Shiba Inu, a meme coin that started March on a high note with its highest price levels in 2024, experienced a decline that hindered its upward momentum. Despite a significant price correction, the meme coin is now positioned at a pivotal price point with potential for growth.
Whale Investors Show Confidence in Shiba Inu
After a surge in price, Shiba Inu witnessed a sharp correction, but this did not deter major investors, who continued to accumulate large amounts of the cryptocurrency. In just one month, these whales purchased over 11 trillion Shiba Inu tokens, totaling an investment of $337 million.
Previously holding the title of the top meme coin among Ethereum whales, Shiba Inu’s pricing is heavily influenced by investor activity. The coin still enjoys robust support from retail investors as well, evidenced by the reluctance of profit-earning investors, who comprise 18% of holders, to sell their stakes.
Potential Price Rally for Shiba Inu Ahead?
The meme coin’s price has recovered from a dip to the $0.000028 level and is now hovering above the $0.00003000 support line. With the backdrop of strong investor sentiment and technical indicators like the Moving Average Convergence Divergence hinting at a bullish trend, Shiba Inu may be poised for a rally.
If it breaks past the earlier peak of $0.00004572, Shiba Inu could set new highs for the year. However, falling below the support level of $0.00003000 could lead to a drop to $0.00002855, or worse, below $0.00002500, potentially reversing the bullish forecast.