Shiba Inu coin is becoming more popular because the whole meme coin market is doing well, especially after Bitcoin’s price went up past $52,000 recently. People are buying SHIB hoping its price will go up even more. However, as SHIB’s price goes up, big investors are starting to lose interest, shown by fewer large transactions. This is worrying some people that the price of Shiba Inu might drop soon.
SHIB Loses Support From Whales
In the last day, the SHIB market saw a big sell-off, with trades worth about $137,200 being sold off. This affected sellers and buyers equally. Also, more people have been trading Shiba Inu cryptocurrency, with the amount of money in trades going up by over 2.3% to $27.6 million.
Even though prices and trading amounts have gone up, big investors are not as active anymore. Data from IntoTheBlock shows a big drop in large deals, from 4.57 trillion SHIB to just 1.2 trillion SHIB. This loss of interest from these big “whale” investors has made SHIB’s price less unpredictable.
The future looks good for SHIB because of some exciting expected changes. The newest SHIB magazine has information from the Shiba Inu main developer, Kusama, talking about what’s coming for Shibarium and the SHIB world. In an article called “Unleashing the SHEboshis and Some Other Updates,” Kusama talks about big steps forward, like making Shibarium a top platform for memes and creating a strong community around it.
Kusama announced a new test using the 404 Eth Standard named “THE SHEboshis.” This project, involving special digital art pieces (NFTs), aims to make trading easier on Ethereum and to help it work better with Shibarium. They also plan to release new versions of ShibaSwap, called 1.5 and 2.0, and move various tokens and projects to Shibarium.
What’s Next For SHIB Price?
The recent activity of Shiba Inu shows it is doing better than usual, indicating that more people are interested in buying it. Right now, those optimistic about its price are keeping it above a certain trend level, but those expecting it to fall are trying to keep its price close to $0.00001. At the moment, the price of Shiba Inu is $0.00000993, which is more than a 2.5% increase from what it was yesterday.
The 20-day average price is going up and is now at $0.0000096. Also, the market’s strength score is about 65, which doesn’t clearly help those wanting to sell. If buyers can push the price above $0.00001, it might quickly rise to $0.11.
If sellers manage to keep the price under the moving averages, they might gain control. This could make the SHIB/USDT pair’s price drop to $0.0000092 and maybe even lower to $0.0000085, an important support level.
Disclaimer: The information on this website isn’t meant to be taken as advice for investing money. Investing involves uncertainty, and there’s a chance you could lose your money when you invest.
