- SHIB price down 6%, whales active, potential breakout.
- Price volatility hits meme coin market.
- Institutional interest shown by new millionaire wallets.
The event signals possible market recovery with whale transactions and technical patterns, increasing confidence among traders.
Market Trends and Whale Activity
Shiba Inu’s price decline follows a volatile trend in recent weeks, reflecting broader meme coin market performance. SHIB had previously experienced a 7.4% drop on May 5. Technical indicators now show potential upward momentum.
Despite the decline, rising whale activities and a double-bottom chart pattern indicate a potential price surge to $0.000045. Recent activities have seen institutions adding to their SHIB holdings, which is analyzed in depth, increasing confidence in future appreciation.
A significant drop in SHIB’s value has led to long liquidation events exceeding $2 million, applying additional downward pressure. This comes amid growing interest in futures markets as open interest surged to nearly $190 million in April.
Market stability could see SHIB testing support levels. There’s anticipation for development progress in Shibarium to drive future growth. A return above $0.00001 is plausible if whale activities continue supporting market sentiment.
Financial implications suggest SHIB’s future movement might depend on institutional investments and technological enhancements. Previous patterns show that whale activities often precede notable price shifts.
“On-chain data indicates growing institutional interest with the addition of 109 new millionaire wallets in April, signaling confidence in SHIB’s future.” — Sarah Johnson, Market Strategist, Changelly
Insights into Shiba Inu’s market performance reveal trends of increased institutional confidence. The establishment of new millionaire wallets and high futures market interest emphasize potential for recovery and growth despite short-term setbacks.
For the latest updates, check Changelly’s official Twitter account.
