Shiba Inu (SHIB) has been in a bearish slump to start the year. The meme-coin is currently trading at $0.000009052 but was lower than the $0.000009 support this week. However, some projections remain optimistic that SHIB can break out, and that a major pump is coming.
Also Read: Shiba Inu (SHIB) Large Transactions Surge 300% to Reach $178M
Is Shiba Inu Ready to Rally? Three Indicators Why
While the price and trading volume might be low at this time, the underlying profitability of SHIB addresses has risen from 24%. Furthermore, Shiba Inu has seen its large transactions increase by 300% to reach a total of $178 million over the last 24 hours. With these transactions underway, some may suggest that Shiba Inu is set for a big rebound. Here are further indicators that SHIB may be ready for a major pump.
- The aforementioned profitability of SHIB addresses. The total rise, compared to previous reports, is up to just over 25% from 24%.
- An uptick in SHIB burn rate. Millions of SHIBs are still sent to dead wallets daily, despite the slump of Shiba Inu.
- Large SHIB accumulation by whales. With the coin down in price, whales are picking up as much as they can, as well as other cryptocurrencies that are currently down.
Also Read: Shiba Inu Breaks Below Key $0.000009 Support; What’s Next For SHIB?
For now, SHIB is clinging above its 0.5 Fib line around $0.0000087. However, continued pressure risks breaching that support to feed additional capitulation toward the highly symbolic $0.000008 figure, which represented resistance last November.
A sudden surge of buying interest and positive sentiment tied to crypto-specific developments could prevent the meme coin from extending its protracted crash since 2021 all-time highs. However, we’ll have to wait to see if these three indicators continue, and will ultimately factor into a rally.
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