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The Shiba Inu has suffered a 1.5% drop over the past 24 hours, falling to $0.00001105 after a rough weekend for the entire cryptocurrency market. Meme Token is now down 14% in a week and 13% over the past 30 days, up 36% since the start of the year.
SHIB’s 24-hour trading volume has increased slightly to $150 million, yet it is still a far cry from the $1.8 billion volume seen in early February, when the coin reached a 2023 high of $0.00001549. However, with the launch of the Shiberium layer-two network now imminent, it was only a matter of time before volumes really picked up and SHIB surged again.
Shiba Inu Price Prediction As $150 Million Trading Volume – Are Buying Whales Plunging?
The SHIB indicator suggests that the coin is close to hitting its bottom as far as recent short-term losses are concerned. Its Relative Strength Index (purple) has dropped to 35 and may fall further, with the coin unlikely to bottom unless this indicator falls below 30.
SHIB’s recent troubles are not over yet, this is also indicated by the coin’s 30-day moving average (red), which has just started pointing down. It remains above its 200-day EMA (blue), which means SHIB will not rally again until it breaks below the longer-term indicator.
What is worrisome for SHIB holders is the fact that since the 2023 high at $0.00001549, meme coin has consistently declined through support levels. Therefore, there is no guarantee that it will stop at $0.000011, $0.00001 or even lower.
It also relies on whales and other large investors offloading their SHIB holdings in recent days. If they continue to sell, the coin could see further declines.
Based on the latest data, it appears that whales are selling SHIB overall. Back on February 8th, the largest 500 ERC-20 addresses held some $694 million in SHIBYet it has now fallen to $606 million.
That said, these holdings are much higher than in mid-January, when they were only $84.5 million, In other words, many whales bought SHIB at a relatively high price, so it is logical that they would not want to sell at a loss.
This is expected to support SHIB price in the near term while the Shiba Inu community awaits the upcoming launch of Shiberium.
SHIB is likely to rally after the Layer-2 network for Shiba Inu is launched in beta this month. This will not only increase the speed-to-market for SHIB, but also boost the usage of the coin’s network and ecosystem over time.
Shiberium will also promote the burning of SHIB through the destruction of transaction fees, which could substantially affect its supply. By extension, this could increase the price of the coin over time.
When it comes to how high SHIB can rise, Recent data from Changelly The average suggests a yearly high forecast of $0.0000162484. This represents a 47% increase from the current price of the coin, so while it may not be a great number, it is still a decent return.
Looking to the more distant future, the introduction of SHIB: Metaverse is likely to stimulate further demand for the cryptocurrency, as well as increased use by the wider Shiba Inu ecosystem. Once it launches, users will be able to explore, own and trade NFT-based plots of land that will occupy several different themed districts.
SHIB’s final arrival: Metaverse will help create a new one for SHIB, in which it leaves behind the ‘mem token’ label and becomes something like a true utility token. Because of this its long term prospects are looking good.
Is Now a Good Time to Buy a Shiba Inu?
It is more likely that SHIB witnesses further declines in the near term even though its medium and long term action looks bullish. Therefore, traders may prefer to look elsewhere for coins with higher potential. We have compiled a list of top 15 cryptocurrencies for 2023 such coins as analyzed by. crypto news Industry Talk Team.
The list is updated weekly with new altcoins and ICO projects.
Disclaimer: The Industry Talks section features insights by crypto industry players and is not part of the editorial content of 0x0news.com.
