- Renowned Bitcoin advocate Davinci Jeremie’s recent endorsement of Shiba Inu as a long-term investment option has drawn attention to SHIB.
- Jeremie’s backing, coupled with SHIB’s positive trajectory, underscores its appeal as an investment asset.
March 2024 has witnessed dynamic movements in the cryptocurrency realm, marked by notable surges that have garnered widespread investor attention. Among these rises, Shiba Inu has notably emerged, experiencing a significant price uptick early in the month, reaching approximately $0.000045.
Despite a subsequent decline to $0.000030, Shiba Inu has still recorded a remarkable 115% increase since the month’s onset, currently standing at $0.00002868, indicating a 6% daily decrease. Per the Crypto News Flash report, this SHIB price can replicate a 2021-like bull run.
In the midst of fluctuating market sentiments, Davinci Jeremie, a staunch Bitcoin advocate since 2011, recently expressed support for Shiba Inu’s inclusion in investment portfolios. His endorsement was prompted by a query from a crypto enthusiast seeking insights into long-term investments in Shiba Inu.
— Davinci Jeremie (@Davincij15) March 31, 2024
Jeremie’s recommendation holds significance owing to his longstanding advocacy for Bitcoin dating back to 2013. In a recently surfaced video from that period, Jeremie fervently encouraged individuals to invest even a mere $1 in Bitcoin, underscoring its potential future value. With Bitcoin’s trading price skyrocketing to over $70,000 from its 2013 peak of $114, investors who heeded Jeremie’s advice then would now be witnessing substantial returns.
Jeremie’s recent endorsement of Shiba Inu echoes his earlier support for Bitcoin. His backing of SHIB as a long-term investment opportunity reflects his aptitude for identifying emerging trends within the crypto space. Notably, Jeremie had previously voiced support for Shiba Inu when it was trading at $0.0000079.
Potential Returns Given the significant growth in SHIB’s value since Jeremie’s previous endorsement, investors who acted upon his advice would now be reaping substantial profits. For instance, an investment of $10,000 in Shiba Inu at that time would have grown to $36,708 at SHIB’s current price.
Shiba Inu Whale Movement
According to on-chain data, a substantial amount of 461 billion Shiba Inu (SHIB) tokens moved from Wintermute, a prominent algorithmic trading firm, to a wallet named “Robinhood 2.”
Crypto data tracker Whale Alert reported that “461,631,206,896 SHIB worth $13,175,185 was transferred from Wintermute to an unknown wallet. Further investigation on Etherscan revealed the receiving wallet’s identity as “Robinhood 2.”
The timing of this transfer coincides with a broader market downturn, with many major cryptocurrencies experiencing a decrease in value, sparking speculation.
Shiba Inu also declined alongside the general crypto market. As of writing, SHIB was down by 6.44% in the last 24 hours, trading at $0.0000265, extending its decline from April 1 highs of $0.0000307. Shiba Inu has been on a gradual decline since March 28, after reaching highs of $0.00003285. If the downtrend persists, the daily MA 50 around $0.00002288 might emerge as the next significant support level for the Shiba Inu price.
Conversely, if the SHIB price rebounds, bullish investors may aim for a breakthrough above the $0.00003 and $0.000032 resistance levels to indicate a new trend.
