Shiba Inu has suffered a 1.5% fall in the past 24 hours, dropping to $0.00001105 following a difficult weekend for the cryptocurrency market as a whole. The meme token is now 14% down in a week and 13% down in the last 30 days, having risen by 36% since the start of the year.
SHIB’s 24-hour trading volume has picked up slightly, at $150 million, yet this still remains far from the $1.8 billion volumes seen at the start of February, when the coin rose to its 2023 high of $0.00001549. However, with the launch of the Shibarium layer-two network now imminent, it’s only a matter of time before volumes really pick up and SHIB rises again.
Shiba Inu Price Prediction as $150 Million Trading Volume Comes In – Are Whales Buying the Dip?
SHIB’s indicators suggests that the coin is close to reaching a bottom as far as its recent short-term losses go. Its relative strength index (purple) has dropped to 35 and could fall even further, with the coin not likely to bottom out until this indicator dips below 30.
That SHIB’s recent difficulties aren’t quite yet over is also indicated by the coin’s 30-day moving average (red), which has only just begun to point downwards. It remains above its 200-day average (blue), implying that SHIB won’t rally again until it has moved below the longer term indicator.
What’s disconcerting for SHIB holders is that, since its 2023 high of $0.00001549, the meme token has consistently fallen through a succession of support levels. As such, there’s nothing to guarantee that it will stop falling at $0.000011, $0.00001 or even lower.
It also depends on the whales and other big investors, who seem to have been offloading their SHIB holdings in recent days. If they continue to sell, the coin could witness further significant drops.
Based on the latest stats, it does seem that whales are selling SHIB on the whole. Back on February 8, the biggest 500 ERC-20 addresses held some $694 million in SHIB, yet this has now fallen to $606 million.
That said, these holdings are much higher than they were in the middle of January, when they stood at only $84.5 million. In other words, many whales bought SHIB relatively high, so it’s arguable they won’t want to sell at a loss.
This should hopefully support SHIB’s price in the short-term, while the Shiba Inu community continues to look forward to the incoming launnch of Shibarium.
SHIB is likely to rally once the layer-two network for Shiba Inu launches in beta this month. Not only will it increase market bullishness for SHIB, but it will likely boost usage of the coin’s network and ecosystem over time.
Shibarium will also boost the burning of SHIB via the destruction of transaction fees, something which could substantially impact its supply. By extension, it may boost the token’s price over time.
When it comes to how high SHIB could potentially rise, recent data from Changelly suggests an average year-high prediction of $0.0000162484. This represents a 47% rise over the coin’s current price, so even if it isn’t a spectacular number, it still stands as a good return.
Looking towards the more distant future, the launch of SHIB: The Metaverse is likely to encourage more demand for the cryptocurrency, as well as growing use of the wider Shiba Inu ecosystem. Once it launches, users will be able to explore, own, and trade NFT-based plots of land, which will occupy a number of differently themed districts.
The eventual arrive of SHIB: The Metaverse will help create a new for SHIB, one in which it leaves behind the ‘meme token’ label and becomes something like an actual utility token. For this reason, its long-term prospects look good.
Buy Shiba Inu Now
Is Now a Good Time to Buy Shiba Inu?
It’s more likely that SHIB witnesses further falls in the short term, even if its medium- and long-term action looks good. As such, traders may prefer to look elsewhere for high-potential tokens. We’ve compiled such coins into a list of the top 15 cryptocurrencies for 2023, as analyzed by the CryptoNews Industry Talk team.
The list is updated weekly with new altcoins and ICO projects.
Disclaimer: The Industry Talk section features insights by crypto industry players and is not a part of the editorial content of Cryptonews.com.
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