SHIB has been strongly bullish and is showing a correlation to Dogecoin.
Whale activity has shot up over the last week, and a price surge could be in the works.
Analysts generally see a jump between 4x and 10x for the memecoin soon.
Time will tell whether SHIB jumps to its yearly highs again before December 2024 clocks in.
Shiba Inu has captured the crypto market's wild attention, as whale accumulation surged over 7,000% within the past week.
Some analysts are growing optimistic about this sudden spike in investor interest. Most believe Shiba Inu is on its way to being worth four times its current value.
As the memecoin market heats up once again, let’s examine the details of SHIB’s recent whale activity.
Let’s also go over its technical indicators and what might be behind some of these bold predictions.
According to recent data from CoinMarketCap, SHIB’s price sits at around $0.00001880.
This came after its price dropped slightly over the last 24 hours.
Interestingly, SHIB is showing a strong correlation to Dogecoin’s price movement.
The most compelling aspect of SHIB's performance, however, is the explosive increase in whale activity over the last week.
Data from IntoTheBlock shows how holders have collectively increased their holdings by an insane 7,469% over the past seven days.
A combined $365 million in transactions
This cohort of users has even made transactions worth an impressive $365 million over the last seven days.
This accumulation spree shows that investors are becoming more interested in SHIB, especially since it is on the verge of a major breakout.
The large holder transaction count also supports this surge in whale accumulation.
This metric calculates how many major transactions occur on a blockchain within a given timeframe.
Shiba Inu has jumped from 53 to 324 transactions over the last week.
Large transactions on Shiba Inu
This increase further shows how much interest is growing in SHIB from stakeholders.
Analysts like Javon Marks are incredibly bullish on SHIB.
In a recent tweet, he maintained his prediction of a $0.000081 price target for the cryptocurrency. Interestingly, this also represents a 4X increase from current levels.
One of the main drivers behind SHIB's resilience is its well-recognized branding.
According to analyst Zach Humphries, these aspects significantly influence SHIB's growth.
Humphries outlined his belief in SHIB in a recent tweet, mentioning that brand strength and a loyal following could be the keys to a pump.
Buttressing his points, Humphries pointed out that even after SHIB’s explosive rally in 2021 rally, the community has remained active.
Moreover, this community continues to engage with the project and contribute to its relevance.
According to Humphries' report, SHIB's market cap could eventually hit $100 billion.
For some context, this would bring the price to $0.000171—an increase of nearly 890% from current levels.
While this $100 billion market cap would appear far-fetched to many, Humphries believes it is achievable if several factors align.
These include an influx of new retail investors and an overall positive trend in the broader crypto market.
Why SHIB will rally
World of Charts, another analyst agrees with Humphries.
The analyst pointed out a recent breakout above resistance on SHIB. The analyst then predicted an incoming 200% price rise for the memecoin—a rise that could bring SHIB closer to its yearly highs.
This prediction comes with what World of Charts describes as a “descending expanding wedge pattern."
Said setup is generally bullish and indicates a strong possibility for SHIB to continue upwards If the breakout remains intact.
Humphries and World Of Charts present a compelling case for Shiba Inu’s growth.
However, a few challenges remain.
The biggest of these is the predicted market cap for the memecoin. For SHIB to hit a $100 billion market cap, it would need sustained growth/demand over time.
This is without mentioning that such a target is very ambitious—especially for a memecoin that is more volatile than most other crypto classes.
SHIB’s journey toward this target will mostly depend on how well it can hold whale interest.
Still, with the loyal community that backs the memecoin, SHIB may be well-positioned for solid performance.
In all, the recent whale accumulation trend on SHIB has sparked optimism among analysts.
Predictions now range from a 4X increase to a 10X rise. As for how high up SHIB can go, the community is more in favor of a "wait and see" approach.
Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information but will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.