Big Money Influx Sparks Concerns About Meme Coin’s Direction

Shiba Inu (SHIB) and other meme coins experienced a whirlwind of activity as October unfolded. The crypto market witnessed a remarkable surge in SHIB’s value as Bitcoin (BTC) reached a new milestone at $35,000, though it subsequently pulled back to the $34,000 level. 

This substantial upward momentum spurred investors to act swiftly and secure positions in anticipation of what promises to be an exciting bull run. However, as we enter November, the crucial question looming over the market is whether these gains can be sustained.

Shiba Inu Recent Performance

Shiba Inu came tantalizingly close to initiating a fresh recovery phase, aiming to break through resistance at the $0.000008 mark. Still, profit booking and, potentially, a lack of buyers led to a minor pullback. As of the latest data available from CoinGecko, SHIB is currently trading at $0.00000779, representing a 2.3% dip in the past 24 hours and a seven-day loss of 1.1%. The price fluctuations in the world of meme coins are often rapid and unpredictable.

Image: GoranH/Pixabay

Meanwhile, large volume holders, commonly referred to as “whales,” have been making waves in the SHIB market this week. Whale Alert, a platform dedicated to tracking substantial crypto transfers, recently reported that SHIB tokens worth approximately $35 million had been shifted from an unknown wallet to another enigmatic destination.

In yet another significant development, about 4.46 trillion SHIB tokens, translating to roughly $33.9 million in dollar value, were moved from the Bitvavo exchange to an unknown wallet.

🚨 🚨 4,474,530,677,374 #SHIB (35,357,741 USD) transferred from unknown wallet to unknown wallethttps://t.co/Mqfi7J2e35

— Whale Alert (@whale_alert) October 31, 2023

🚨 🚨 4,464,530,677,374 #SHIB (33,914,658 USD) transferred from #Bitvavo to unknown wallethttps://t.co/NaiOAbxqX2

— Whale Alert (@whale_alert) November 1, 2023

The big question on many investors’ minds is the potential price impact of these whale movements. While it’s challenging to predict with certainty how these large transfers will influence the market, they do add an element of intrigue to Shiba Inu’s future. Whale activity can sometimes trigger increased market volatility, so keeping a close eye on SHIB’s performance is prudent for both new and experienced investors.

SHIB market cap currently at $4.597 billion. Chart: TradingView.com

Market Outlook And Insights

Looking ahead, it’s expected that investors will closely monitor Bitcoin’s price trajectory while keeping tabs on the altcoin market. Renowned trader and analyst Rekt Capital suggests that the bear market is now a distant memory, and a full-fledged BTC bull market lies ahead. This optimism might provide additional momentum for meme coins like Shiba Inu, as renewed interest in the broader cryptocurrency landscape tends to lift the entire market.

A #BTC breakout to new Yearly Highs opens up Money Flow into Altcoins

So even if you missed the $BTC breakout…

You can make up for it and then some by playing the Altcoin breakouts

There is always another opportunity around the corner#Crypto #Bitcoin pic.twitter.com/TvF7Gu6jfW

— Rekt Capital (@rektcapital) October 25, 2023

Shiba Inu’s remarkable journey in October, along with the broader meme coin movement, has captured the attention of investors worldwide. While the meme coin market can be characterized by its inherent volatility, it remains an exciting space for those seeking high-risk, high-reward opportunities.

As we step into November, all eyes will be on the meme coin sector, eagerly waiting to see whether the gains can be sustained and whether the whale movements will shape the future of Shiba Inu.

Featured image from Shutterstock