

Shiba Inu Chart Show Promise! – Bounties Ahead?

When writing, the meme coin was trading at $0.00002272 with a market capitalization of over $13.39 billion. As per IntoTheBlock’s data, 58% of SHIB investors were in profit at press time. The concentration of large holders is 73%, which is between 0.1% to 1% and above 1% of the circulating supply.

The SHIB’s Social Volume also spiked, reflecting an increase in popularity and portraying upcoming positivity in the token. Even its Weighted Sentiment scale remained comparatively higher, portraying bullish sentiment around the Shiba Inu (SHIB) meme coin that was dominant in the crypto market.

Social Volume, And Weighted Sentiment | By Santiment.com

There was also positive oriented better news on the X platform, as a bullish pattern formed on the meme coin’s daily price chart. A famous crypto technical analyst, Ali Martinez, a popular crypto, posted a tweet on May 1st, highlighting a bullish flag pattern on SHIB’s daily chart.

#ShibaInu appears to be forming a bull flag on the daily chart! I'm placing buy orders around $0.000018343, aiming for a bullish breakout that sends $SHIB to $0.000072323.

So, if you want to join me in this trade, head to @coinexcom and sign up using my referral link… pic.twitter.com/er1gE0lozV

— Ali (@ali_charts) May 1, 2024

Tweet By Ali | By X Platform

He also highlighted, as per the tweet, that a bullish breakout from the bullish pattern is on the way for the coming sessions, which could possibly result in SHIB touching $0.000072323. 

Whales Drive Significant Increase In Transaction Volume

The Whale Alert’s tweet on May 2nd, 2024, noted a significant transfer of nearly 2 trillion SHIB tokens on Robinhood’s renowned crypto trading platform. In this transfer, the SHIB coins were shifted to an identified crypto wallet, which sparked an intense curiosity among crypto enthusiasts.

🚨 875,000,000,000 #SHIB (19,666,682 USD) transferred from #Robinhood to unknown wallethttps://t.co/hxSvwFxC0E

— Whale Alert (@whale_alert) May 1, 2024

Tweet By Whale alert | By X Platform

Furthermore, a wallet address labeled -4D935 is now spotlighted for gaining large sums of SHIB coins. These transactions have fueled widespread speculation regarding the potential motives behind such significant moves.

SHIB Price Forecast Amid Positive Vibes Spread by Whales And Social Platforms

The meme coin Shiba Inu faces a pivotal resistance level at $0.00002320. Breaking through this barrier could see its value rise to $0.00002550. Such a move might set the stage for reaching the $0.00010000 threshold.

SHIB Price Analysis | By TradingView

However, a downturn could push its price down if the seller rises from this level of $0.00002200. After that, the market sentiment could turn negative, where SHIB could fall further to $0.00002000, and increased bearish momentum may confirm a downward trend.

The daily technical evaluation shows a promising overview for Shiba Inu, with its price on a recovery path. The Relative Strength Index (RSI) is at a balanced 40. The MACD line has crossed below the signal line, indicating potential bearish momentum in the short term at -0.00000081.

Summary

Shiba Inu (SHIB) stands out due to its burning program and Shibarium development. With 2.624 Million tokens burned and enhanced network performance, SHIB is gaining popularity. 

It is currently trading at $0.00002272 with a market cap of $13.39 billion. Likewise, its Positive sentiment and technical analysis indicate a bullish trend for SHIB.

The tweet highlighted a bullish breakout for SHIB towards $0.000072323. On May 2nd, a transfer of 2 trillion SHIB tokens to Robinhood sparked curiosity. Wallet -4D935 is under scrutiny for large SHIB transactions, leading to speculation. 

Regarding price action, SHIB faces resistance at $0.00002320, with the potential to reach $0.00002550 and $0.00010000. A downturn could drop prices to $0.00002000 if sellers increase. Technical analysis shows a balanced RSI at 40 and potential bearish momentum in the short term with a MACD line below -0.00000081.

Technical Levels

Support Levels:  $0.00002000

Resistance Levels: $0.00002550

Disclaimer

In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.