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Shiba Inu Price Prediction – Are Whales Buying The Dip?

By James McNeil
Last Updated March 8th 2023
4 Min Read

Shiba Inu, the most popular meme coin, continues to maintain its trending spot within the crypto sphere. The meme coin has been in the limelight for various reasons since its inception, proving to be an excellent choice for investors. Although the crypto is experiencing a major drop in price over the past few weeks, experts believe that the coin could again initiate a spike in the coming years. Investors are now wondering whether whales are buying the current dip, which could maintain SHIB’s bullish convictions in 2023 and beyond. Let’s see. 

 

SHIB - Price Analysis

Following the general market trend, the Shiba Inu price has been on a high rally since the beginning of the year, gaining renewed attention from investors. But currently, SHIB is holding hard after its massive rise of over 100%. The token had a significant price drop of almost 1.5% within a day and is trading at $0.000011 as of now. Technically, the crypto is now 14% down in a week and 13% down in the last 30 days, having risen by 36% since the start of the year. However, there has been a notable spike in SHIB's 24-hour trading volume, $235,945,486. But in terms of price, the crypto is still low from its February 2023 high of $0.00001549. 

However, with the launch of Shibarium and the Metaverse premier, the Shiba Inu price prediction can easily flip, picking up the volume, and SHIB would again rise higher. 

Shiba Inu Price Prediction As $150 Million Trading Volume Comes In – Are Whales Buying the Dip?

After building up a huge upward momentum over the past 2 months, SHIB has started experiencing some pullback along with the wider crypto market. The price chart shows that SHIB is almost nearing its bottom as far as its recent short-term losses. Its relative strength index, marked in purple, has decreased to 35 and could fall further down if the market doesn’t recover soon. 

shiba inu price chart RSI index

Source: TradingView

The coin’s 30-day moving average, in red color, shows that this is not the end of the token's difficulties, as it only has begun to point downwards. However, as the blue line indicates, it remains above its 200-day average, and SHIB won’t rally again until it has moved below the longer-term indicator. 

SHIb investors are now worried about the token’s consistent fall through a series of support levels after its 2023 high of $0.00001549. On a bearish note, given the meme coin’s volatile nature, it can also fall below $0.000011, $0.00001, or even lower. But this majorly depends on the whales and other investors who have been unloading their SHIB holdings recently. If the whales continue selling, SHIB would witness another massive drop. 

But on a bullish note, with the developments in the pipeline, SHIB can also rise higher, and some experts have an average year-high prediction of $0.0000162484. This shows a 47% rise over the coin’s current price, which is still possible. 

Stats from these tweets show that whales are selling SHIB on the whole. It’s evident with the massive decrease in the biggest 500 ERC-20 addresses SHIB holding of $694 million on February 8 to $606 million as of now.

 

However, these holdings are much higher than those in the middle of January, when they had only $84.5 million, as per tweets. 

 

But SHIB is still the largest holding of the 2,000 largest Ethereum whales, showing how optimistic big investors are about SHIB’s future. 

Shibarium - The Layer-2 Scaling Solution

SHIB token might be trading at a low price as of now, but the community is in for a surprise soon, as the launch of the Shibarium layer-2 scaling solution is just around the corner. Shytoshi Kusama, the lead developer at Shiba Inu, has revealed that the long-awaited project is all set to launch, hopefully pushing SHIB's price to new levels. The speculation and enthusiasm from the Shiba Inu community around the launch would support SHIB from dropping more in the short term. 

The launch of its beta this month will not merely increase market bullishness for SHIB but will boost the value and utilities of the entire network and ecosystem over time. The team has reported that several projects have already submitted their requests to build on the L2 blockchain Shibarium.

According to the recent tweet, Shibarium will also boost the burning of SHIB by destroying transaction fees, substantially impacting its supply, and boosting the token’s price over time. 

 

SHIB - The Metaverse - Premiere

Apart from Shibarium, the Shiba Inu community also announced a piece of interesting news about the SHIB metaverse. In a recent tweet, the team announced the upcoming premiere of the metaverse, followed by a huge celebration, as the metaverse is on to debut at SXSW.

 

Over time, the metaverse would fuel the demand for SHIB tokens and create a wide user base for the cryptocurrency. It would mark a monumental mark for Shiba Inu, breaking from the confines of the “meme token” label and establishing itself as one of the best altcoins in the market.

Is Now A Good Time To Buy Shiba Inu? - A Final Word

For this reason and many others, SHIB’s long-term prospects look positive despite all the recent price drops and resistance. The crypto market has indeed shown signs of recovery in 2023, before the recent negative sentiments. Experts believe that the bearish scenarios will soon change this. Considering Shiba Inu's price prediction, the token seems a good buy although not for the short term but from a long-term perspective.

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