Shiba Inu (SHIB) has been gaining traction as the second-largest meme coin in the market, with whales driving a significant holding trend. According to crypto analytic firm Santiment, whales have been reducing their SHIB investments on exchanges, indicating a growing hodl culture. Holding onto coins for future use rather than speculative trading reduces selling pressure and is seen as a positive development for the Shiba Inu ecosystem. Non-exchange whales are accumulating SHIB, leading to questions about whether a breakout is on the horizon.
The recent uptrend in SHIB prices has sparked speculation about a potential breakout. CoinGecko data shows that Shiba Inu has gained 23.5% in the past week and is aiming to breach a lower high. If successful, SHIB could reach the $0.0001 zone, potentially erasing one zero from its current value. Crypto expert Luis Delgado has predicted that SHIB’s journey to $0.01 is inevitable based on macro factors. This milestone could pave the way for SHIB to reach $1 in the future. Wizard Crypto also shared a bullish outlook for Shiba Inu, suggesting a possible 1,600% price increase if Bitcoin reaches $150,000.
At the time of writing, SHIB was trading around the $0.00001933 level, reflecting the current market sentiment towards the coin. The growing interest in Shiba Inu and the increased holding activity among whales suggest that a breakout may be on the horizon. With whales offloading their SHIB holdings from exchanges and accumulating coins for the long term, selling pressure is expected to decrease. This could create a bullish environment for SHIB and pave the way for significant price movements in the future.
While the recent gains in SHIB prices have been encouraging, the overall market sentiment remains cautious as investors wait for a potential breakout. If SHIB can breach a lower high and continue its upward trajectory, reaching the $0.0001 zone could be a significant milestone for the coin. With experts predicting further price increases and the possibility of SHIB reaching $1 in the future, the outlook for Shiba Inu looks promising. As the hodl culture gains momentum and whales continue to drive holding trends, SHIB could be gearing up for a breakout that could reshape its position in the market.
