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Shiba Inu (SHIB) appears to be preparing for a significant price hike. The second largest meme coin has not followed that path, but Bitcoin (BTC) Still, the SHIB community is expecting a massive breakout. Bitcoin, the largest cryptocurrency on the market, is riding strong momentum, inching closer to its all-time high (ATH).
In the meme space, Dogecoin (DOGE) followed the trajectory of BTC price as it approached the critical $0.18 price level. Shiba Inu has a lower price correlation with Bitcoin than DOGE. However, the dog-themed meme coin could spark a broader price rally in the near future.
Large holders, or whales, are anticipating this price movement. They are buying SHIB tokens in bulk ahead of this potential rally. According to CryptoQuant, over 1.3 trillion SHIB coins revoked This significant increase in forex outflows indicates a strong buying trend for the coin.
Hoarding whales is extremely important. They are famous for holding their coins for the long term without indulging in short-term or panic selling. Whales usually do not put heavy selling pressure on coins. For Shiba Inu, increased whale buying volume is a strong bullish signal and is very important for potential price appreciation.
Shiba Inu Potential Price Breakout
Meanwhile, Meme Coin is currently trading at $0.00001854 after dropping 1.56% in the past 24 hours. Shiba Inu was trading at $0.00001948 almost 15 hours ago and looked set to rise further. However, since then, the coin has faced a decline. This was a surprise as other coins were similar. doge And BTC is witnessing a price increase.
However, as mentioned above, the price of SHIB typically does not follow the trajectory of these coins. The price decline witnessed today can be considered a healthy correction ahead of a potential price breakout. Moreover, whales have not given up on Memecoin and their frequent buying activity could inject bullish momentum into the coin.
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