The Shiba Inu price has risen by 1.5% in the past 24 hours, with its move to $0.00000834 also representing a 2% gain in a week.
And while SHIB is down by 5% in a fortnight, it’s also up by 9% in the last 30 days, with data revealing yesterday that a new whale has withdrawn around $2.4 million in the meme token from Binance.
This suggests that an accumulation phase may have begun, and with most analysts expecting a bull run at the end of the year, SHIB could be in more for more rallies very soon.
Shiba Inu Price Prediction as Whale Withdraws $2.4 Million in SHIB From Binance – Secret Accumulating?
Shiba Inu’s chart and indicators remain somewhat subdued, but the counter to this is that they may be ready for renewed growth.
For instance, SHIB’s 30-day moving average (yellow) has softened its ascent in the past week or so, a sign of diminishing momentum.
Likewise, the coin’s relative strength index (purple) has remained stuck at the 50 for just over a week now, suggesting that it’s having a hard time attracting new buyers.
On the other hand, its support level (green) has held up quite well since the middle of October, implying that the coin remains in a more bullish phase.
On top of this, data suggests that at least some whales have been accumulating SHIB in recent days, a sign that larger traders expect further gains soon enough.
Suspicious whale 0x865 withdrew $36.59M worth of various assets from #Binance in the past 18 hours, including:
10,000 $ETH ($20.3M)
45,000 $BNB ($10.2M)
300B $SHIB ($2.47M)
260M $IOST ($2.4M)
16M $CHZ ($1.18M)Notably, the whale was created 175 days ago on June 8, 2023, but… pic.twitter.com/7RlgtSB716
— Spot On Chain (@spotonchain) November 30, 2023
Given that most analysts are expecting the entire market to rally early next year (because of potential Bitcoin ETF approvals), SHIB is indeed likely to see gains in the next few weeks.
More importantly, Shiba Inu has witnessed a number of important updates and launches this year, all of which strengthen its fundamentals and put it in a position where SHIB can rise steadily.
This includes the launch of layer-two network Shibarium, which has provided the Ethereum-based Shiba Inu network with cheaper and faster transactions.
Daily #shibarium transactions have increased from 16.6k yesterday to 748.2k today. Nothing suspicious about it at all. pic.twitter.com/PcsVIjeVLf
— Shytoshi Kusama
(@SoonShytoshi) December 1, 2023
It also includes the launch of Shiba Inu’s own name service, which arrives as part of efforts to bring decentralized identity to the coin’s ecosystem.
Such features are all likely to increase adoption of Shiba Inu-based apps (e.g. ShibaSwap), and in turn increase demand for SHIB.
As such, the Shiba Inu price is likely to rise to $0.000010 in the next few weeks, before reaching $0.000020 within the first couple of months of 2024.
New Meme Tokens for New Rallies
But because SHIB continues to underperform (relative to major tokens), traders may be inclined to investigate newer alts and meme coins, with a number of presale tokens looking like they could rally significantly in the next few weeks.
A great example of this is Meme Kombat (MK), an ERC-20 cryptocurrency that has raised in excess of $2.3 million in its ongoing sale.
$MK is now worth $0.225 per token!
And we passed $2.3 million raised in presale
big things happening to the #MemeKombat community! pic.twitter.com/UpLgY3iD8P
— Meme Kombat (@Meme_Kombat) November 30, 2023
What distinguishes Meme Kombat from the masses of other meme coins is that it’s about to launch its own betting platform, which enable users to place wagers on AI-generated battles between meme characters.
The platform will render these battles in real-time for users to watch, while the use of the Ethereum blockchain will make all results transparent.
Users place bets using the native MK token, which Meme Kombat will use to pay out winnings.
On top of this, MK holders will be able to stake the token, earning themselves a passive income in the process.
Major Update
The Meme Kombat Staking Dashboard is officially live and ready to be used by you!
Take a break from Kombat and visit the staking dashboard here: https://t.co/nNFEYESjPs pic.twitter.com/yswl0esb4G
— Meme Kombat (@Meme_Kombat) November 9, 2023
Combined with Meme Kombat’s edgy use of popular memes, such features look set to help it become one of 2024’s early successes.
Investors can join its sale at the Meme Kombat official website, where 1 MK token now costs $0.0225.
Of course, with its presale already generating plenty of momentum, this price could rise massively once the token lists on trading platforms.
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
The post Shiba Inu Price Prediction as Whale Withdraws $2.4 Million in SHIB From Binance – Secret Accumulating? appeared first on Cryptonews.
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