Popular cryptocurrency analyst Micheal van de Poppe has revealed that he believes the meme-inspired cryptocurrency Shiba Inu ($SHIB) can see its value rise significantly from current level if its able to stay above a key support level.

In a tweet Van de Poppe shared with his over 660,000 followers on the microblogging platform X (formerly known as Twitter), he posited that, assuming certain key support levels hold, SHIB could continue to ride to trade at $0.000013 per token, up from its current level at $0.0000096.

The value of the meme-inspired cryptocurrency has notably dropped by 5% over the past 24-hour period, erasing previous gains and seeing the cryptocurrency’s price remain relatively flat over the last few days amid a wider cryptocurrency market sell-off.

As CryptoGlobe reported, bankrupt cryptocurrency lender Voyager Digital has reportedly been offloading a hefty amount of cryptocurrency on Nasdaq-listed cryptocurrency exchange Coinbase, with over 1.4 trillion Shiba Inu ($SHIB), 781 BTC, and 9,570 ETH being burned on the platform. This could be adding selling pressure to SHIB.

Earlier this year, Voyager had already been sending billions of SHIB tokens to Coinbase, alongside other tokens including Ethereum’s ether. Voyager has conducted other similar large transactions to Coinbase in the past, including the sale of 400 billion SHIB on the platform earlier this month, which were exchanged for USDC.

The firm’s recent moves come after a staggering 3.3 trillion SHIB tokens have been pulled out of centralized cryptocurrency exchanges throughout the month of July in a large-scale withdrawal analysts are seeing as a drop in available supply.

Featured image via Unsplash.