Shiba Inu Price Prediction has become a topic of interest as its trading volume has reached $300 million. Investors are wondering whether this surge in trading activity is due to buying activity from large investors, commonly known as “whales”.
As the market speculates about the future of the Shiba Inu price, many are closely watching the movements of these whales to gauge the coin’s potential growth.
Taking a closer look at the Shiba Inu fundamentals, it is worth finding out how they are affecting the SHIB price.
Leash, the Shiba Inu token, surges 913% in trading volume after new listing
The Shiba Inu’s Leash token recently made headlines for a significant increase in trading volume after being listed on a new exchange. The token, which was launched as the Dogecoin-killer, has rapidly gained traction among investors due to its unique features and strong community support.
The new listing on the exchange XT.com has pushed LEASH’s trading volume to new highs with an increase of over 900%. The exchange, which is registered in Seychelles and headquartered in Hong Kong, has offered LEASH trading pairs alongside USDT and BTC, making it more accessible to a wider range of investors.
LEASH’s incredible surge in transaction volume has caught the attention of many in the crypto world, sparking discussions about the coin’s potential for future growth. Some experts suggest that the listing on XT.com could be a significant milestone for the token, allowing it to reach a wider audience and gain more momentum.
The strong community support behind the Shiba Inu and its associated token has also contributed to a recent surge in trading volume, with many supporters buying and holding the token as a long-term investment.
Despite the hype surrounding LEASH, some investors remain cautious, warning that the token’s value can be volatile and subject to market volatility. Some experts also caution that the recent surge in trading volume may be a temporary trend, and that the long-term success of the token will depend on factors such as community adoption and broader market trends.
Nevertheless, the listing of LEASH on XT.com has generated significant excitement and interest in the cryptocurrency community, with many investors anxiously watching to see where the token’s price and trading volume will go from here.
The growing number of cryptocurrency whales selling mime-coins has become a significant factor affecting the price of the Shiba Inu currency. According to reports, these whales once held $1 billion worth of SHIB coins.
Additionally, the current bearish trend in the cryptocurrency market and the accommodative stance of the Federal Reserve have also contributed to the decline in SHIB coin price.
Shiba Inu ($SHIB) Surpasses 1.3 Million Addresses Ahead of Shiberium Launch
The number of addresses holding Shiba Inu ($SHIB), a meme-inspired cryptocurrency on the Ethereum blockchain, recently exceeded 1.3 million. This comes just ahead of the planned launch of Shiberium, the project’s layer-2 scaling solution.
Based on data obtained from the Ethereum blockchain by CoinMarketCap and first reported by Finbold, the current number of Ethereum addresses holding SHIB is 1.305 million. The cryptocurrency crossed the 1.3 million address mark earlier this month, starting the year with 1.275 million addresses.
Shiba Inu Pricing Unfavorably Affected By Fed Interest Rate Hike Prospects
Cryptocurrency markets closed in the negative on Saturday as the release of US economic data fueled speculation that the Federal Reserve may take a more aggressive approach to raising interest rates to curb ongoing inflation.
Data published on Friday showed an annual increase of 0.8% in export prices, as opposed to an expected 0.2% decline. Data from last week also showed fewer-than-expected applications for unemployment benefits on Thursday, along with a rise in producer prices for January.
As a result of the data, along with aggressive statements by two Fed officials on Thursday and forecasts by Goldman Sachs and Bank of America for three additional Fed rate hikes this year, some investors have begun preparing for further tightening. Shawn Cruz, chief trading strategist at TD Ameritrade in Chicago, said the numbers prompted this reaction among some investors.
The negative sentiment of the cryptocurrency market, along with the possibility of interest rate hikes, were deemed to be important factors adversely affecting Shib coin pricing.
Shiba Inu Price Prediction
During the most recent trading session, Shiba Inu (SHIB) continued its bearish trend with a loss of over 1%. The decline coincided with Bitcoin (BTC), which unexpectedly halted its recent bullish run following the release of the CPI news. As of now, Shiba Inu is trading at $0.000013 with a 24-hour trading volume of $268 million.
Shiba Inu has seen a decline of 0.89% in the last 24-hours. Currently ranked 14th in the market, the Shiba Inu has a live market cap of $7.2 billion.
From a technical perspective, the Shiba Inu was unable to surpass $0.0000132, a level held by the descending trendline resistance. In case of a break below this level, the cryptocurrency is likely to find immediate support around $0.0000126.
On the downside, if the price declines below the $0.0000126 level, the next target could be the $0.00001170 level.
Shiba Inu Alternatives
If you are looking for SHIB as well as other high potential crypto projects, we have reviewed the Top 15 Cryptocurrencies for 2023, as analyzed by SHIB. 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.
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