Despite concerns reports that one of the largest SHIB holding wallet moved nearly $30 million to eight different wallets on Thursday, which could signal that the wallet’s owner intends to dump these tokens onto the market, Shiba Inu (SHIB) pumped 6.5% on the day.
SHIB was able to retake the $0.000008 level and hit fresh highs for the month, buoyed amid a broad crypto rally on the news that a US judge had ruled that XRP is not a security.
Importantly for the SHIB bulls, the meme coin was able to break to the north of a downtrend it has been stuck in since mid-April, as well as to break convincingly to the north of its 21 and 50-Day Moving Averages (DMAs).
Price Prediction – Where Next for Shiba Inu (SHIB)?
With Shiba Inu’s technical outlook having taken a turn for the better, bulls are marking out their upside price targets.
The first one will likely be a retest of support-turned-resistance in the $0.0000083-84 area.
Was SHIB able to get beyond that, a retest of resistance in the $0.0000097 area would be likely, as would a retest of the 200DMA at $0.00001.
Meanwhile, the bullish move would be completed if SHIB was able to retest its April highs near $0.000012.
Time will tell whether recent transfers from the largest Shiba Inu whale will translate into selling pressure.
As per a tweet from Lookonchain, prior to Thursday’s move, the whale hadn’t made any large transfers for 610 days.
Bubblemaps claimed that the wallet is most likely connected to Shiba Inu’s founders.
Community Building Out SHIB’s Utility – Is Now a Good Time to Start Accumulating?
As per the Shiba Inu official website, a public beta version of the project’s Ethereum layer-2 scaling solution Shibarium is live.
Once the alpha version of Shibarium goes live, this should facilitate the development of the Shiba Inu ecosystem via lower transaction fees and faster transaction times, as well as providing a new home for the development of innovative new Shiba Inu-related projects.
And the Shiba Inu team already has a bunch of these projects in the works.
The ShibaSwap Decentralized Exchange (DEX) has been live for some time, where Shiba enthusiasts can trade SHIB, LEASH and BONE tokens and generate passive income via token staking and liquidity mining.
ShibaSwap can also be used to trade non-fungible tokens (NFTs) of the popular SHIBOSHIS collection.
The Ethereum blockchain-issued NFT collection can also be bought via OpenSea.
Developers are also building a dedicated decentralized Shiba Inu metaverse called SHIB: The Metaverse and a free-to-play collectible card game called Shiba Eternity.
Time will tell if the development of the Shiba Inu ecosystem will be enough to lift SHIB back to all-time highs.
For those who are optimistic about the ecosystem’s future, now is probably a good time to start accumulating SHIB tokens.
SHIB (SHIB) Alternative to Consider
Though its outlook has improved, Shiba Inu remains a high-risk play.
Crypto degens with a high-risk tolerance who are looking for a trade that could give a better chance of exponential gains should consider investing in small-cap meme coins.
Here is one project that analysts at Cryptonews.com think could deliver solid upside.
Wall Street Memes (WSM)
Wall Street Memes, one of the internet’s hottest retail investing communities, rose to prominence in the meme stock craze of 2021 and has recently been expanding its relevance in the cryptocurrency space with the presale of its new $WSM token.
The success of the $WSM presale, which has raised $14.5 million in just over one month, isn’t surprising given the size of Wall Street Memes’ community.
Not only are there 523k hyper-engaged community members on its wallstbets Instagram account, there are another 214k on Twitter and more than 100k across its two other Instagram channels, wallstgonewild and wallstbullsnft.
All told, Wall Street Memes has a 1 million-strong social community of degens, which analysts think all but guarantees that the $WSM token will be listed on tier 1 crypto exchanges like Binance.
With 30% of the token supply being held back for community rewards, it can reasonably be expected that airdrops to holders will be a big part of the ecosystem.
Indeed, the first $WSM airdrop is open now.
Analysts are already predicting big things for Wall Street Memes when it lists on exchanges and you can be a part of it.
Visit Wall Street Memes Here
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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