Shiba Inu (SHIB) has been showing gains last week, but recent days have seen a correction and some red candles. We analyzed the main signals that could indicate the future movement of this meme coin's price.
Rise in Large Transactions
The volume of large SHIB transactions, where each exceeds $100,000, increased by 170% and reached $20 million in the past 24 hours. This usually indicates the activity of large investors ('whales'), which can positively impact the perception of smaller investors and result in new capital influx.
Decline in Token Burn Rate
On the other hand, the Net Network Growth shows a decline of 0.17%, signaling a potential correction. Also, SHIB’s burn mechanism has seen a nearly 50% decrease in the past 24 hours, reducing the number of burned tokens to less than 8 million. This might weaken the supportive effect on the coin's price.
SHIB Predictions
Some analysts are optimistic about Shiba Inu's future. JAVON MARKS believes the meme coin could rise to $0.000081 following the Federal Reserve rate cuts. Other analysts, like pepa, predict an even greater increase based on technical data. However, to reach such targets, the market capitalization would need to exceed $800 billion, making the forecast questionable.
Shiba Inu shows mixed signals. On the one hand, large transactions and technical indicators suggest possible growth. On the other hand, the decline in Net Network Growth and burn rate raises doubts about further price strengthening.
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