Anticipation for the launch of Shibarium has officially reached its peak with CoinMarketCap noting 1.3 million wallets holding SHIB. The token has seen a gradual increase since the start of the month, with Shiba Inu ushering February with 1.2 million wallets.
Today, the number grew by 14k more wallets which shows a strong anticipation for the network upgrade. With Shytoshi Kusama being cryptic about the release of the upgrade, hype around Shibarium is hitting peaks never seen on Shiba Inu before.
Large Amount Of Whale Transactions
The hype around the upgrade didn’t just affect retail investors sentiment. Whales have entered the scene as well. According to CoinMarketCap, the top 10 holders of the token hold about 60% of the total supply of SHIB.
Santiment data also shows that the token is experiencing a large amount of whale transactions recently which may result in a massive price movement in the long term.
🐳 Three of the more polarizing assets in #crypto, #Cardano, #ShibaInu, and #Hex, are 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 the sentiment can’t be underestimated. On Twitter, analysts are bullish with some setting targets to the tune of $0.1. This prediction represents an over 9,000% increase in price.
However, the 2022 bear market clawed investor’s gains, placing 54% of SHIB out of the money, meaning these holdings are facing losses. But with SHIB facing bullish developments, the long term prospect of 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 on the uptrend with CoinGecko noting a nearly 12% gain in the weekly time frame. At the current price of $0.00001335, the token has converted its September 2022 resistance to support.
Right now, investors and traders can be comfortable in consolidating above $0.00001330 support. With the release of Shibarium around the corner, the long term prospect of SHIB is bullish with a possibility to break the $0.00001500 resistance which may continue the token’s bullish momentum.
However, with the whale activity being so high right now, Shibarium’s launch might bring some challenges. Investors and traders should also monitor SHIB’s correlation with major cryptocurrencies as these would also dictate the token’s movements in the coming days or weeks.
SHIB total market cap at $7.3 billion on the daily chart | Chart: TradingView.com
Meanwhile, with other major coins experiencing a slowdown in sentiment, SHIB’s momentum might also be affected.
For now, SHIB bulls should consolidate above the token’s support level as this will be a launch pad for the token to breach $0.00001576 and, if the momentum permits it, $0.00001797 as well.
-Featured image from Vcgamers