Shiba Inu Price Prediction: Massive 100% Spike in Whale Activity – Can SHIB Make You a Millionaire?

Whales are piling on SHIB as the price increased by 8% in the past 7 days. Data from IntoTheBlock shows large outflows from big wallets during the weekend that favor a bullish Shiba Inu price prediction.

On August 7, 359.6 billion SHIB tokens worth approximately $4.9 million were moved out of exchanges and into cold wallets.

This typically signals that whales expect to hold on to these assets for a long period as they expect that the price will increase.

Whale wallets typically hold more than 0.1% of a token’s circulating supply. They include big exchanges like Binance and Coinbase. When these addresses register big outflows, it means that investors are sending their SHIB tokens to external wallets.

IntoTheBlock data shows a big spike in whale activity during the weekend after days of nearly no action.

As this accumulation occurred in the midst of an uptrend, it favors a bullish Shiba Inu price prediction.

Shiba Inu Price Prediction: SHIB Hits Temporary Resistance But Could Soon Make a Comeback

Shiba Inu’s 4-hour chart shows that the price encountered some resistance at the $0.00001400 level during the weekend.

The price is now moving toward a key area of support at $0.00001300 that is in confluence with the 200-period exponential moving average (EMA) of this lower time frame.

We could expect a big move at this point once the price hits this threshold, especially if whale activity increases. If such a bounce occurs, the price could move to $0.00001600 during the week.

The Relative Strength Index (RSI) favors a downward move for now as it has dropped below the mid-line and the 14-period moving average. If the RSI stays above 50, it will provide further confirmation that the price is ready to take a U-turn upon bouncing off this area of support.

Trading volumes in the past 24 hours have declined by 26%, meaning that this selling pressure could be part of a temporary pullback.

Becoming a millionaire by buying and holding Shiba Inu at this point would require a big initial investment as the token’s market cap has grown to almost $8 billion.

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