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Expert Identifies Specific Timeline for XRP to Break 7-Year Pennant Resistance

Albert Brown
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Expert Identifies Specific Timeline for XRP to Break 7-Year Pennant Resistance

Market expert “Michael XBT” has identified a specific timeline for XRP to break its 7-year symmetrical triangle formation.

A few days ago, MichaelXBT proclaimed that XRP was on the verge of breaking out from its giant 7-year downtrend. The bullish sentiment has since sparked reactions from community members concerning the precise timing of the breakout amid the prolonged waits.

In response to the queries, Michael pointed to August as the month when this significant event might occur, leading to widespread discussions and predictions.

XRP Giant Symmetrical Triangle Pattern

In a July 17 post, MichaelXBT emphasized that the 7-year symmetrical triangle pattern observed in XRP’s chart is unprecedented in the crypto market per his observation.

This bullish formation typically precedes a period of consolidation after an initial price surge, indicating a potential for resumed upward movement. The pattern is characterized by a strong upward trend, followed by a series of converging lower highs and higher lows. For XRP, this formation began after reaching a peak of $3.84 in January 2018 and has persisted.

MichaelXBT’s prediction of an August breakout from XRP’s 7-year symmetrical triangle pattern has elicited various responses from the community. Some users have humorously noted the long-term nature of XRP’s potential breakout and how no one else has ever gotten the prediction right.

Amid doubt about the timeline, Michael has clarified that XRP is nearing the critical point of this formation, and a breakout must occur within the coming weeks.

Meanwhile, others have speculated that external factors, such as the resolution of ongoing legal issues, could impact the timing of the breakout.

 

 

Market Indicators Are Positive

Technical analysis further bolsters the breakout narrative. The red bars in the Santiment chart below represent the number of new assets issued on the XRP Ledger daily. There is a significant increase in the number of new assets issued towards the end of July.

Screenshot 2024 07 29 at 105703

Note that an increase in new assets issued can indicate growing interest and activity on the XRP Ledger, which can positively impact XRP’s price. Additionally, increased development activity in late July suggests ongoing project improvements, which could enhance investor confidence.

This Bitcoin Maxi Trades XRP For Profits

Further proving the bullishness in XRP among the community, MMCrypto, a well-known Bitcoin maxi, revealed that despite not favoring XRP, he trades the asset for substantial profits.

He recently shared details of a lucrative leveraged trade in XRP, which has generated impressive returns, including a 48.21% gain on a trade opened at $0.5757 with 10X leverage, resulting in an unrealized profit of $11,987.

Currently, XRP is trading at $0.608626, supported by a 24-hour trading volume of $960,672,503.

WazirX Faces Backlash Over Shiba Inu Compensation Strategy After Hack

Albert Brown
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0
WazirX Faces Backlash Over Shiba Inu Compensation Strategy After Hack

India’s largest crypto exchange, WazirX, is facing backlash after losing massive Shiba Inu in a hack.

WazirX recently faced a significant breach, losing approximately 5.4 trillion Shiba Inu tokens. Ten days after the cyberattack, the crypto community’s frustration has been growing, particularly after prominent figure Lola highlighted concerns on social media.

Notably, the exchange announced a controversial compensation plan, converting 45% of SHIB holdings into USDT-equivalent tokens while using the remaining 55% to create a balanced portfolio of available crypto assets on the platform. This plan is reportedly based on valuations from July 21, when trading was paused. The valuation also uses average prices from CoinMarketCap and select global exchanges to ensure fairness.

Criticism and Alternative Solutions

Following this announcement, which went public on July 27, community figure Lola voiced her discontent, emphasizing the unfairness of WazirX’s approach. She acknowledged the Shibarmy’s frustration, suggesting that affected users could consider reallocating their compensated holdings back to SHIB. 

Lola’s observations underscore a critical issue: users bearing the financial brunt of an exchange’s security lapse. The platform’s reliance on a socialized loss strategy, which distributes losses across all users, has not sat well with many, raising questions about accountability and fairness.

Debate Intensifies Over WazirX’s Response

Critics particularly argue that the exchange is shifting the burden onto users, with one commenter suggesting that exchanges should take more responsibility for protecting user funds. 

Another member of the Shiba army went on to advise users to always transfer their tokens to cold wallets instead of leaving them on exchanges. Another user, Abraham Naidoo, also questioned the exchange’s solutions, suggesting the hack seemed suspicious and criticizing WazirX for offering USDT instead of replacing the lost Shiba Inu tokens.

