Shiba Inu If history goes well, we may be gearing up for another major price move. When rival cryptocurrency Dogecoin surged after Elon Musk acquired his Twitter in late October, blockchain analytics firm Santiment said SHIB had historically followed Dogecoin’s rise. Guessed.
santimento “Whether on either side of the fence with a meme coin like DOGE or SHIB, there is no denying that they have had their pumping moments. Shiba Inu has historically followed the Dogecoin pump.”
Indeed, after Dogecoin cooled slightly, Shiba Inu hit a high of $0.0000151 on October 29 and started running along.
Dogecoin is currently up 10% in the last 24 hours and 40% in the past week. If history repeats itself, the price of SHIB could fluctuate wildly as soon as Dogecoin cools down. At the time of publication, SHIB was trading at $0.00000922, up 2.37%, while it is up 11.17% on the weekly chart.
Moreover, the price of SHIB continues to be in a correction phase, which usually portends major price movements. Since November 16th, the SHIB price has remained range bound, with barriers and supports at $0.0000965 and $0.00000817 respectively.
The daily RSI is slightly tilted upwards, suggesting an imminent move. However, the picture remains one of consolidation or range trading as the indicator remains below the neutral level of 50.
whales are gathering
Data from Crypto Data Tracker whale statistics It shows that the SHIB balances of the top 100 Shiba Inu owners increased by only 0.2%.
Considering that these top holders own SHIB assets worth billions of tokens, the slight increase of 0.2% may be worth it.
If this accumulation trend persists, the SHIB price may have to keep up with increased demand. Despite all the above reasons, you may need to pay close attention to market trends.
Currently, SHIB reflects the price of Bitcoin as it has a 97% correlation with major cryptocurrencies.
