Shiba Inu is on a path to draw the potential pattern of going parabolic. The token is down due to the recent market crash, but whale activities signal that there could be an upward trajectory waiting to happen in the coming days. This is evident from the fact that the large investors, or whales, have started accumulating the token at a time when the value is on the lower side.
Whales represent the community of investors who hold 0.1% of the circulating supply. The accumulation has surged, and so has the activity. This has happened by 1,200% in the last 30 days.
The downfall came when a report continued to imply that the SEC might not approve Bitcoin ETF applications, which stopped SHIB from moving closer to $0.00001. That is based on the assumption that asset managers have not updated their applications to meet the requirements of the Commission. The actual result will be out on January 10, 2024, a day when the US SEC is expected to green-light the applications submitted by the likes of BlackRock and Fidelity.
SHIB plummeted to the lowest value of $0.0000085 on January 8, 2024. Experts now believe that it is only a matter of time before Shiba Inu goes parabolic.
As of January 1, 2024, at the beginning of this year, there was a rise in the trading volume of SHIB by 63%, briefly surpassing the milestone of $140.6 million. The 24-hour trading volume is now up by 63.80%, and the market cap has risen by 0.77% at the time of drafting this article. SHIB is exchanging hands at $0.000009546. SHIB prediction estimates that the token may touch $0.0000197 by the end of this month. Alternatively, the token is expected to drop to $0.0000085 before it enters February 2024.
June 2023 was expected to start the bull run. It momentarily did, resulting in a peak of $0.000012 on December 17, 2023.
The market believes that the first bull market correction is yet to come. If that happens, SHIB will indeed demonstrate the parabolic pattern, fetching yields from those who have accumulated the token. An estimated prediction is that the correction may come with support to take SHIB as high as $0.000020. It reflects a rough increase of 126% from the current point.
According to experts, this year’s middle will see the achievement of the goal. That is, Bitcoin Halving is scheduled to happen. So, both activities could be linked, just as the recent downfall has been associated with the rumor of the Bitcoin ETF application potentially getting rejected. As a matter of fact, the entire crypto sphere has held its breath for these events: Bitcoin ETF and Bitcoin Halving.
