Shiba Inu Price Prediction: SHIB Rejects the 200-Day SAM Amid High Network Activities

Shiba Inu (SHIB) has struggled to retest the $0.00002 threshold attained in late September. Although it has attempted to reclaim this level multiple times in October, it faced rejection at $0.000019.

As a result, the coin failed to break above the key 200-day Simple Moving Average line, signaling weakness.

However, despite this gloomy outlook, the broader Shiba Inu ecosystem has seen a surge in network activities, with whale activity rising. Could this be a sign of a bullish shift?

Consider the following analysis for more insights into SHIB's next possible direction.

Shiba Inu (SHIB) Price Outlook

Shiba Inu faces stiff bearish resistance, suppressing its attempts to break above the 200-day SMA line. Moreover, the Moving Average Convergence Divergence (MACD) is below its signal line. This supports the bearish sentiment in the market, signaling more downward movement.

Meanwhile, the 50-day SMA line could act as asupport level for the coin. This means that SHIB could rebound from this level. A break above this line could lay the foundation for a breakout above the 200-day SMA, signaling a continued uptrend.

Whale Activity Fuels Optimism for Shiba Inu Price Recovery

Despite its price fall, large crypto investors showed confidence in Shiba Inu (SHIB).According to CryptoQuant, whales withdrew a massive 1.2 trillion SHIB tokens from centralized exchanges,whichare valued at around $21.7 million.

This whale activity indicates that they prefer to hold SHIB in private wallets, suggesting long-term confidence.

When whales withdraw tokens from exchanges, the amount in circulation is reduced. This scarcity often leads to increased demand, potentially boosting SHIB's price.

Further, the surge in whale accumulation during a price decline could trigger a bullish momentum for SHIB. With fewer tokens on the market, prices tend to stabilize or rise.

Another positive factor is that the meme coin is not under heavy selling pressure. If this buying trend continues, SHIB could move toward a price recovery phase.

Shiba Inu Burn Rate Soars 6750% Amid Increased Network Activity; What's Next for SHIB Price

According to Shibburn data, over 27 million SHIB tokens were removed from circulation in just 24 hours, spiking the burn rate by 6750% on October 23. This sharp reduction brings the total circulating supply down to 589.26 trillion coins.

Additionally, around 58 million SHIB tokens were burned throughout the week.Shib Burn is a deflationary strategy expected to control the token's supply, creating scarcity that could boost or stabilize prices. The recent spike in the burn rate sparks optimism about the future price movement of SHIB.

Adding to the bullish factor,recentdatashows that Shibarium recorded nearly 1.8 million transactions, marking a 1,300% increase daily. Additionally, the number of active accounts has surged, reaching over 26,000, the highest in a year.

Meanwhile, Shiba Inu (SHIB) recently partnered with Mass Finance to enhance its financial ecosystem. This collaboration aims to establish a decentralized SHIB state" using AI-driven legal and fiscal solutions.

Hold onto your leashes! Shib is teaming up with Mass to build the ulti-mutt financial layer of our Shib network state! Time to unleash the paw-sibilities! #ShibMassAdoption #CryptoCanines #ToTheMoon https://t.co/OFqtS4T1Pn

- Kaal (@kaaldhairya) October 14, 2024

This move simplifies business operations within the SHIB network, which Stripe Payments support. Mass Finance's platform makes onboarding easier for new users and businesses. This accessibility could attract more participants to the SHIB ecosystem.

This could lead to more users adopting the platform for decentralized applications (dApps), potentially increasing the demand for SHIB as a utility token. Thus, SHIB could see significant price gains as its network expands.

Exploring Potential Alternatives to SHIB Token: FreeDum Fighters

While Shiba Inu (SHIB) remains dominant in the meme coin world, new projects have captured investor attention.

Among these projects is FreeDum Fighters (DUM), a political-themed meme coin with a compelling narrative. The project launched its presale last week and is already creating excitement.

FreeDum Fighters is an engaging platform where two robot giants, MEGATRON and Kamacop 9000, battle in a political showdown.

It combines election satire with high-yield staking, allowing DUM token holders to support their favorite candidate. This unique theme positions $DUM for significant traction as the 2024 US election approaches.

By staking DUM tokens, investors can earn impressive annual percentage yields (APYs) of up to 422% for MAGATRON. So far, over 3.9 billion DUM tokens have been locked up, showing strong interest from the community.

In addition to staking, the project will host social media debates and polls, with the winning side earning extra tokens. This interactive aspect encourages participation and keeps the community engaged.

Solid Foundation and Promising Growth

FreeDum Fighters has laid a strong groundwork for its future. The project's smart contracts have passed audits from reputable firms like Coinsult and SolidProof.

The tokenomics appears well-structured, with 40% of the 270 billion DUM supply allocated for presale. This ensures there are enough tokens for future liquidity and staking pools.

With endorsements from crypto influencers and a fun, engaging theme, FreeDum Fighters stands out among other meme coins like SHIB.

FreeDum Fighters (DUM) trades at $0.0005 per token, and the price will increase in the next stage. As the presale progresses, analysts predict that DUM could see significant returns.

For anyone interested in new investment opportunities, checking out the FreeDum Fighters presale may be worthwhile.

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