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Will Shiba Inu (SHIB) Lead The Memecoin Bull Run?
Will Shiba Inu (SHIB) Lead The Memecoin Bull Run?
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Shiba Inu (SHIB) has built momentum this week following an increase in burn rates and whale transactions amid other factors.
Shiba Inu (SHIB) is igniting bullish interest in the cryptocurrency market following a wave of positive on-chain factors spurring price growth.
At press time, SHIB trades at 0.0000227, an 8% increase this week despite facing slight short-term corrections.
The uphill rally in SHIB and memecoins has been tipped by multiple traders on social media spaces as ushering in the next market bull phase. Shiba Inu’s market capitalization stands over $13.4 billion with daily trading volumes almost at $400 million.
Shiba Inu recorded surging transactions alongside its price uptick. The memecoin notched an increase in daily volumes and new active accounts on the back of network upgrades.
Claim Instant $200 Worth Of DunkiMunki MemeCoins Free On www.DunkiMunki.xyz
#Bitcoin #Ethereum #SHIB #ShibaInu $SHIB
Claim Instant $200 Worth Of DunkiMunki MemeCoins Free On www.DunkiMunki.xyz
Shiba Inu (SHIB) has built momentum this week following an increase in burn rates and whale transactions amid other factors.
Shiba Inu (SHIB) is igniting bullish interest in the cryptocurrency market following a wave of positive on-chain factors spurring price growth.
At press time, SHIB trades at 0.0000227, an 8% increase this week despite facing slight short-term corrections.
The uphill rally in SHIB and memecoins has been tipped by multiple traders on social media spaces as ushering in the next market bull phase. Shiba Inu’s market capitalization stands over $13.4 billion with daily trading volumes almost at $400 million.
Shiba Inu recorded surging transactions alongside its price uptick. The memecoin notched an increase in daily volumes and new active accounts on the back of network upgrades.
Claim Instant $200 Worth Of DunkiMunki MemeCoins Free On www.DunkiMunki.xyz
#Bitcoin #Ethereum #SHIB #ShibaInu $SHIB
🦊 7 Trillion Shiba Inu (SHIB) in 24 Hours: Is Shiba Finally Surging?
With the dull performance of the Shiba Inu network on the weekend and Monday, we are finally seeing some resurgence, with the activity of whales ascending. Almost eight trillion Shiba Inu were transacted between various entities.
New data shows that the Shiba Inu network has experienced a notable increase in the quantity of large transactions. The number of large transactions has increased significantly over the past 24 hours, totaling 153 compared to the seven-day low of 101.
This increase in activity points to a resurgence of interest among the major players on the market — also known as whales. Significant amounts of SHIB are being moved by these whales, suggesting potential phases of accumulation or strategic positioning. In the course of this 24-hour period, more than 7.53 trillion SHIB were moved.
This indicates that the market is seeing a surge in liquidity and activity as it has made a significant recovery from the seven-day low of 1.36 trillion SHIB. This newfound interest was anticipated after the market reached a seven-day high of 161 trillion SHIB on June 5, but the volume today shows that key players are still actively involved. SHIB is currently trading slightly below its 100 EMA at about $0.000022.
SHIB is having difficulty hanging onto important support levels, as the recent price action suggests. The increase in big transactions may be a harbinger of future increases. SHIB may breach present resistance levels and aim for higher targets if the whales are gathering.
$SHIB #SHIB
With the dull performance of the Shiba Inu network on the weekend and Monday, we are finally seeing some resurgence, with the activity of whales ascending. Almost eight trillion Shiba Inu were transacted between various entities.
New data shows that the Shiba Inu network has experienced a notable increase in the quantity of large transactions. The number of large transactions has increased significantly over the past 24 hours, totaling 153 compared to the seven-day low of 101.
This increase in activity points to a resurgence of interest among the major players on the market — also known as whales. Significant amounts of SHIB are being moved by these whales, suggesting potential phases of accumulation or strategic positioning. In the course of this 24-hour period, more than 7.53 trillion SHIB were moved.
This indicates that the market is seeing a surge in liquidity and activity as it has made a significant recovery from the seven-day low of 1.36 trillion SHIB. This newfound interest was anticipated after the market reached a seven-day high of 161 trillion SHIB on June 5, but the volume today shows that key players are still actively involved. SHIB is currently trading slightly below its 100 EMA at about $0.000022.
SHIB is having difficulty hanging onto important support levels, as the recent price action suggests. The increase in big transactions may be a harbinger of future increases. SHIB may breach present resistance levels and aim for higher targets if the whales are gathering.
$SHIB #SHIB
An astounding 70,000% increase in the burn rate of Shiba Inus (SHIBs): Is It Going to Set Off That Much-Delayed Price Explosion?
Surprisingly, the Shiba Inu (SHIB) burn rate has seen a 'astronomical' spike, increasing by more than 68,000% in only one day.
The cryptocurrency world is quite interested in this increase since it was recorded by Shibburn, a website that tracks the burning of SHIB tokens.
The most recent statistics from Shibburn show that the Shiba Inu community as a whole has been responsible for a dramatic increase in SHIB burns. An astounding 68,316% increase in the burn rate occurred yesterday, when seven wallet addresses burned 7.6 million SHIB tokens.
Particularly noteworthy were three transactions originating from these addresses; one wallet, '0x60,' burned around 4.3 million SHIB. This wallet, which processed the biggest single transaction, also had another massive burn, increasing its day total to be over 5 million Shiba Inu.
Notably, the second wallet, '0xc6,' also burned 1.5 million SHIB tokens barely an hour earlier, although a lesser quantity than the first.
The total amount of Shiba Inu withdrawn from circulation has reached about 410.7 trillion due to the significant rise of burnt tokens; the current circulating supply is 589.2 trillion.
There will be little short-term impact on the market price of Shiba Inus, but the long-term goal is to increase prices owing to scarcity caused by their persistent removal from circulation.
