It is predicted that the price of Shiba Inu could increase by up to 300%. The increase in SHIB whale activity is considered a positive development for the second largest meme coin in terms of market value. Other on-chain metrics also paint an optimistic picture for SHIB, indicating that the bull rally could begin at any time.
300% Increase Expected in Shiba Inu Price
Crypto analyst Javon Marks predicted in his post on the X platform that the price of Shiba Inu could soon increase by 300%. Marks noted that memecoin has made a confirmed Hidden Bullish Divergence and is trading above the level it recently broke:
“SHIB is poised to move to the ‘next level’ and is guiding the price towards the $0.000081 target.”
A price increase to reach this target could enable the second-largest meme coin to reach or even surpass its current record high. Additionally, the SHIB rally is expected to happen soon as memecoin is currently trying to catch up with DOGE.
dogecoin 
$0.198137 While its price has increased by over 23% in the last seven days, SHIB has recorded a single-digit gain of over 5% during this period. Shiba Inu is expected to make more significant gains soon as it generally mirrors DOGE’s price increases.
Increase in SHIB Whaling Activities
Data shows Shiba Inu whale activity is increasing. SHIB’s large transactions increased by almost 4%, indicating that whales are actively accumulating the memecoin.
This presents a positive outlook for the Shiba Inu price, as these whales often contribute to price discovery and could lead to a significant SHIB rally in the near future. Over the last few days, these whales have traded trillions of SHIB tokens.
These whales traded 2.57 trillion SHIB tokens in the last 24 hours and 6.39 trillion SHIB tokens on November 6, a 7-day high. Among the increased whale activity is an on-chain transaction in which a particular whale transferred $10.4 billion worth of SHIB to a crypto exchange.
While this generally presents a negative outlook for the Shiba Inu price, further on-chain data shows that the coins’ addressee holder belongs to a top crypto exchange. This means that memecoin was loaded to meet its huge demand.
Finally, other SHIB on-chain metrics also present a positive outlook for Shiba Inu, according to CoinGape analysis. These metrics include the divergence between SHIB price and Daily Active Addresses (DAA), which has reached its highest level in the last month.
These developments provide important signals for investors regarding the future performance of Shiba Inu and reveal the potential of the memecoin.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that crypto currencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
