The cryptocurrency market has experienced a 1.5% decline in the last 24 hours, dropping to $0.00001105 due to a difficult weekend. The meme token has now fallen 14% in a single week, and 13% in the past 30 days, despite increasing by 36% since last year.
SHIB’s 24-hour trading volume has now surged to $150 million. This is still significantly lower than the $1.8 billion volume seen at the start of the year. When the coin reached its all-time high of $0.00001549 in February, the launch of the Shibarium layer-two network was looming, meaning it is only a matter of time until volumes really pick up and SHIB rises.
Shiba Inu Price Prediction As $150 Million Trading Volume Surges – Is The Dip Being Bought By Whales?
SHIB’s indicator suggests that the coin may be close to bottoming out in terms of its recent short-term losses. Its relative strength indicator (purple) has dropped to 35 and could fall further. It is unlikely that the coin will bottom out until this indicator goes below 30.
Unfortunately, SHIB’s troubles are far from over. This is also evident from the coin’s 30-day average (red), which has just started to point down. It is still above its 200-day average (blue), which means that it will not rally until it moves below the longer-term indicator.
What SHIB holders will be worried to discover is that the meme token has fallen through a number of support levels since its 2023 peak of $0.00001549. This implies that there is no guarantee that it will halt its drop at $0.000011, $0.00001 and beyond.
It depends on whales and other big-investors who have been unloading SHIB assets in recent days. If the coin continues to be sold, this could lead to significant drops in value.
According to the most recent figures, whales seem to be selling SHIB overall. On February 8th, the top 500 ERC-20 addresses held a total of $694 million of SHIB. However, this has since decreased to $606 million.
These holdings are much higher than they were at the start of the month, when only $476 million in SHIB was held by the top 500 addresses. So, it is likely that only a few whales are selling their SHIB at the moment.
What implications does this have for SHIB price prediction? There is no definitive answer, as the coin is still too volatile to make any reliable prediction. That said, if whales switch to buying, the coin could quickly rebound to its previous highs.
The Shiba Inu (SHIB) token has seen a surge in trading volume over the past few months, with the latest figure reaching $150 million. This is a considerable increase from January when the number stood at only $84.5 million, indicating a dramatic rise in interest. It appears that many whales have bought the token at high prices, raising questions about whether they will be able to sell at a loss.
The SHIB community is still looking forward to the beta launch of Shibarium, a layer two network for Shiba Inu, which is expected to increase bullishness and usage of the coin’s ecosystem and network. Additionally, this should lead to a decrease in transaction fees and an increase in SHIB burning, potentially driving up the price of the token over time.
Data from Changelly shows that the current price of SHIB has increased by 47%, which is still an impressive return. The coin is also due to be released on the Metaverse platform, which could potentially increase demand for cryptocurrencies and the usage of the wider Shiba Inu ecosystem. Furthermore, SHIB could eventually transition from a ‘meme token’ to a utility token, which may have a positive effect on its long-term prospects.
Although SHIB is likely to experience more falls in the short term, the medium and long-term outlook is encouraging. Traders may wish to consider alternative tokens for greater returns, and the CryptoNews Industry Talk team has compiled a list of the top 15 cryptocurrencies for 2023. The list is updated each week with new coins and ICO projects.