Market price for SHIB has not kept pace with the excitement in burn metrics, even though there has been a lot of burn activity. The price of SHIB has dropped 0.5% in the last 24 hours, reaching $0.00002325. This decline is a continuation of the general trend of declining prices; SHIB has dropped almost 6% in the last week.
The chief social media marketer for the SHIB team, Lucie, discussed the possibility of a SHIB-based exchange-traded fund (ETF) on Elon Musk's X platform earlier today, amid these market actions.
#SHIB $SHIB
Surprisingly, the Shiba Inu (SHIB) burn rate has seen a 'astronomical' spike, increasing by more than 68,000% in only one day.
The cryptocurrency world is quite interested in this increase since it was recorded by Shibburn, a website that tracks the burning of SHIB tokens.
The most recent statistics from Shibburn show that the Shiba Inu community as a whole has been responsible for a dramatic increase in SHIB burns. An astounding 68,316% increase in the burn rate occurred yesterday, when seven wallet addresses burned 7.6 million SHIB tokens.
Particularly noteworthy were three transactions originating from these addresses; one wallet, '0x60,' burned around 4.3 million SHIB. This wallet, which processed the biggest single transaction, also had another massive burn, increasing its day total to be over 5 million Shiba Inu.
Notably, the second wallet, '0xc6,' also burned 1.5 million SHIB tokens barely an hour earlier, although a lesser quantity than the first.
The total amount of Shiba Inu withdrawn from circulation has reached about 410.7 trillion due to the significant rise of burnt tokens; the current circulating supply is 589.2 trillion.
There will be little short-term impact on the market price of Shiba Inus, but the long-term goal is to increase prices owing to scarcity caused by their persistent removal from circulation.
Market price for SHIB has not kept pace with the excitement in burn metrics, even though there has been a lot of burn activity. The price of SHIB has dropped 0.5% in the last 24 hours, reaching $0.00002325. This decline is a continuation of the general trend of declining prices; SHIB has dropped almost 6% in the last week.
The chief social media marketer for the SHIB team, Lucie, discussed the possibility of a SHIB-based exchange-traded fund (ETF) on Elon Musk's X platform earlier today, amid these market actions.
#SHIB $SHIB
Here’s when Shiba Inu will hit 1 cent, according to ChatGPT-4o
Meme cryptocurrency Shiba Inu (SHIB) is experiencing short-term price volatility amid a sharp correction that occurred on June 7.
Despite current price movements, SHIB investors are focused on witnessing the token reduce the number of zeros in its price, with the one-cent mark remaining a likely target.
Based on SHIB’s underlying fundamentals, reaching this level is challenging. However, Finbold turned to OpenAI’s latest and most advanced artificial intelligence (AI) tool, ChatGPT-4o, to gather insights on when SHIB might hit $0.01.
To predict the timeline, the AI platform first acknowledged the underlying factors likely to propel SHIB to $0.01. ChatGPT-4o noted that market sentiment plays a crucial role, as cryptocurrencies can experience rapid price changes due to shifts in investor sentiment.
Increased adoption and new use cases can drive demand, significantly influencing the price of SHIB alongside regulatory changes. Moreover, technological developments within the Shiba Inu ecosystem can attract more investors, driving the price upward.
SHIB price targets
The AI tool noted that Shiba Inu would require major adoption, a strong bull market, and perhaps major technological or partnership developments to reach $0.01. Given its current price of $0.00002325, it would need to increase by approximately 430 times.
Optimistically, the AI platform assumed that in the event of a strong bull market and significant positive developments, it could take several years, with a timeline of 5-10 years.
In this case, to attain the $0.01 mark, SHIB will need to undergo significant buying pressure. Therefore, If Shiba Inu reaches a price of 1 cent, the market cap would be approximately $5.88 trillion.
Although ChatGPT-4o cited the challenge of attaining the $0.01 mark, it projected the most likely highest price level for SHIB. The tool noted that the price target would still be contingent on massive adoption and market dynamics.
According to ChatGPT-4o, assuming a highly optimistic market scenario, SHIB could potentially see a 10x to 100x increase from current levels. This would put SHIB in the range of $0.00023 to $0.0023 as the most realistic highest price target.
SHIB price prediction. Source: ChatGPT-4o
In the meantime, it’s worth noting that the Shiba Inu community has implemented measures to help the token gain momentum and compete. For instance, Shiba Inu heavily relies on initiatives such as token burning to provide more sustainability.
For instance, in early June, the token increased about 16,600% in token burning. Overall, the burn mechanisms are meant to reduce the overall supply of SHIB in circulation, potentially enhancing its value.
Shiba Inu price analysis
At press time, Shiba Inu was trading at $0.00002315, having corrected by over 7% in the last seven days.
SHIB seven-day price chart. Source: Finbold
In summary, SHIB’s price has generally been trending downwards from June 6th onwards. Notably, watching the price action around $0.000025 and $0.0000245 will be important, as breaking through these resistance points could lead to a possible bullish breakout.
On the flip side, observing how the price interacts with the $0.000023 and $0.0000225 support levels can offer buying opportunities.
#SHIB $SHIB
Despite current price movements, SHIB investors are focused on witnessing the token reduce the number of zeros in its price, with the one-cent mark remaining a likely target.
Based on SHIB’s underlying fundamentals, reaching this level is challenging. However, Finbold turned to OpenAI’s latest and most advanced artificial intelligence (AI) tool, ChatGPT-4o, to gather insights on when SHIB might hit $0.01.
To predict the timeline, the AI platform first acknowledged the underlying factors likely to propel SHIB to $0.01. ChatGPT-4o noted that market sentiment plays a crucial role, as cryptocurrencies can experience rapid price changes due to shifts in investor sentiment.