Bounty Program and Recovery Efforts

It is also important to note that, in response to the hack, WazirX initiated a bounty program aimed at recovering the stolen assets, including $100 million in Shiba Inu. 

The program has two parts: the “track and freeze” initiative, offering up to $10,000 for information leading to the freezing of assets, and a “white hat recovery” bounty, rewarding ethical hackers up to 10% of the amount they help recover. This initiative has already attracted 80 participants.

Will QuarkChain Massive 70% Surge Extend By 65% This Week

Albert Brown
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Will QuarkChain Massive 70% Surge Extend By 65% This Week

QuarkChain tops the altcoin list with a massive overnight surge leading to the $0.010 psychological mark breakout. Will $QKC sustain an uptrend this week for an extended uptrend?

As Bitcoin approaches the $70K mark, the altcoins market is red hot, with 24H massive returns. Amidst the bull run, Chinese tokens like Quarkchain have given a massive jump, leading the top-performing list in 24 hours. 

Following the massive surge, will the QKC continue the bull run for a new 52W high?

Trendline Breakout For Quarkchain Eyes $0.017

With a remarkable 69% jump within 2 hours, Quarkchain marks a trend reversal opportunity with a massive surge in demand. The bull run in the QKC token ends the correction phase and accounts for a price jump of 72% in the last three weeks. 

The bull run in the QKC token surpasses the 200D EMA and challenges the overhead resistance at the 50% Fibonacci level. Further, it completes a rounding bottom reversal with a neckline at $0.012. 

QKC Price Chart
QKC Price Chart

Currently, the QKC token trades at the $0.010 mark while the buyers struggle to sustain the dominance at the psychological mark. 

Coming to the technical indicators, the RSI line spikes into the overbought territory in the daily chart, reflecting a massive surge in demand. Further, a bullish crossover in the 20D and 50D EMA bolster the trend reversal. 

Hourly Fibonacci Reveals Extended Uptrend Chances

In the 1H chart, the QKC token price action reveals the bullish exhaustion leading to a quick pullback. The 7.51% correction takes support at the $0.010 mark, and the 20 EMA, the underlying demand holds the price. 

QKC Price Chart
QKC Price Chart

Multiple Doji candles are leading to a new bullish engulfing candle, and the buyers are regaining momentum. Further, the hourly RSI’s minor divergence is significantly increasing the bull run chances. As per the trend-based Fibonacci levels, the uptrend continuation in Quarkchain could hit $0.017. 

As the overall market recovery picks up pace and the sudden rise in demand for Chinese tokens, the QKC token will likely continue the uptrend.

Here Are Key Points From Trump’s 2024 Bitcoin Conference Speech

Albert Brown
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Here Are Key Points From Trump’s 2024 Bitcoin Conference Speech

At the 2024 Bitcoin Conference, Trump pledged to fire SEC’s Gary Gensler, create a national Bitcoin stockpile, and make the U.S. a Bitcoin superpower.

At the just-concluded 2024 Bitcoin Conference, former President Donald Trump laid out ambitious plans to transform the United States into a global leader in cryptocurrency. Trump’s speech highlighted key initiatives that he promises to implement if elected president.

Trump’s Promises for Bitcoin

In his address, Trump promised to fire Gary Gensler and appoint a new SEC chairman on his first day in office. He proposed creating a U.S. Government strategic national Bitcoin stockpile and pledged that the government would retain 100% of the Bitcoin it holds. Trump emphasized that “Bitcoin is going to the moon” and advised people never to sell Bitcoin, predicting it would eventually surpass gold’s market cap.

He reaffirmed his commitment to soften the sentence of Ross Ulbricht, the creator and operator of the infamous Silk Road portal. Moreover, he vowed that there would never be a Central Bank Digital Currency (CBDC) under his administration.

Trump asserted that Bitcoin and other cryptocurrencies would skyrocket if he were elected, arguing that Bitcoin does not threaten the dollar; rather, the current U.S. government does. 

He declared his intention to make the United States the crypto capital of the world and a Bitcoin superpower, stating that Bitcoin represents freedom and independence from government control. Trump also assured the Bitcoin community that Biden and Harris’ anti-crypto stance would end with his presidency.

Controversy Over Firing SEC Chairman

However, amid all these promises, one of Trump’s promises has sparked debate: the firing of SEC chairman Gary Gensler. XRP influencer “WrathofKahneman” reminded community members that the U.S. President could not directly remove the SEC Chair, a position protected by a Supreme Court ruling. 

