• SHIB’s price is down 1.77% in the last 24 hours and 3.11% over the past month.

• Analysts see $0.000026 as a crucial support and project possible gains with whale accumulation.

Shiba Inu (SHIB) is on the radar of crypto enthusiasts as a potentially significant price surge looms. Currently trading at $0.00002466, down from its yearly high of $0.000045, SHIB has experienced volatility. 

 The broader cryptocurrency market has been volatile, impacting SHIB’s performance. The token has been up 1.77% in the last 24 hours and 3.11% over the past month, nearly 46% below its yearly peak. Despite this, market watchers remain optimistic about a potential price rally. Analysts suggest that the ongoing bull market’s second phase could push SHIB to new heights, though the ambitious target of $0.05 has been deemed unrealistic.

Accompanying the bearish trend, SHIB’s market capitalization dropped by 1.38% to $14.62 Billion. The 24-hour trading volume also increased by 13%, falling to $493.5M. These declines reflect a cautious market sentiment, likely influenced by the notable activity of large holders.

Analysts Highlight Key Support and Resistance Levels

Analysts have been scrutinizing SHIB’s price movements closely. SHIB Knight, a prominent crypto analyst, highlighted $0.000026 as a crucial support level. He believes maintaining this level is essential for sustaining bullish momentum. The recent price decline, in his view, offers a compelling buying opportunity for traders.

https://x.com/army_shiba/status/1796249901564637520

Meanwhile, another crypto market analyst, Javon Marks, has set a price target of $0.0000886 for SHIB, anticipating this level during the next significant price rally. Such projections are fueling optimism among investors looking for substantial gains in the near future.

According to Ali charts, this recent pattern of significant SHIB transfers to exchanges and reduced market participation has been consistent over the past week. This trend underscores a cautious market outlook, with large holders potentially preparing for further market fluctuations.

https://x.com/ali_charts/status/1796477469022728661

Whale Accumulation Signifies Long-Term Confidence

On-chain data reveals that large investors, often referred to as “whales,” are actively accumulating SHIB. Over the past month, new whale addresses have acquired nearly 184 billion SHIB from cryptocurrency exchanges. This activity signifies strong long-term confidence in Shiba Inu’s potential.

This accumulation by whales is seen as a positive indicator, suggesting that significant players are positioning themselves for future gains. Such moves often precede notable price movements, adding to the overall bullish sentiment surrounding SHIB.

The reduced activity among retail investors is evident from the decreasing number of active and new addresses. This decline suggests a conservative approach among market participants, with fewer individuals engaging in SHIB transactions. The data indicates a lack of confidence in immediate market movements, possibly influenced by the substantial token movements by whales.

Shibarium Network Upgrade Enhances Efficiency

The Shiba Inu ecosystem has recently celebrated a critical upgrade to the Shibarium network, which has significantly reduced bridging time from seven days to just 45 minutes. This enhancement is expected to improve user experience and network efficiency.

The upgrade has coincided with a remarkable 233% surge in SHIB’s burn rate over the weekend. The increased burn rate is anticipated to contribute to a potential bull market for SHIB by reducing the circulating supply and enhancing the token’s scarcity.