Price Analysis

Shiba Inu Seems Primed To Move Up As SHIB Accumulation Continues

The past week has been rather interesting for Shiba Inu (SHIB), although not everything went as planned. The Coinbase Pro listing turned into a disaster due to the company’s fault, resulting in some confusion as to what was going on. However, it seems traders continue to accumulate SHIB at the current price, indicating a price surge may be near. 

SHIB Accumulation Resumes

Even though the recent Shiba Inu price momentum may not seem promising, some clear trends become apparent. Since the recent price surge, the SHIB value has been hovering near the current price level for a while. One big dip in the past week coincided with a price decline across all significant crypto markets. However, the subsequent bounce is impressive as the current price level has been reclaimed without too much resistance. 

What is rather interesting is how this appears to hint at ongoing Shiba Inu accumulation. While the four-hour candles are still bearish, there isn’t too much intent to break the current price level either. Instead, traders are happy to keep buying at the current value while others unload their bags. As a result, the Bollinger Bands tighten again, which will usually result in price action. Given the rate of accumulation at this value, that action may very well be bullish. 

SHIB/USDT Chart by

That being said, there is still a lot of liquidity across the different trading platforms. Some people still hold out hope to see SHIB at $0.01, although that is nearly impossible. The token has a total supply of 1,000,000,000,000,000. If a $10.01 price is reached, Shiba Inu gains a market cap of $10 trillion. Of course, nothing is impossible in the cryptocurrency world, but such a high price seems rather unlikely. A 10x or even 100x from here may be possible if the ecosystem gains more utility and traction, though. 

The Coinbase Pro Mess

One of the significant developments for Shiba Inu is how SHIB is now available on Coinbase Pro. An important milestone for any crypto asset, although things did not go as planned whatsoever. For reasons unknown, Coinbase Pro listed the Shiba Inu price much higher than the market average. Traders woke up to an 85% price decline on this exchange, even though the actual value of SHIB had not changed. 

It is unclear why Coinbase Pro maintained the wrong price information for several hours. That makes it seem as if Shiba Inu had a massive market crash, even though that wasn’t the case. Creating unnecessary panic is a bad look for a publicly traded company.

Interestingly, it would appear the wrong price information doesn’t trigger a massive sell-off. Statistics confirm over 90% of users on the platform have bought or held SHIB since it became accessible. Whether that statistic is accurate is uncertain, but it can strongly indicate accumulation and support. SHIB is ranked $83 in popularity on Coinbase Pro, a ranking that will likely increase over the coming weeks.  

CoinGecko Search Popularity

Gauging the popularity of crypto assets is not that easy. However, the search popularity on data aggregation platforms like CoinGecko can often provide valuable insights. For Shiba Inu, it has re-entered the top 30 trending coins again. An intriguing development indicates that more people want to discover the SHIB ecosystem and whether it has any future price potential. 

None of the information on this website is investment or financial advice and does not necessarily reflect the views of CryptoMode or the author. CryptoMode is not responsible for any financial losses sustained by acting on information provided on this website by its authors or clients. Always conduct your research before making financial commitments, especially with third-party reviews, presales, and other opportunities.

JP Buntinx

JP Buntinx has been writing about cryptocurrency since 2012. His interest in crypto, blockchain, fintech, and finance allows him to cover a broad range of different topics.

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JP Buntinx

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