However, according to WrathofKahneman, there are various methods, such as restructuring the SEC or applying public pressure. He also emphasized that much of the campaign rhetoric surrounding crypto is empty.

XRP expert Ashley Prosper, on his hand, noted that the President could remove the SEC chair for neglect of duty or malfeasance, pointing to Gensler’s handling of the FTX and LUNA cases as potential grounds. 

Peter Schiff’s Criticism of Trump

Long-time Bitcoin critic Peter Schiff has previously suggested Trump’s support for Bitcoin is a strategic move to gain votes and contributions from the crypto community. Schiff argued that promises like making Bitcoin a reserve asset would remain unfulfilled. 

Despite significant reactions from the crypto community, Schiff continued his critique, targeting advocates like Michael Saylor, chairman of MicroStrategy. Schiff condemned Saylor’s influence on Trump to add Bitcoin to the national balance sheet, calling it reckless.

Bitcoin Investor Awakens to Astonishing 541,000% ROI: Details

Abdulkarim Abdulwahab
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0
Bitcoin Investor Awakens to Astonishing 541,000% ROI: Details

In a remarkable turn of events, a dormant Bitcoin whale has awakened after being asleep for over a decade amid witnessing a return of over 541,265%.

Prominent market tracker Whale Alert called attention to this development in a recent post on X. According to the update, the Bitcoin wallet “1Ny6Ry…PHv8C,” which held 37 BTC tokens, was reactivated today after being dormant for 11.8 years.

Whale Awaken to $2.57 Million Profit

The report highlighted that back in 2012, the 37 BTC tokens were valued at just $476, with Bitcoin priced around $12 per coin. Fast-forward to today, and this portfolio has grown to an impressive $2,576,901, thanks to Bitcoin’s value surging to $70,000. 

Given the initial worth of $476, this means the dormant whale has awakened to a profit of $2,576,425, representing a staggering return on investment of over 541,265%.

This development has sparked significant reactions from the crypto community, with some speculating about the Bitcoin whale’s next action.

More Dormant Whales Waking Up

Meanwhile, this is not an isolated event. Just yesterday evening, the Bitcoin wallet “114fYCG…p1oeva,” which held 26 BTC valued at $301 since 2012, was activated. This wallet similarly awakened to a profit of over $1.8 million after holding the asset for precisely 12 years, marking an even more staggering return of over 599,639%.

In fact, within the last seven days, several Bitcoin addresses that had been holding BTC for over a decade have been waking up from their deep sleep, netting profits of several millions of dollars. The most significant awakening within this period involved a wallet that was reactivated to find over $48 million after holding 750 BTC for 11.2 years.

This trend has continued amid the surging values of Bitcoin. Earlier today, Bitcoin hit an intraday high of $69,851, marking a growth of over 14% in the past two weeks. Trading at $69,734 at press time, the price of BTC has increased by 138% over the past year.

Meanwhile, it’s not only on the Bitcoin network that dormant whales are awakening. Last week, a wallet holding 977 Ethereum tokens, now valued at over $3.37 million, reactivated after nine years of hibernation.

Here’s How Much Shiba Inu You Need to Make $1M, $5M, $10M if SHIB Achieves Kusama $1T Market Cap Prediction

Lele Jima
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0
Here’s How Much Shiba Inu You Need to Make $1M, $5M, $10M if SHIB Achieves Kusama $1T Market Cap Prediction

Shiba Inu investors might need modest to higher SHIB tokens to make returns of $1M, $5M, or $10M if SHIB hits a $1T market cap, as Kusama projected. 

Shiba Inu and other major assets are currently enjoying the relief rally witnessed across the broader market. Shiba Inu’s price has soared 5.5% over the past seven days to $0.00001787. In addition, SHIB has also witnessed a 24-hour growth of 4.46%, with its daily volume currently standing at $480.81M. 

Shiba Inu is ranked as the 13th-biggest cryptocurrency at the time of writing, with a market cap of $10.52B. 

Kusama Aims to Make SHIB the First Trillion-Dollar Decentralized Entity 

It bears mentioning that Shiba Inu remains one of the best-performing cryptocurrencies of all-time. According to Arabian Business magazine, Shiba Inu rallied over 27,000,000% between January 2021 and October 2021, hitting an all-time high of $0.00008845 on October 28, 2021. 

