Shiba Inu Remains CoinMarketCap’s Top Trending Token Despite Ongoing Price Slump – Are Whales Accumulating SHIB?
Shiba Inu (SHIB) remains the #1 trending cryptocurrency on CoinMarketCap, even as its price continues on a downward trajectory for weeks now.
The token recently lost crucial support at $0.000008 and is currently trading around the $0.0000075 level. One positive sign for SHIB is an increase in daily active addresses, according to on-chain data provider Santiment. Higher active addresses suggest more network activity and interest in the token.
Source: Santiment – Start using it today
Generally, when the number of active wallet addresses for a cryptocurrency increases, it indicates growing adoption and usage. The last time SHIB saw active addresses at these levels was before the broader crypto market crash in mid-August 2023.
Santiment data also shows an uptick in whale activity for SHIB, again the highest levels since mid-August. Increased whale activity typically means larger players are accumulating the token in anticipation of a price increase.
Source: Santiment – Start using it today
For SHIB to recover, it needs to hold support at $0.0000075 before eventually making an upward move to the major resistance level around the $0.00001 mark. However, technical indicators still show SHIB in an oversold state, meaning significant upward moves may not occur until this phase completes.
The Millionaire Dream: SHIB’s Low Entry Price
One appealing aspect of SHIB is its accessibility for average investors. With the token trading around $0.000008, it has a very low entry price. An investment of just $8 could acquire 1 million SHIB tokens.
If SHIB ever reaches $0.01, that $8 investment would turn into a staggering $10,000 profit – a return on investment of nearly 100,000%. While these numbers seem small, they can quickly add up. An $800 investment today could potentially become $1 million if SHIB hits that $0.01 target.
While it’s a long shot, the potential for high investment returns exists due to SHIB’s low entry price and large token supply. For investors willing to take the risk, SHIB offers the dream of turning a small investment into a future fortune.
We recommend eToro
Wide range of assets: cryptocurrencies alongside other investment products such as stocks and ETFs.
Copy trading: allows users to copy the trades of leading traders, for free.
User-friendly: eToro’s web-based platform and mobile app are user-friendly and easy to navigate.
