Shiba Inu (SHIB), the world’s second largest dog-inspired meme coin by market capitalization after Dogecoin that lives on the Ethereum blockchain as an ERC-20 token, has been consolidating in the $0.000011-0.00001150 region over the past few days.
Shiva Twitter changed its logo to the Dogecoin logo (a picture of a Shiba Inu dog) after the widely used social media application failed to keep pace with the rapid growth in Dogecoin over the past few days.
Shiva It continues to be constrained to the upside by its 50-day moving average around $0.00001150, while the 21, 100 and 200DMA all also continue to act as a magnet for price action.
Despite this, the trading volume has been high in recent days and some believe that SHIB could soon go higher.
SHIB trading volume across exchanges reached an impressive $420 million before the end of the day on Wednesday, according to data from CoinGecko.
This comes after trading volume neared $600 million on Tuesday, the highest level since mid-March.
Since the start of the year, SHIB trading volume has been gradually increasing with strong price performance – Shiba Inu is up nearly 40% on the year.
Price Prediction – Favorable Macro Background Technicals, Upcoming Ecosystem Growth May Pump up SHIB
Despite the strong performance since the beginning of the year, SHIB is still down about 30% from the previous yearly high in the $0.000016 area.
But SHIB broke down from this high at the end of last month.
If it can break away from its cloud of key moving averages, which continue to act as a drag, and break above the support-resistance-resistance of the $0.000011 mid-$0.000011, it will continue to move above these earlier yearly highs. Can threaten to re-test the level.
The fact that Twitter’s logo is currently a Shiba Inu (even though it is the Dogecoin logo, not the Shiba Inu logo) should be a tailwind.
Optimism about upcoming Shiba Inu ecosystem upgrades may also pump up the optimism.
In a recent post on the Shiba Inu community’s Discord channel, Marcy Jestro, lead of the Shiba Inu Metaverse development team, said, “In the coming week you’re going to start to see some real progress on all things.” Twitter on Tuesday.
Shiba Inu recently released its beta version shiberiumIts Ethereum layer-2 scaling solution is designed to reduce transaction costs and provides a platform for the development of a Shiba Inu-specific Web3 ecosystem that still benefits from the underlying security of the consensus layer of the Ethereum blockchain. Is.
Whales Eyeing Big Profits – Could SHIB 10x?
Despite the massive pullback of SHIB from the previous yearly high in the $0.000016 region, the leading SHIB whales are holding on to their coin and are not surrendering.
This is according to on-chain data cited by WhaleStats, which shows that the number of transactions carried out by the top 100 Shiba Inu whales per day has dropped to almost zero since mid-February, from a peak in the first 100.
This suggests that sentiment remains strong among whales.
Can SHIB grow 10x from current levels. That’s a tough question, at least in the short term.
A 7x gain would take Shiba Inu’s market capitalization to nearly $47 billion and take SHIB to a new all-time high in the upper zone of $0.000088.
SHIB’s 10x leverage would take it to zero losses and take its market cap to over $65 billion.
If the US Federal Reserve is about to make a big start rate cut cycle later this year a U.S. bank crisis/recession, and if SHIB continues to deliver new utility by expanding the scope of the Shiba Inu developers web3 project’s ecosystem, the cryptocurrency could potentially see 10x gains over the next few years.
Love Hate Inu (LHINU) – A Shiba Inu alternative to consider
The fact that Shiba Inu is already so famous and famous and already has such a large market capitalization makes 10xing it from current levels that much more difficult.
Therefore investors may want to consider investing in some of the lesser known coins that potentially have better chances of seeing exponential gains.
There’s a Great New Meme Coin to Consider love hate inuA new dog-meme-inspired social media polling platform that’s been taking the internet by storm for the past few weeks.
To further the development of its revolutionary vote-to-earn platform, Love Hate Innu is currently conducting a pre-sale of its LHINU tokens.
The presale has been a huge success, Love Hate Inu has already raised a massive $2.9 million and the presale has already entered Stage 4.
How Cryptonews.com analysts rank Love Hate Inu Earliest Sales of 2023 And many think that crypto could make big gains when ICOs arrive later this year.