Shiba Inu / Source: Dall•E 3
The Shiba Inu (SHIB) price is ebbing back from a recent failed retest of the $0.000010 level, despite a recent 1,300% jump in whale activity on the blockchain.
Shiba Inu was last trading close to $0.0000095, down just over 2% on the day.
As per data presented by IntoTheBlock, $89.88 million in SHIB transactions were witnessed over the past 24 hours amongst large holders.
So while the Shiba Inu price is performing poorly, could increased whale activity suggest a huge pump incoming?
Price Prediction – Huge Shiba Inu (SHIB) Price Pump Incoming?
Chart analysis doesn’t paint an optimistic picture for the Shiba Inu price’s near-term prospects.
SHIB recently fell below an important medium-term uptrend, before then confirming the bearish sentiment of the market by rejecting resistance at the $0.000010 zone.
With the Shiba Inu price under its 21 and 50DMAs, chart analysis suggests a bearish near-term trading bias.
Shiba Inu (SHIB) Price Chart / Source: TradingView
However, the US SEC could approve a spot Bitcoin ETF as soon as Wednesday, a catalyst that could upend markets.
If approval does come, a surge in risk appetite could see the Shiba Inu price vault higher.
If SHIB was able to break back above its 21 and 50DMAs, plus the downtrend from the December highs and $0.000010 resistance zone, a retest of recent local highs near $0.000012 could be on the cards.
Shiba Inu (SHIB) Price Chart / Source: TradingView
However, Shiba Inu’s longer-term outlook remains uncertain.
The token’s already considerable market cap of around $5.6 billion will struggle to swell further in the absence of significant further adoption.
Adoption is exactly what Shiba Inu developers are trying to encourage.
They recently launched the Shibarium layer-2 scaling solution, which aims to provide a home for Shiba Inu’s growing web3 ecosystem.
As per shibariumscan.io, activity on the newly launched protocol remains highly subdued, a red flag for SHIB investors.
Meme Coin Alternative to Consider – $SPONGEV2
One meme coin that could offer much higher upside prospects than Shiba Inu in 2024 is Sponge V2.
Sponge V2 ($SPONGEV2) is the reincarnation of the legendary Spongebob Squarepants-themed $SPONGE token, which reached a market cap of nearly $100 million earlier in 2023 and delivered gains to its earlier investors in the region of 100x.
$SPONGE token holders will be able to stake their tokens to receive an equivalent amount of $SPONGEV2 tokens, as well as to start earning staking rewards (paid out in $SPONGEV2) with a minimum APY of 40%.
$SPONGEV2’s main advantage over $SPONGE is that it will power a new play-to-earn game, the details of which are yet to be released.
But we do know that there will be a free version and paid version of the game.
Visit Sponge V2 Here
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