Despite this remarkable performance, Shiba Inu’s lead developer, Shytoshi Kusama, believes SHIB is still a puppy. This comment suggests that SHIB could still attain greater heights as it matures into a full dog. 

During an interview with Arabian Business, the Shiba Inu leader asserted that the aim of the ecosystem team is to make SHIB the first trillion-dollar decentralized entity globally. 

SHIB Price If It Reaches $1T Market Cap 

Shiba Inu’s potential spike to a $1T market cap would position the token as the second-biggest cryptocurrency after Bitcoin. At press time, Bitcoin boasts a valuation of $1.31T.

According to a recent analysis, Shiba Inu could trade at $0.001697 per token if it eventually hits a market cap of $1T, assuming its circulating supply of 589.27T tokens remains stable. 

To reach the $1T market cap, SHIB would have to rally 9,402% from its current valuation of $10,523,000,846 ($10.52B). 

SHIB Needed to Make $1M, $5M, and $10M If Shiba Inu Reaches $1T Market Cap  

Amid the plans to make SHIB a trillion-dollar decentralized entity, we’ve highlighted the number of Shiba Inu tokens needed to generate a return of $1M, $5M, and $10M if this prediction materializes.   

$1M Goal  

Many Shiba Inu investors are looking forward to making their first $1M via the popular dog-themed token. Notably, investors must hold at least 589,275,191 (589.27M) SHIB tokens to make a return of $1M if SHIB hits a $1T market cap. 

At the current price of $0.00001787, these tokens are worth $10,530. Therefore, 589.27 million Shiba Inu tokens purchased today at $10,530 could fetch an investor $1M if SHIB eventually hits a $1T valuation or $0.001697 price per token. 

How to Make $5M If SHIB Hits $1T Cap 

Investors must hold more Shiba Inu tokens to make a profit of $5M if SHIB hits the projected $1T cap. Achieving this goal requires a holding of 2,946,375,955 (2.94B) SHIB, which can be purchased today at $52,651. 

This $52,651 investment will become $5M if SHIB eventually reaches a valuation of $1T or a price of $0.001697 per token.

Making $10M If SHIB Hits $1T 

An investor would need to hold more SHIB tokens to amass $10M when SHIB hits the projected market cap of $1T. Specifically, a balance of 5,892,751,915 (5.89B) SHIB is required to make a return of $10M if Shiba Inu eventually hits the $1T market cap, as projected by Kusama.

Currently, these tokens cost about $105,303. Therefore, with 5.89B SHIB, an investor can make a return of $10M if Shiba Inu hits a valuation of $1T.  

Solana Run To $250 Picks Pace As BTC Approaches $70K

Albert Brown
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0
Solana Run To $250 Picks Pace As BTC Approaches $70K

Solana shows an inverted head and shoulder pattern in the 4H chart with a neckline at $185. Amid the recovering market, the overnight jump in SOL tokens hints at a clear rally to the $250 milestone. 

As Bitcoin approaches the $70K mark, the altcoin market rises at breakneck speed, with many teasing a new all-time high. Amidst this, the recently turned fourth biggest cryptocurrency, Solana, prepares for a breakout run in smaller timeframes. 

With sideline players anticipating a domino effect leading to massive effects on the daily chart, the $250 juncture is the next target. Will Solana continue the bull run to reach the $250 goal this week?

A Pattern Breakout For Solana Clears The Path To $200

Solana forms a rising trend with a solid uptrend in the 4H chart, providing multiple bounce-backs. Further, the bull run with the support trendline accounts for 55% and surpasses the $190 mark. 

However, the $185 resistance zone leads to the sideways shift and the inverted head and shoulder pattern. 

Solana Price Chart
Solana Price Chart

Finding the bullish push with the broader market recovery, Solana broke the neckline with an intraday rise of 3.68%. Further, the 12% jump since last Friday starts a streak of bullish candles and approaches the $200 psychological milestone. Currently, the SOL token trades at a market price of $191.90 and a market cap of $89.12Bn. 

Moving on to the technical indicators, the RSI line enters the overbought territory in the 4H chart. Thus, a minor retest of the bullish breakout is a possibility. Further, the possibility of evening stars increases in the 4H chart with a recent Doji candle. 

Number of Active Solana Addresses Tops 2Mn 

In a broader sense, the growing strength of the Solana network is fueling the surge in SOL token price. With a TVL of $5.667B, the third-biggest chain completes a milestone in active users. 