Increased adoption and new use cases can drive demand, significantly influencing the price of SHIB alongside regulatory changes. Moreover, technological developments within the Shiba Inu ecosystem can attract more investors, driving the price upward.
SHIB price targets
The AI tool noted that Shiba Inu would require major adoption, a strong bull market, and perhaps major technological or partnership developments to reach $0.01. Given its current price of $0.00002325, it would need to increase by approximately 430 times.
Optimistically, the AI platform assumed that in the event of a strong bull market and significant positive developments, it could take several years, with a timeline of 5-10 years.
In this case, to attain the $0.01 mark, SHIB will need to undergo significant buying pressure. Therefore, If Shiba Inu reaches a price of 1 cent, the market cap would be approximately $5.88 trillion.
Although ChatGPT-4o cited the challenge of attaining the $0.01 mark, it projected the most likely highest price level for SHIB. The tool noted that the price target would still be contingent on massive adoption and market dynamics.
According to ChatGPT-4o, assuming a highly optimistic market scenario, SHIB could potentially see a 10x to 100x increase from current levels. This would put SHIB in the range of $0.00023 to $0.0023 as the most realistic highest price target.
SHIB price prediction. Source: ChatGPT-4o
In the meantime, it’s worth noting that the Shiba Inu community has implemented measures to help the token gain momentum and compete. For instance, Shiba Inu heavily relies on initiatives such as token burning to provide more sustainability.
For instance, in early June, the token increased about 16,600% in token burning. Overall, the burn mechanisms are meant to reduce the overall supply of SHIB in circulation, potentially enhancing its value.
Shiba Inu price analysis
At press time, Shiba Inu was trading at $0.00002315, having corrected by over 7% in the last seven days.
SHIB seven-day price chart. Source: Finbold
In summary, SHIB’s price has generally been trending downwards from June 6th onwards. Notably, watching the price action around $0.000025 and $0.0000245 will be important, as breaking through these resistance points could lead to a possible bullish breakout.
On the flip side, observing how the price interacts with the $0.000023 and $0.0000225 support levels can offer buying opportunities.
#SHIB $SHIB
Shiba Inu Burn Rate Leaps 2955% Amid ETF Talks: Will SHIB Price Recover?
In a striking turn of events, the Shiba Inu (SHIB) token burn rate has surged by an astonishing 2,955% within the last 24 hours. This spike comes amid recent comments from Lucie, Shiba Inu's marketing lead, about the potential for a SHIB exchange-traded fund (ETF). Despite this significant burn rate increase, SHIB's price has continued to decline, showing no immediate signs of recovery.
Shiba Inu Burn Rate Soars Amid SHIB ETF Talks
The recent spike in the burn rate of SHIB tokens occurred during a period of downward price action for the token. The burn rate, tracked by the platform Shibburn, escalated by an impressive 2,955.25% on Tuesday, June 11. This increase has resulted in the incineration of a significant amount of SHIB tokens, theoretically reducing the overall supply and potentially increasing the token's value over time.
During the past 24 hours, the Shiba Inu community collectively burned a total of 7.47 million SHIB tokens across multiple transactions. Notably, two wallet addresses were prominent during this period. The first wallet, 0x608…, transferred 5.35 million SHIB tokens to a dead wallet through two transactions. Another wallet, 0xc66…, moved 1.53 million SHIB tokens to a dead wallet. Additionally, various other community members contributed to smaller token burns, driving the cumulative burned amount to an impressive total of 410.72 trillion SHIB tokens.
Excitement Over SHIB ETF
The dramatic increase in the burn rate coincides with growing discussions around a potential SHIB ETF. Lucie, Shiba Inu’s marketing head, recently commented on the possibility of such an ETF, which has sparked considerable interest among the Shiba Inu community. The approval of Spot Ethereum ETFs has fueled hopes for similar developments for SHIB.
Lucie expressed skepticism about whether institutional investors would recognize the significance of Shiba Inu, stating, “I honestly don’t know if institutions will understand how important SHIB is to people and their future finances.” Despite this uncertainty, she remains hopeful that major financial entities, such as BlackRock, will eventually appreciate Shiba Inu's potential. “I wish BlackRock would understand the magic and power of SHIB, but let’s see how visionary they are,” Lucie added.
Will SHIB Price Rebound?
Currently, Shiba Inu has struggled to maintain a position above the critical resistance level of $0.000025. Previous reports suggest that if SHIB's price can surpass this threshold, it could potentially rise to $0.00003 in the short term and possibly reach $0.00005. Sustaining this level could even drive SHIB toward the ambitious target of $0.0001. However, SHIB is still far from its all-time high of $0.00008845. To achieve such ambitious targets, the price must first recover above $0.000025.
This potential recovery might be fueled by the rapid burn rate and the excitement surrounding the SHIB ETF, but there are no guarantees. As of the latest update, SHIB's price has fallen by 3.45% to $0.00002249, while its market cap stands at $13.25 billion.
Contrarily, SHIB's 24-hour trading volume has surged by 43.05% to $627.17 million, potentially due to increased selloffs. Data from Coinglass shows $561,870 worth of SHIB long liquidations, which could exert further downward pressure on prices.
As the Shiba Inu community continues to engage in token burns and ETF discussions, the coming days will be critical in determining whether SHIB can overcome its bearish trend and achieve a significant price recovery.
$SHIB #Shibarium #SHIB
Notice:
,,The information and views presented in this article are intended solely for educational purposes and should not be taken as investment advice in any situation. The content of these pages should not be regarded as financial, investment, or any other form of advice. We caution that investing in cryptocurrencies can be risky and may lead to financial losses.“
Shiba Inu Burn Rate Soars Amid SHIB ETF Talks
The recent spike in the burn rate of SHIB tokens occurred during a period of downward price action for the token. The burn rate, tracked by the platform Shibburn, escalated by an impressive 2,955.25% on Tuesday, June 11. This increase has resulted in the incineration of a significant amount of SHIB tokens, theoretically reducing the overall supply and potentially increasing the token's value over time.
