By Today, the Shiba Inu price has decreased to $0.00002673, marking a 1.5% drop over the past 24 hours, mirroring instability in the broader market.
Despite the recent decline, SHIB has shown a modest recovery of 0.5% in the last hour.
Additionally, the meme token has achieved a 7% increase over the past week and a 19% rise over the past month, indicating continued interest and resilience in its market performance.
These gains come as one whale transfers 445 billion SHIB from Robinhood to their own wallet, potentially a sign that the coin could be ready to jump.
And given that it had fallen in the past day, we may see a strong recovery over the weekend, and beyond.
Unknown Whale Buys 445 Billion SHIB – Is SHIB Ready for a Breakout?
Looking at SHIB’s chart, it seems as though the meme token is ready to rebound again after correcting from an earlier high.
For instance, its RSI (purple) peaked at close to 80 a couple of days ago and has since dropped to 35, yet it has begun rising again in the past couple of hours.
Source: TradingView
This suggests a comeback, although it’s worth mentioning that the coin’s 30-day moving average (orange) is still well above the 200-day average (blue) and has yet to drop below.
In other words, SHIB may need to suffer a little more before it can mount a concerted rally.
This may be sensible advice, yet the token’s 24-hour trading volume is still enjoying its highest levels in a month, at roughly $1.3 billion today.
This compares to $300 million only a few days ago, indicating that demand for SHIB has picked up massively.
445,868,091,840 #SHIB (12,171,975 USD) transferred from #Robinhood to unknown wallethttps://t.co/93j10061Wr
— Whale Alert (@whale_alert) May 29, 2024
This suspicion finds support in recent data, which has shown that some whales have been accumulating SHIB in significant quantities.
This means there’s an expectation that gains aren’t too far away for the Shiba Inu price, which like the rest of the market may benefit once the initial batch of Ethereum ETFs launch next month.
When they arrive, demand for alts is likely to rise significantly, pushing up more speculative alts such as SHIB.
And when combined with a gradual improvement in macroeconomic conditions, the Shiba Inu price could gain steadily over the coming year.
It may reach $0.00003 in the next month, before reaching $0.00005 by the end of the summer.
Alternative Meme Tokens for Big Rallies
SHIB hasn’t been the strongest-performing meme coin in the market this year, with many smaller-cap meme tokens outperforming it in recent months.
For this reason, traders seeking quick and big gains may prefer to look to newer alts, including tokens holding their presales and preparing to list.
One of the most promising such tokens right now is PlayDoge (PLAY), an Ethereum-based cryptocurrency that opened its sale earlier this week.
Source: PlayDoge
This sale has already raised more than $400,000, suggesting rapidly growing interest from investors.
What has likely caught the interest of these investors is that PlayDoge is launching a Doge-themed take on the Tamagotchi genre, albeit with crypto-enabled play-to-earn mechanics.
Players will therefore have the chance to breed and trade their own virtual Shiba Inu dogs, while also taking their pets on side-scrolling missions and challenges.
By completing tasks and playing the game, users will receive rewards in the form of the PLAY token, which has a max supply of 9.4 billion.
They will also be able to stake their holdings, potentially making PlayDoge a highly rewarding platform and coin.
More details regarding the game will emerge in the coming weeks, while interested parties can already read about it now by going to its official website.
It’s also here that they will be able to participate in the presale, with 1 PLAY token costing $0.005.
This is set to rise with each new stage of the sale, so investors should act quickly if they want to get PLAY at the lowest possible price.
And from there they may see the coin balloon once the game launches and it lists on exchanges.
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