Daily Active Addresses on Solana Network
Daily Active Addresses on Solana Network

As per the number of active addresses on the Solana network by The Block, the metric hits 2 million.  

Will SOL Price Top $250?

Retracing the Fibonacci levels over the bull run, the inverted head and shoulder breakout rally faces opposition at the 38.20% Fibonacci level. Further, as the broader market recovers, Solana crossing above the $200 mark will ignite the next stage of the bull run. 

As per the Fib levels, Solana could hit the $231 or $253 levels in the coming days.

XRP Set to Break Daily Bull Flag, Analyst Predicts Explosive Rally to $5

Abdulkarim Abdulwahab
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0
XRP Set to Break Daily Bull Flag, Analyst Predicts Explosive Rally to $5

Analyst Dark Defender foresees XRP completing its uptrend toward a 70% price surge to initially overcome the $0.66 resistance before a more explosive rally ahead.

In a recent post on X, analyst Dark Defender called attention to XRP’s movements over the 24-hour time frame. He noted that the asset is forming a daily bull flag, building momentum for a substantial breakout to the upside.

The accompanying image depicts how XRP has significantly recovered from the earlier bearish trend that forced it to revisit below $0.39, a nearly two-year low.

 

XRP Ready to Break

Since July 8, XRP has maintained a steady uptrend. It initially reclaimed the $0.5 mark and subsequently reached a three-month high of $0.6366 on July 17. After its impressive comeback, XRP entered a period of price correction and consolidation. It traded within a narrow range of $0.59 to $0.62 over the past week.

Meanwhile, according to Dark Defender, a breakout from this pattern is now imminent. As of press time, XRP has surged to a new daily high of $0.6129, coinciding with Bitcoin’s upward momentum as it approaches the $70,000 mark.

Dark Defender foresees XRP extending its uptrend soon to mark a 70% surge from the recent bottom. According to him, XRP is poised to initially target $0.6649 before making a significant push towards the $1 range. 

XRP Resistance Barriers

The analyst notes that the $0.66 level has been a stubborn barrier for XRP, but he expects the asset to overcome it during the anticipated breakout.

Additionally, Dark Defender previously identified a secondary resistance point at $0.87 in the 4-hour timeframe. However, he remains confident that these hurdles will be overcome in the near term.

Bullish Targets to Expect After Breaking Resistance0

Notably, the analyst has set his sights on more ambitious targets for XRP, including a short-term goal of $1.88. 

Meanwhile, on a more extended scale, he targets $5.85 and $18, previously unseen levels for XRP. He believes successfully overtaking the identified barriers could open floodgates for these unprecedented price targets.

Other market observers share this optimistic view. Some have identified that XRP recapturing its previous ATH of $3.84 would completely “flip the switch,”  creating the necessary momentum for more ambitious price discovery.

Expert Predicts Shiba Inu Could Surge 160,000% to Reach Gold’s $16T Market Cap: Here’s How High SHIB Could Rise

Abdulkarim Abdulwahab
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0
Expert Predicts Shiba Inu Could Surge 160,000% to Reach Gold’s $16T Market Cap: Here’s How High SHIB Could Rise

Oscar Ramos, a prominent crypto ambassador, envisages Shiba Inu eliminating three leading zeros to trade in the $0.02 range with the trillion-dollar caps of gold and Bitcoin.

In a recent analysis, Ramos examined how Shiba Inu could witness an over 1,600-told price surge and trade only with one leading zero. The analysis was inspired by a recent commentary from renowned Bitcoin bull Michael Saylor, who forecasted $13 million per coin for BTC. 

Saylor made this audacious prediction during his presentation at the just-concluded 2024 Bitcoin Conference. Specifically, the MicroStrategy chairman told the world that Bitcoin would be trading at a price of $13 million by 2045, two decades away. 

Notably, at this price, Bitcoin would wield a market cap more than nine times the combined valuations of Gold ($16 trillion), Apple ($3.34 trillion), Microsoft ($3.16 trillion), NVIDIA ($2.78 trillion), and Google ($2.05 trillion).

In particular, Bitcoin would have a fully diluted cap of $273 trillion at $13 million per coin. Interestingly, this price point is even Saylor’s average outlook for the premier crypto for the next twenty years. 

Saylor noted that in a bear case, Bitcoin will only be worth $3 million by 2045. Meanwhile, he expects an astonishing $40 million per coin in a bull case.

What Does It Mean for Shiba Inu? 