During the past 24 hours, the Shiba Inu community collectively burned a total of 7.47 million SHIB tokens across multiple transactions. Notably, two wallet addresses were prominent during this period. The first wallet, 0x608…, transferred 5.35 million SHIB tokens to a dead wallet through two transactions. Another wallet, 0xc66…, moved 1.53 million SHIB tokens to a dead wallet. Additionally, various other community members contributed to smaller token burns, driving the cumulative burned amount to an impressive total of 410.72 trillion SHIB tokens.
Excitement Over SHIB ETF
The dramatic increase in the burn rate coincides with growing discussions around a potential SHIB ETF. Lucie, Shiba Inu’s marketing head, recently commented on the possibility of such an ETF, which has sparked considerable interest among the Shiba Inu community. The approval of Spot Ethereum ETFs has fueled hopes for similar developments for SHIB.
Lucie expressed skepticism about whether institutional investors would recognize the significance of Shiba Inu, stating, “I honestly don’t know if institutions will understand how important SHIB is to people and their future finances.” Despite this uncertainty, she remains hopeful that major financial entities, such as BlackRock, will eventually appreciate Shiba Inu's potential. “I wish BlackRock would understand the magic and power of SHIB, but let’s see how visionary they are,” Lucie added.
Will SHIB Price Rebound?
Currently, Shiba Inu has struggled to maintain a position above the critical resistance level of $0.000025. Previous reports suggest that if SHIB's price can surpass this threshold, it could potentially rise to $0.00003 in the short term and possibly reach $0.00005. Sustaining this level could even drive SHIB toward the ambitious target of $0.0001. However, SHIB is still far from its all-time high of $0.00008845. To achieve such ambitious targets, the price must first recover above $0.000025.
This potential recovery might be fueled by the rapid burn rate and the excitement surrounding the SHIB ETF, but there are no guarantees. As of the latest update, SHIB's price has fallen by 3.45% to $0.00002249, while its market cap stands at $13.25 billion.
Contrarily, SHIB's 24-hour trading volume has surged by 43.05% to $627.17 million, potentially due to increased selloffs. Data from Coinglass shows $561,870 worth of SHIB long liquidations, which could exert further downward pressure on prices.
As the Shiba Inu community continues to engage in token burns and ETF discussions, the coming days will be critical in determining whether SHIB can overcome its bearish trend and achieve a significant price recovery.
$SHIB #Shibarium #SHIB
Notice:
,,The information and views presented in this article are intended solely for educational purposes and should not be taken as investment advice in any situation. The content of these pages should not be regarded as financial, investment, or any other form of advice. We caution that investing in cryptocurrencies can be risky and may lead to financial losses.“
How High SHIB Price Would Rise If ETH Hits $22,000 Based On Trending Forecast
Shiba Inu (SHIB), the popular meme coin, has fluctuated significantly, failing to meet investor expectations. Despite this, analysts are examining how it might react to a potential surge in Ethereum prices.
Leading investment firm VanEck recently made a bold prediction for Ethereum’s future. Their analysts believe ETH’s price could reach $22,000 by 2030, representing a staggering 498.9% increase from its current price of around $3,673.26. This forecast hinges on the recent approval of spot Ethereum ETFs by the U.S. Securities and Exchange Commission (SEC).
The approval of spot Bitcoin ETFs in January significantly impacted Bitcoin and the entire cryptocurrency market. These instruments allow investors to gain exposure to Bitcoin without directly holding the underlying asset. The result was a surge in investment, propelling Bitcoin to a new all-time high above $73,000 in under two months.
VanEck believes a similar scenario could unfold with Ethereum. Increased accessibility through spot ETFs could attract substantial capital inflows, potentially driving the price towards their projected $22,000 target by 2030.
Shiba Inu’s Price Correlation with Ethereum
An intriguing aspect of this prediction lies in the historical price correlation between Shiba Inu and Ethereum. At press time, data from IntoTheBlock showed a 0.71 correlation with Bitcoin and a 0.65 correlation with Ethereum over the last 30 days. These are high values, suggesting an increase in any of these tokens could significantly boost SHIB’s price.
In March, SHIB surged almost 400% as Bitcoin climbed to its new all-time high, and it could mirror this behavior when Ethereum begins its climb.
Potential Price Trajectory for Shiba Inu (SHIB)
If Shiba Inu follows a similar price trajectory as Ethereum in this scenario, it could reach unprecedented highs. SHIB is trading at $0.00002319, and if it climbs 65% of Ethereum’s expected surge, it could reach $0.00009839, surpassing its all-time high.
Assuming a perfect correlation value of 1 between SHIB and Ethereum, the meme coin could reach $0.0001388, eliminating one zero from its price. A legendary trader recently set the $0.0001 target for SHIB, and with increasing token burns and major developments in the SHIB ecosystem, the meme coin might match Ethereum’s potential surge and hit this target.
⚠️Disclaimer
This content aims to enrich readers with information. Always conduct independent research and use discretionary funds before investing. All buying, selling, and crypto asset investment activities are the responsibility of the reader.
#ShibaInu #SHIB
Leading investment firm VanEck recently made a bold prediction for Ethereum’s future. Their analysts believe ETH’s price could reach $22,000 by 2030, representing a staggering 498.9% increase from its current price of around $3,673.26. This forecast hinges on the recent approval of spot Ethereum ETFs by the U.S. Securities and Exchange Commission (SEC).
The approval of spot Bitcoin ETFs in January significantly impacted Bitcoin and the entire cryptocurrency market. These instruments allow investors to gain exposure to Bitcoin without directly holding the underlying asset. The result was a surge in investment, propelling Bitcoin to a new all-time high above $73,000 in under two months.
