Shiba Inu (SHIB) has endured a significant decline over the past six months, dropping more than 70% from its March high. Currently priced at $0.0000138, the token has seen a slight recovery with a 6.5% gain over the last week. Some analysts, like LuckSide, are optimistic about a substantial rally in the coming months due to increased activity from large investors, or whales.
The primary catalyst for this optimistic outlook is the accumulation of over 3 trillion SHIB tokens by whales within just two days. Large holders and major investors are showing renewed interest, withdrawing over $4 million worth of SHIB from exchanges, which is often a sign of confidence in long-term prospects. LuckSide projects that SHIB could eventually reach $0.001, a massive 7,145% increase from its current value.
However, not all predictions are optimistic. Analysts like Dexter and CoinCodex suggest that SHIB's development is below par, likely leading to modest short-term gains. By mid-October, CoinCodex forecasts a slight dip to $0.00001330. Despite this, some analysts believe in SHIB's long-term potential, with Dexter suggesting it could reach $0.00015, a tenfold increase.
The overall market sentiment for SHIB remains cautious, reflected in a Fear & Greed Index score of 33 (Fear) and limited price volatility. While short-term prospects appear uncertain, the long-term outlook remains hopeful due to episodic surges typically seen in meme coins when whales begin to rally.
