Crypto Analyst Reveals Promising Signals for Shiba Inu (SHIB) as Whales Display Increased Activity”
Crypto analyst and trader Ali Martinez has shared analytical data from the widely-followed TD Sequential indicator, which has notably proven its accuracy in predictions.
Currently, the indicator suggests a staggering growth of 122,122.22% for the second-largest cryptocurrency, with four decimal places being burnt.
“SHIB Could Reach $0.011”
Martinez tweeted that the TD Sequential indicator is signaling a buy for the popular cryptocurrency Shiba Inu (SHIB). The analyst believes this reading indicates that the price of SHIB might be gearing up for a significant rise, potentially reaching $0.010 or even $0.011, resulting in the burning of four decimal places.
This potential growth would represent an astonishing 122,122.22% increase from the current price of $0.00000910, where SHIB is traded at the time of writing.
Whale Activity in SHIB Surges
Recent data from IntoTheBlock reveals a recent surge in Shiba Inu whale activity, with a notable increase in large-sum transactions involving the popular meme token.
In the past week, large Shiba Inu wallets transferred over $80 million worth of SHIB within just 24 hours. Subsequently, unique SHIB tokens, nearing trillions, were traded in the past week, as observed by Etherscan.
SHIB Burns and Price Declines
Shibburn, a SHIB tracker, discovered a significant drop in the burn rate of SHIB over the last 24 hours, marking a decrease of 91.51%. Over 5,213,658 Shiba Inu meme coins were destroyed during this period.
The main objective of these burns is an attempt to reduce the total circulating supply of SHIB, potentially leading to an increase in price, propelling the meme coin to new all-time highs. Half of the SHIB supply has been held since 2021 in non-spendable blockchain wallets – 410,708,120,571,028 SHIB. However, a substantial amount of 581,301,400,424,601 SHIB remains tradable, with investors holding a portion.
READ MORE Notable Surge in SHIB Price Reflects Positive Momentum in Meme Coin Sector
Simultaneously, the SHIB burn rate seems to correlate with the SHIB price, showing a 4.30% decrease over the last 24 hours, dropping from $0.00000945 to $0.00000905.
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