VanEck believes a similar scenario could unfold with Ethereum. Increased accessibility through spot ETFs could attract substantial capital inflows, potentially driving the price towards their projected $22,000 target by 2030.
Shiba Inu’s Price Correlation with Ethereum
An intriguing aspect of this prediction lies in the historical price correlation between Shiba Inu and Ethereum. At press time, data from IntoTheBlock showed a 0.71 correlation with Bitcoin and a 0.65 correlation with Ethereum over the last 30 days. These are high values, suggesting an increase in any of these tokens could significantly boost SHIB’s price.
In March, SHIB surged almost 400% as Bitcoin climbed to its new all-time high, and it could mirror this behavior when Ethereum begins its climb.
Potential Price Trajectory for Shiba Inu (SHIB)
If Shiba Inu follows a similar price trajectory as Ethereum in this scenario, it could reach unprecedented highs. SHIB is trading at $0.00002319, and if it climbs 65% of Ethereum’s expected surge, it could reach $0.00009839, surpassing its all-time high.
Assuming a perfect correlation value of 1 between SHIB and Ethereum, the meme coin could reach $0.0001388, eliminating one zero from its price. A legendary trader recently set the $0.0001 target for SHIB, and with increasing token burns and major developments in the SHIB ecosystem, the meme coin might match Ethereum’s potential surge and hit this target.
⚠️Disclaimer
This content aims to enrich readers with information. Always conduct independent research and use discretionary funds before investing. All buying, selling, and crypto asset investment activities are the responsibility of the reader.
#ShibaInu #SHIB
Attention Shiba Inu (SHIB) investors: Will it go up?
The recent decline in the market has hurt the prices of leading crypto assets, including Shiba Inu (SHIB). At its current level of $0.00002220, the dog-themed memecoin is down 1.42 percent on monthly charts, 6.6 percent in the last seven days, and 3.47 percent in the last 24 hours.
The massive crash also impacted three key metrics related to SHIB, including burn rate, Shibarium daily transaction count, and whale adoption trends. It is of great importance to follow these elements as they can determine SHIB's price movement this week.
As of yesterday, the Shiba Inu burn rate dropped 74.5 percent in a 24-hour period, with only 271,470 SHIBs burned. The amount burned on June 10 is not enough to positively affect the price of Shiba Inu, whose market value is 13.08 billion dollars.
However, #SHIB burns gained momentum earlier today, with the burn rate increasing by 2,814 percent in the last 24 hours. This represents a daily SHIB burn of 7,912,388 (7.91 million) worth $175 at the current exchange rate.
Another important trend to watch is Shibarium's total number of transactions. In particular, Shibarium's adoption rate has dropped significantly due to the recent market downturn. Latest data shows that Shibarium adoption rate continues to drop to lower levels. Shibarium's total number of transactions, which was 8,780 on June 5, is currently around 4,360.
While these measurements may raise concerns among investors, the upside is that they could pave the way for a potential reversal in #SHIB price before this weekend. Interestingly, new investors may see this as an opportunity to purchase SHIB at discounted prices, potentially paving the way for a resurgence of interest among whales
Additionally, leading crypto exchanges including Coinbase and Robinhood have been shuffling a large amount of SHIB tokens in the last 24 hours. As previously reported, these two trading platforms moved 9.6 trillion SHIB in one day; This corresponds to 1.62 percent of the circulating supply of #ShibaInu .
$BTC $SHIB
The recent decline in the market has hurt the prices of leading crypto assets, including Shiba Inu (SHIB). At its current level of $0.00002220, the dog-themed memecoin is down 1.42 percent on monthly charts, 6.6 percent in the last seven days, and 3.47 percent in the last 24 hours.
The massive crash also impacted three key metrics related to SHIB, including burn rate, Shibarium daily transaction count, and whale adoption trends. It is of great importance to follow these elements as they can determine SHIB's price movement this week.
As of yesterday, the Shiba Inu burn rate dropped 74.5 percent in a 24-hour period, with only 271,470 SHIBs burned. The amount burned on June 10 is not enough to positively affect the price of Shiba Inu, whose market value is 13.08 billion dollars.
However, #SHIB burns gained momentum earlier today, with the burn rate increasing by 2,814 percent in the last 24 hours. This represents a daily SHIB burn of 7,912,388 (7.91 million) worth $175 at the current exchange rate.
Another important trend to watch is Shibarium's total number of transactions. In particular, Shibarium's adoption rate has dropped significantly due to the recent market downturn. Latest data shows that Shibarium adoption rate continues to drop to lower levels. Shibarium's total number of transactions, which was 8,780 on June 5, is currently around 4,360.
While these measurements may raise concerns among investors, the upside is that they could pave the way for a potential reversal in #SHIB price before this weekend. Interestingly, new investors may see this as an opportunity to purchase SHIB at discounted prices, potentially paving the way for a resurgence of interest among whales
Additionally, leading crypto exchanges including Coinbase and Robinhood have been shuffling a large amount of SHIB tokens in the last 24 hours. As previously reported, these two trading platforms moved 9.6 trillion SHIB in one day; This corresponds to 1.62 percent of the circulating supply of #ShibaInu .
$BTC $SHIB
Analyst Says Shiba Inu (SHIB) Is Impossible to Overlook. Here’s why
Asiwaju Lerry, a crypto analyst with teeming followers on X, recently highlighted the growing influence of meme coins like Shiba Inu (SHIB), Dogecoin (DOGE), FLOKI, and BONK. Lerry’s statement underscores the undeniable presence of these meme coins within the broader crypto landscape, prompting investors to consider their potential impact.
The four meme coins mentioned by Lerry share a common theme – their branding revolves around dog imagery. Interestingly, all four have surpassed a billion-dollar market capitalization, a metric indicating their overall value within the crypto market. Dogecoin, the leader of the pack, boasts an impressive $21.37 billion market cap.
