Shiba Inu, ranked the 16th largest cryptocurrency by market cap has had a good enough week. Especially when it comes to price movement.
The cryptocurrency followed the rest of the market's cryptos and made about 15% of gains over the last week. However, with the bearish start to the week, SHIB has lost more than 4% of its initial value and is now running at a loss on the daily timeframe.
So what about this week? What can we expect from the next few days?
In this piece, we will be going over three of the most prominent signs that Shiba Inu is going to have a good week.
Here is one of them.
According to recent tweets from Whale Alerts, Shiba Inu whales have been very interested in Shiba Inu as of late, judging by how much of the memecoin they transfer around.
A recent tweet from Whale Alerts, however, stood out.
According to Whale Alert, an anonymous whale with the address "0xbf07ed…" transferred a whopping 4,193,953,460,450 SHIB to another unknown address.
This figure amounts to about 4.8 million USD, sent in a single transfer.
It's interesting to note that the transaction included no exchanges.
So far, the crypto community continues to speculate about whether this is an OTC deal, or a huge whale's calculated decision to shift their holdings across many blockchain addresses.
This transfer is coincidental with SHIB's increasing whale attention. The lead Shiba Inu Developer Shytoshi Kusama, was also recently included list of the top 50 cryptocurrency influencers.
According to data from ShibBurn, In the past 24 hours, there have been a total of 23,444,631 $SHIB tokens burned in 17 transactions.
More than half a billion SHIB were also burned in the previous week, with this 23,444,631 $SHIB burn now representing more than a 3000% increase.
To conclude things, the Shiba Inu developer team also completed the first-ever SHIB burn on Shibarium, after burning 8,241,856,589 (8.24 billion) SHIB tokens—or $75,412 in one transaction according to LUCIE.
Analyst, Ali had something interesting to say about SHIB.
According to Ali, there is a major resistance somewhere around $0.000016 on SHIB's price chart.
This is because nearly 90,000 addresses now hold about 42 trillion SHIB around this zone, and will be likely to sell here.
Interestingly, SHIB currently trades at about $0.00000969. This leaves about a 70% incoming rally for SHIB, as these investors pump the cryptocurrency with the hope of selling at this price level.
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