Today, the number has increased by another 14,000 wallets, showing strong anticipation for the network upgrade. With Shytoshi Kusama remaining tight-lipped about the release of the upgrade, the hype around Shibarium is reaching heights never seen on Shiba Inu before.
Large number of whale transactions
The hype surrounding the update didn’t just affect retail investor sentiment. The whales have also entered the picture. According to CoinMarketCap, the top 10 token holders hold about 60% of SHIB’s total supply.
🐳 Three of the more polarizing assets in #crypto, #Cardano, #ShibaInuand #Hexare seeing big spikes in large whale transactions. When $100k+ transactions spike on a network, it historically is associated with upcoming price shifts. Monitor closely. 👀 https://t.co/KG0mTWH11y pic.twitter.com/PHI9NOaxbn
— Santiment (@santimentfeed) February 5, 2023
Shibarium’s effect on sentiment cannot be underestimated. On Twitter, analysts are bullish, with some setting targets in the $0.1 range. That prediction represents a more than 9,000% increase in price.
However, the 2022 bear market has clawed back investor gains, placing 54% of SHIB out of the money, meaning these stocks are facing losses. But with SHIB facing bullish developments, the long-term outlook for SHIB, especially with Shibarium, is very positive.
Are you going to hold $SHIB past $0.1? 👀
No Yes Yes
👇 👇 👇
SHIBA INU (@ShibInfo) February 7, 2023
What does the future hold for SHIB?
SHIB is currently trending upwards with CoinGecko noting a rise of nearly 12% in the weekly time frame. At the current price of $0.00001335, the token has surpassed its September 2022 resistance in support.
At the current time frame, investors and traders can be comfortable consolidating above the $0.00001330 support. With Shibarium’s exit on the horizon, SHIB’s long-term outlook is bullish with a possibility of breaking $0.00001500 resistance, which could continue the token’s bullish momentum.
However, with whale activity being very high at the moment, the launch of Shibarium could pose some problems. Investors and traders should also keep an eye on SHIB’s correlation with major crypto-currencies, as these could also dictate the token’s movements in the coming days or weeks.
Meanwhile, if other major currencies experience a slowdown in sentiment, SHIB’s momentum could also be affected.
For now, SHIB bulls should consolidate above the token’s support level, as this will provide a launching pad for the token to break through $0.00001576 and, if momentum allows, $0.00001797 as well.