Shiba Inu follows closely behind at $14.06 billion, solidifying its position as the second-largest memecoin. Floki and Bonk hold the fifth and sixth spots, respectively, with valuations of $2.8 billion and $1.92 billion.
This sustained investor interest in meme coins is further fueled by the activity of large investors, often referred to as “whales.” These whales can significantly impact the market by moving substantial amounts of cryptocurrency. Last month, crypto analyst Ali Martinez revealed that large investors transferred a staggering 4 trillion SHIB to exchanges within two weeks.
Additionally, Lookonchain, a blockchain analytics platform, revealed that nine wallets, two of which belonged to whales, collectively acquired a significant amount of SHIB tokens (1.35 trillion) in a mere twelve hours, representing an investment of $35.2 million.
More recently, on June 5th, a whale on the Ethereum blockchain made a noteworthy purchase of 715.9 billion SHIB, valued at $18.44 million. These significant transactions highlight the growing enthusiasm surrounding meme coins, particularly Shiba Inu.
Shiba Inu (SHIB) Stands Out from the Crowd
Lerry’s recognition of Shiba Inu’s prominence is echoed by other prominent figures in the crypto space. Just recently, Ethereum researcher Justin Drake commented on Shiba Inu’s quality and market dominance.
In his analysis, Drake emphasized that Shiba Inu stands out from the multitude of meme coins, especially those launched on the Solana blockchain, due to its superior quality. He pointed out the illogical comparison of the combined market capitalization of all Solana-based meme coins (approximately $10 billion) to the singular value of Shiba Inu, which sits at $15 billion (before a recent market downturn).
The rise of Shiba Inu and other meme coins presents a fascinating development within the cryptocurrency market. While their origin may lie in internet memes, these tokens have garnered considerable investor interest and continue to hold influence.
The significant investment activity by whales and the recognition from crypto experts suggest that Shiba Inu, in particular, may have a more substantial role in the evolving crypto landscape.
⚠️Disclaimer
This content aims to enrich readers with information. Always conduct independent research and use discretionary funds before investing. All buying, selling, and crypto asset investment activities are the responsibility of the reader.
#ShibaInu #SHIB
The four meme coins mentioned by Lerry share a common theme – their branding revolves around dog imagery. Interestingly, all four have surpassed a billion-dollar market capitalization, a metric indicating their overall value within the crypto market. Dogecoin, the leader of the pack, boasts an impressive $21.37 billion market cap.
Shiba Inu follows closely behind at $14.06 billion, solidifying its position as the second-largest memecoin. Floki and Bonk hold the fifth and sixth spots, respectively, with valuations of $2.8 billion and $1.92 billion.
This sustained investor interest in meme coins is further fueled by the activity of large investors, often referred to as “whales.” These whales can significantly impact the market by moving substantial amounts of cryptocurrency. Last month, crypto analyst Ali Martinez revealed that large investors transferred a staggering 4 trillion SHIB to exchanges within two weeks.
Additionally, Lookonchain, a blockchain analytics platform, revealed that nine wallets, two of which belonged to whales, collectively acquired a significant amount of SHIB tokens (1.35 trillion) in a mere twelve hours, representing an investment of $35.2 million.
More recently, on June 5th, a whale on the Ethereum blockchain made a noteworthy purchase of 715.9 billion SHIB, valued at $18.44 million. These significant transactions highlight the growing enthusiasm surrounding meme coins, particularly Shiba Inu.
Shiba Inu (SHIB) Stands Out from the Crowd
Lerry’s recognition of Shiba Inu’s prominence is echoed by other prominent figures in the crypto space. Just recently, Ethereum researcher Justin Drake commented on Shiba Inu’s quality and market dominance.
In his analysis, Drake emphasized that Shiba Inu stands out from the multitude of meme coins, especially those launched on the Solana blockchain, due to its superior quality. He pointed out the illogical comparison of the combined market capitalization of all Solana-based meme coins (approximately $10 billion) to the singular value of Shiba Inu, which sits at $15 billion (before a recent market downturn).
The rise of Shiba Inu and other meme coins presents a fascinating development within the cryptocurrency market. While their origin may lie in internet memes, these tokens have garnered considerable investor interest and continue to hold influence.
The significant investment activity by whales and the recognition from crypto experts suggest that Shiba Inu, in particular, may have a more substantial role in the evolving crypto landscape.
⚠️Disclaimer
This content aims to enrich readers with information. Always conduct independent research and use discretionary funds before investing. All buying, selling, and crypto asset investment activities are the responsibility of the reader.
#ShibaInu #SHIB
⚠️ Shiba Inu Community Targeted By Wallet Scam, Don’t Fall Victim
The Shiba Inu team has cautioned against a new scam attack targeting community members. These malicious attackers have executed a sophisticated wallet scam that threatens to drain the funds of unsuspecting SHIB investors.
🔸 New Scam Attack Targets SHIB Investors
Shibarmy Scam Alerts, an X (formerly account dedicated to exposing scams within the SHIB community, has issued an urgent warning about a new wallet scam targeting SHIB token holders. On June 8, the scam tracker disclosed that a new wave of fraudulent websites is spreading across the crypto space. Most of these malicious sites are typically distributed within different social media platforms such as X, discord, TG and more.
According to Shibarmy Scam Alerts, these scam sites pose a significant risk to their investors and users, aiming to trick community members into compromising their wallets by using fake wallet connection tools. These malicious attackers lure unsuspecting Shiba Inu investors by claiming that they need to connect their wallet accounts to collect rewards or resolve technical issues involved with liquidity pools.
The wallet connection tools also deceive SHIB holders into thinking that connecting their wallets via certain links is necessary for syncing with the Shiba Inu network. It’s important to note that these claims are entirely false and intended to steal users’ assets by jeopardizing their crypto wallet security.
