The whales once again set their sights on the quintessential cryptocurrency meme, Shiba Inu. This could mean an increase in prices given the confidence, although be careful, not everything is in your favor.
People who want to get the most out of the cryptocurrencies they are looking for the ones that are currently perfect (just have to see how the landscape is currently) and it seems that Shiba Inu could be a great example of this.
Well, it seems that big movements are being made in relation to this meme cryptocurrency. These large increases in transactions are often related to the growth in whale activity, which buys or sells and often exceeds $100,000.
Whales in cryptographic jargon describe people or institutions that own large amounts of coins of a certain cryptocurrency and this is the most popular.
Most of the movements prices of the Shiba Inu have often coincided with a peak of large transactions. And it is that, this has become the first option of the Whales out of the top 500 that Ethereum have.
What is happening with Shiba Inu?
According to cryptocurrency data tracker WhaleAlert, 3,377,867,790,724 SHIBs worth $37,375,684 and another 3,914,263,607,418 SHIBs worth $42,932,556 were moved between wallets in two batches. Shiba Inu rallied on Oct 27 to highs of $0.0000118, but since then it has returned to trading near $0.0000092.
That is why it is currently considered to be underperforming. However, most cryptocurrency specialists they believe that it will be able to stage a triumphant return in the future.
Analysts have evaluated the Shiba Inu price trend and have identified a somewhat more moderate volatility, and that is that they concluded that the price of Shiba Inu seems to be protected from price gouging.
This memecoin, for example, achieved a rise of 46,000,000% in 2021. Most cryptocurrency analysts believe that this memecoin it would be able to restore its momentum when the bear market ends.
And it is that, the graphs show a very slow but continuous rise in their prices, which adds possibilities for this to finally happen. It is something that we have been able to see recently since large transactions have increased 154% in recent months.
Of course, the president of the Fed, Jerome Powell, has already stated on occasion that the central bank will maintain its aggressive stance and its restrictive monetary policy. Powell urges that “let’s stop doing stupid things with our money”. Powell also acknowledged that lowering inflation may hurt American individuals and businesses “slightly.”
Shiba Inu has managed to be popular in the cryptocurrency community although, be warned, it may not all be in your favor.