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Trent Alan
Trent Alan
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Though the Shiba Inu (SHIB) price may be in a sharp downtrend right now, that isn’t stopping whales from scooping up the token in abundance.
One whale was just spotted on-chain moving over $20 million worth of Shiba Inu from their Kraken account and into self-custody.
The massive purchase comes after news broke earlier this week that Shiba Inu partnered with the UAE to promote web3 adoption.
The Shiba Inu price was last around $0.000015, up nearly 30% from Monday’s lows in the mid-$0.000011s, but down over 55% from the highs hit in late 2024 in the $0.000033 region.
The meme coin, as well as the broader crypto market, has been battered by bearish catalysts after bearish catalysts in recent weeks.
In mid-January, Trump launched his meme coin, sucking masses of liquidity out of the altcoin market and hitting meme coins particularly hard.
One and a half weeks ago, the market panicked about DeepSeek and its impact on US tech valuations, while this week the panic was related to Trump potentially starting trade wars.
However, the fact that whales are being spotted buying the dip suggests that things could be on the cusp of turning around for Shiba Inu.
Will SHIB Bounce From Here?
During Monday’s rapid crypto market crash and recovery, the Shiba Inu price bottomed out around $0.00001150.
Analysis of the SHIB chart over the last year suggests this could have amounted to SHIB testing the bottom of its long-term range, marking a local price bottom.
However, looking at SHIB on the daily candlesticks, shows that, at the start of February, the meme coin lost its grip on its 200DMA, which has acted as a key area of support/resistance over the last year.
That suggests a bearish shift in the market’s near-term momentum and that a retest of recent lows could be on the cards.
The outlook for meme coins has undoubtedly become more uncertain in recent weeks since Trump’s meme coin launch hit sentiment.
Some viewed the launch as a “top signal,” others feared it’s set to unleash a wave of new meme coin launches from other major brands and personalities, creating dilution out of existing meme coin names like SHIB.
The strong performance of the meme coin market in 2024 relative to other major altcoins has also created a backdrop of fears surrounding potential “over-valuation” in the sector.
Per CoinMarketCap, SHIB’s market cap was last around $8.8 billion.
Sure, Shiba Inu has a massive community of investors, advocates and builders who are working furiously to expand its web3 fingerprint, but that’s a hefty market cap for any meme coin.
Whilst it doesn’t mean Shiba Inu can’t perform well in the future, it does mean that upside potential might be limited compared to newer meme coins with lower market capitalizations and strong momentum.
MIND of Pepe a Better Alternative?
One such new meme coin that has a lot of upside potential is MIND of Pepe (MIND).
Unlike 99% of new meme coin launches, MIND of Pepe isn’t just another useless token; it’s where AI meets meme culture, promising real utility.
Launched on Ethereum, this innovative project has already raised over $5 million in its presale, showcasing strong investor interest.
What makes MIND stand out is its AI agent that autonomously analyzes crypto trends and social media sentiment, offering holders exclusive insights and potential early access to new token launches.
With staking rewards up to 423% APR, early investors stand to gain significantly. Experts like ClayBro are buzzing about MIND, predicting it could see a 20x increase.
Their confidence stems from the token’s unique blend of AI technology with the viral appeal of meme coins, potentially redefining how crypto investments are made. Don’t miss out; this could be the next big mover in the meme coin space.
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.