The Shiba Inu community is one of the many cryptocurrency communities that are facing major challenges with scam attacks. The team has stayed dedicated to informing its investors and users of these scam attacks to protect them from financial loss and privacy risks.
Just a few days ago, Shibarmy Scam Alerts disclosed malicious scammers impersonating official Shiba ecosystem accounts via fake Telegram accounts. The scam tracker also unveiled other attacks involving fake airdrops, fraudulent Shib reward distribution programs and multiple impersonators.
$SHIB #SHIB
The Shiba Inu team has cautioned against a new scam attack targeting community members. These malicious attackers have executed a sophisticated wallet scam that threatens to drain the funds of unsuspecting SHIB investors.
🔸 New Scam Attack Targets SHIB Investors
Shibarmy Scam Alerts, an X (formerly account dedicated to exposing scams within the SHIB community, has issued an urgent warning about a new wallet scam targeting SHIB token holders. On June 8, the scam tracker disclosed that a new wave of fraudulent websites is spreading across the crypto space. Most of these malicious sites are typically distributed within different social media platforms such as X, discord, TG and more.
According to Shibarmy Scam Alerts, these scam sites pose a significant risk to their investors and users, aiming to trick community members into compromising their wallets by using fake wallet connection tools. These malicious attackers lure unsuspecting Shiba Inu investors by claiming that they need to connect their wallet accounts to collect rewards or resolve technical issues involved with liquidity pools.
The wallet connection tools also deceive SHIB holders into thinking that connecting their wallets via certain links is necessary for syncing with the Shiba Inu network. It’s important to note that these claims are entirely false and intended to steal users’ assets by jeopardizing their crypto wallet security.
The Shiba Inu community is one of the many cryptocurrency communities that are facing major challenges with scam attacks. The team has stayed dedicated to informing its investors and users of these scam attacks to protect them from financial loss and privacy risks.
Just a few days ago, Shibarmy Scam Alerts disclosed malicious scammers impersonating official Shiba ecosystem accounts via fake Telegram accounts. The scam tracker also unveiled other attacks involving fake airdrops, fraudulent Shib reward distribution programs and multiple impersonators.
$SHIB #SHIB
#MarketSentimentToday
🚀🚀🚀Analyst Expects Shiba Inu Price to Soar 1000%
A crypto expert and Forbes 40 under 40 candidate predicted a large rise in Shiba Inu (SHIB) value. Elsayed believes the meme-based cryptocurrency may reach $0.00024, a 1,105% leap from its present levels.
Elsayed found a recurring pattern on SHIB's weekly chart (SHIB/USDT) in the second quarter of 2021, just after Binance, a prominent crypto exchange, started trading SHIB. He says Shiba Inu's historical data shows a tendency that would boost its price if replicated. After debuting on Binance, the cryptocurrency rose to $0.00005 the week of May 10, 2021.
Elsayed highlights a crucial moment in SHIB's market activity. The coin fell below a crucial support zone of $0.00001784 to $0.00001995 for approximately 120 days after hitting $0.00005. However, in October 2021, the bull market accelerated, pushing SHIB 343.64% from its support level to $0.00008854.
SHIB prices fell below crucial support levels during the correction and bear market, worsened by the Terra ecological collapse in May 2022. For 658 days, it struggled to reach $0.00001. SHIB rose 370% to $0.00004567 in March after a rebound.
Based on this data, Elsayed expects SHIB to follow a similar, if not more dramatic, trend. This next breakthrough might push SHIB's price to $0.0002404, boosting its market valuation to $141.6 billion. The crypto expert believes such is possible due to the market's cyclical nature.
After rallying to this year's peak in early March, Shiba Inu's price is consolidating on the daily SHIB/USD chart. After breaking out of a symmetrical triangle formation in mid-May, SHIB failed to close above the 0.382 Fibonacci retracement level of $0.00002883.
After this rejection, the price went below the 0.236 Fibonacci level and is fighting to find support at the 100-day EMA. A daily closing above $0.00002326 is essential to avoid a drop below the 200-day EMA at $0.00001977.
#SHIB #altcoins $SHIB
🚀🚀🚀Analyst Expects Shiba Inu Price to Soar 1000%
A crypto expert and Forbes 40 under 40 candidate predicted a large rise in Shiba Inu (SHIB) value. Elsayed believes the meme-based cryptocurrency may reach $0.00024, a 1,105% leap from its present levels.
Elsayed found a recurring pattern on SHIB's weekly chart (SHIB/USDT) in the second quarter of 2021, just after Binance, a prominent crypto exchange, started trading SHIB. He says Shiba Inu's historical data shows a tendency that would boost its price if replicated. After debuting on Binance, the cryptocurrency rose to $0.00005 the week of May 10, 2021.
Elsayed highlights a crucial moment in SHIB's market activity. The coin fell below a crucial support zone of $0.00001784 to $0.00001995 for approximately 120 days after hitting $0.00005. However, in October 2021, the bull market accelerated, pushing SHIB 343.64% from its support level to $0.00008854.
SHIB prices fell below crucial support levels during the correction and bear market, worsened by the Terra ecological collapse in May 2022. For 658 days, it struggled to reach $0.00001. SHIB rose 370% to $0.00004567 in March after a rebound.
Based on this data, Elsayed expects SHIB to follow a similar, if not more dramatic, trend. This next breakthrough might push SHIB's price to $0.0002404, boosting its market valuation to $141.6 billion. The crypto expert believes such is possible due to the market's cyclical nature.
After rallying to this year's peak in early March, Shiba Inu's price is consolidating on the daily SHIB/USD chart. After breaking out of a symmetrical triangle formation in mid-May, SHIB failed to close above the 0.382 Fibonacci retracement level of $0.00002883.
After this rejection, the price went below the 0.236 Fibonacci level and is fighting to find support at the 100-day EMA. A daily closing above $0.00002326 is essential to avoid a drop below the 200-day EMA at $0.00001977.