Considering the enormous wealth that would be in the crypto industry by then, Ramos sees Shiba Inu in a more favorable light. While expecting many existing meme coins to have faded by the next two decades, Ramos envisions Shiba Inu standing strong amid the team’s development efforts. 

He stressed that SHIB has an ecosystem and a robust profile that guarantee its existence for the next two decades when the $273 trillion Bitcoin market will materialize.

Shiba Inu Trading at $0.002 with $1.3T Cap

Regarding Shiba Inu’s potential value, Ramos envisions two scenarios. The first is that SHIB will attain Bitcoin’s market cap by 2045. Notably, Bitcoin currently commands a market cap of over $1.37 trillion.

A $1.37 trillion cap for Shiba Inu will correspond to a market value of $0.0023, assuming its circulating supply remains unchanged. This value marks a substantial 13,418% increase from SHIB’s current price of $0.00001724.

SHIB Price with Gold Cap

In the second scenario, Ramos speculated that Shiba Inu would attain the current gold cap of $16 trillion. This hypothetical cap eliminates three leading zeros from Shiba Inu’s value, putting it at $0.0271. 

Remarkably, Shiba Inu would have advanced by 157,400%, reflecting a massive return on investment of 1,600X.

Interestingly, Ramos’ projection of $0.02 for SHIB by 2045 is consistent with the forecasts of industry experts at the Changelly crypto exchange and Telegaon.

Analyst Sees Shiba Inu Trend Reversal, Predicts SHIB 120% Rally to $0.000038

Albert Brown
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0
Analyst Sees Shiba Inu Trend Reversal, Predicts SHIB 120% Rally to $0.000038

Shiba Inu (SHIB) fell over 3% in a week, but analysts predict a potential trend reversal.

In the past week, Shiba Inu (SHIB) has experienced a decline, falling over 3% in just seven days and more than 4% in fourteen days. However, despite this downward trend, some analysts predict a potential trend flip.

Jonathan Carter, a chartist on the X platform, recently highlighted this in his analysis, suggesting SHIB is trading within a descending channel and may soon reverse its trend.

Carter’s chart illustrates that SHIB has been trading within a descending channel since early April, characterized by lower highs and lower lows, indicating a bearish trend. 

Notably, the chart identifies a strong support zone around $0.0000100 and a resistance zone around $0.00004500. Notably, SHIB is currently nearing the descending support line, which has historically provided a bounce-back in price. 

Carter suggests that a breakout above the 50-day moving average (MA 50) and the descending resistance line could trigger a significant rally toward the $0.0000380 target. A surge to the $0.0000380 target would represent an approximate increase of 120.29% from SHIB’s current trading price of $0.00001725.

Technical Indicators Are Bullish 

Supporting Carter’s analysis, data from TradingView shows that SHIB is near the lower Bollinger Band, indicating it might be in an oversold condition. Prices typically revert to the mean, suggesting potential upward movement. 

Screenshot 2024 07 29 at 090616

Further, the MACD histogram shows a reduction in bearish momentum, and the MACD line is approaching the signal line from below, indicating a potential bullish crossover. 

Additionally, the Accumulation/Distribution (Acc/Dist) line has remained stable, suggesting that despite the price decline, there has not been significant selling pressure. This stability indicates that investors are holding onto their SHIB tokens, anticipating a price recovery.

Market Sentiment and Long-term Confidence

Adding to this bullish sentiment, Santiment data reveals a clear increase in the number of Shiba Inu holders over time, peaking in late April. Despite price fluctuations, the number of holders has remained relatively stable, indicating continued interest and belief in SHIB by the investor community. 

Screenshot 2024 07 29 at 090836

This stability suggests a strong base of long-term investors, which is positive for SHIB’s potential, even during periods of price decline. The price volatility visible aligns with the descending channel identified by Carter, with the recent stabilization in the number of holders potentially acting as a foundation for a price recovery.

Is Shiba Inu a Worthy Investment?

Other analysts have observed similar bullish indicators. Aaron Arnold, founder of the Altcoin Daily channel, highlighted SHIB among meme coins worth investing in during this bull market. 

In a recent video, Arnold, alongside meme coin expert Rodney, discussed the significance of meme coins, emphasizing their potential for life-changing gains. Rodney argued that meme coins, despite being speculative, can achieve substantial market caps, as seen with Dogecoin and SHIB in 2021. He noted the current trend of focusing on community, narratives, and content, making meme coins more sustainable and attractive.

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