• SHIB has become one of the most-traded coins in the past 24 hours, with CoinGecko putting it 14th among „top purchased tokens“.
• Despite its recent losses, SHIB remains a favorite amongst big investors and is set to launch layer-two network Shibarium soon.
• With indicators suggesting that SHIB is now oversold, and with the upcoming launches likely to push it further in the long-term, SHIB could easily mount a recovery in the next few days.
Shiba Inu Price Prediction as SHIB Becomes Top 20 Most Traded Coin
The Shiba Inu token (SHIB) has become one of the most traded coins in the past 24 hours according to CoinGecko’s data on “top purchased tokens”. This surge in trading comes despite a 9% decline in price due to news about Silvergate Bank’s liquidation and hawkish stance from Federal Reserve concerning interest rate hikes. The current price stands at $0.0000099 which makes it down 17% for week and 30% for last 30 days with 10% gains for year-to-date.
SHIB Remains Popular Amongst Big Investors
Despite its recent losses, Shiba Inu remains popular amongst whales (apart from ETH, USDC and USDT) making it the fourth most widely held cryptocurrency among them. It is also still one of top 13 ERC-20 tokens bought by whales today. This indicates that bigger investors have faith in longer term future of SHIB currency.
Upcoming Launches Poised To Push SHIB Further
The impending launch of layer-two network Shibarium should improve speed and reduce cost associated with transactions within Shiba Inu ecosystem while launch of platform called “SHIB: The Metaverse” later this year could potentially bolster its position even more in long run.
Indicators Pointing To Potential Recovery
Relative Strength Index (RSI) has dropped below 30 while price has gone below both 30 day (red) and 200 day (blue) moving averages suggesting that currency is currently being oversold which could indicate potential rebound soon enough.
We can conclude that although there are some negative factors such as news about Silvergate Bank’s liquidation and more hawkish stance from Federal Reserve regarding interest rates hiking, indicators suggest that we won’t have to wait too long before Shiba Inu reaches bottom and invites potential rebound given all upcoming launches planned for later this year which could afford additional boost for its value in longer run as well as support from bigger investors who still remain faithful towards this token despite its recent losses .