#SHIB #altcoins $SHIB
#SHIB : The Real Game
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- SHIB has been consolidating between 2900 and 2000 for over two months, showing weaker performance compared to other meme coins like PEPE, WIF, and BONK.
- SHIB's movement is expected to mirror Bitcoin's, with Bitcoin's direction influencing SHIB's direction.
- Due to SHIB's relative weakness and the current market situation, a bearish trend for SHIB is likely.
- A massive support level between 2000 and 2100 is expected to hold.
- There is a possibility of a bullish scenario if Bitcoin turns bullish, but currently, there are no strong bullish signs for both SHIB and Bitcoin.
- Monitoring the markets and Bitcoin's movement is advised, as it will significantly impact SHIB's price action.
$SHIB $BTC $BONK #altcoins #Trading #BTC #BITCOIN
.
.
.
.
- SHIB has been consolidating between 2900 and 2000 for over two months, showing weaker performance compared to other meme coins like PEPE, WIF, and BONK.
- SHIB's movement is expected to mirror Bitcoin's, with Bitcoin's direction influencing SHIB's direction.
- Due to SHIB's relative weakness and the current market situation, a bearish trend for SHIB is likely.
- A massive support level between 2000 and 2100 is expected to hold.
- There is a possibility of a bullish scenario if Bitcoin turns bullish, but currently, there are no strong bullish signs for both SHIB and Bitcoin.
- Monitoring the markets and Bitcoin's movement is advised, as it will significantly impact SHIB's price action.
$SHIB $BTC $BONK #altcoins #Trading #BTC #BITCOIN
Major crypto investor and analyst reveals Shiba Inu's destiny
Shiba Inu has evolved into one of the largest meme currencies in a crowded sector. Shiba Inu's OG status doesn't stop skeptics from believing the cryptocurrency might lose most of its value in the future years.
Critics ignore SHIB's potential, but Crypto King, a crypto investor, sees it. On social networking site X, Crypto King denied Shiba Inu's decline and said “OG memes like $SHIB are destined to make it.”
Major Investor Denies SHIB Value Loss Claims
Crypto King replied to a meme coin critic on X. According to the critic, most meme coins will lose value in the next few years, leaving just two or three in the top 50 cryptocurrencies. Strangely, the critic thinks Shiba Inu, the second biggest meme token and 11th in market cap, would lose most of its $13 billion worth.
The SHIB market valuation is $6.8 billion. TradingView.com chart
Crypto King said that this school of thinking is for market novices. Many global centralized crypto exchanges offer SHIB, allowing retail traders ample exposure to the cryptocurrency. The investor thinks SHIB is more established than skeptics realize. He also compared SHIB's meme currency status to gold against a cheap recently found crystal.
BitStarz Player Wins $2,459,124 Record! Could you win big next?
The Shiba Inu Will Grow
Shiba Inu has a thriving community. Team members are always providing real-world benefit to go beyond meme coin status. The development team has created real-world use cases on this basis. SHIB helps ShibaSwap and Shibarium.
SHIB is presently trading at $0.00002317, down 2.84% and 6.19% in 24 hours and 7 days. IntoTheBlock's Global In/Out Of The Money Metric shows SHIB between a 12.7 trillion opposition wall and a 37.4 trillion support wall. The cryptocurrency might go either way this week, but a crypto specialist says SHIB is usually in demand around $0.000023.#altcoins #SHIB $SHIB
Shiba Inu has evolved into one of the largest meme currencies in a crowded sector. Shiba Inu's OG status doesn't stop skeptics from believing the cryptocurrency might lose most of its value in the future years.
Critics ignore SHIB's potential, but Crypto King, a crypto investor, sees it. On social networking site X, Crypto King denied Shiba Inu's decline and said “OG memes like $SHIB are destined to make it.”
Major Investor Denies SHIB Value Loss Claims
Crypto King replied to a meme coin critic on X. According to the critic, most meme coins will lose value in the next few years, leaving just two or three in the top 50 cryptocurrencies. Strangely, the critic thinks Shiba Inu, the second biggest meme token and 11th in market cap, would lose most of its $13 billion worth.
The SHIB market valuation is $6.8 billion. TradingView.com chart
Crypto King said that this school of thinking is for market novices. Many global centralized crypto exchanges offer SHIB, allowing retail traders ample exposure to the cryptocurrency. The investor thinks SHIB is more established than skeptics realize. He also compared SHIB's meme currency status to gold against a cheap recently found crystal.
BitStarz Player Wins $2,459,124 Record! Could you win big next?
The Shiba Inu Will Grow
Shiba Inu has a thriving community. Team members are always providing real-world benefit to go beyond meme coin status. The development team has created real-world use cases on this basis. SHIB helps ShibaSwap and Shibarium.
SHIB is presently trading at $0.00002317, down 2.84% and 6.19% in 24 hours and 7 days. IntoTheBlock's Global In/Out Of The Money Metric shows SHIB between a 12.7 trillion opposition wall and a 37.4 trillion support wall. The cryptocurrency might go either way this week, but a crypto specialist says SHIB is usually in demand around $0.000023.#altcoins #SHIB $SHIB
109 Trillion #SHIB Sell Wall Stops Shiba Inu From Hitting New Highs
Shiba Inu (SHIB) is in a triangle configuration that might cause a big move higher. The coin continues to trade in this triangle form, but on-chain data reveals a significant barrier wall that might prevent a short-term SHIB price gain.
IntoTheBlock data shows that 149,120 addresses holding 109 trillion SHIB coins form a fascinating resistance wall around $0.000027.
Shiba Inu Faces Major Challenge
After reaching $0.0000287 in late May, Shiba Inu fell to $0.0000237 in early June and has been trading between $0.000023 and $0.000026. Interestingly, ITB data links this price level to resistance worth watching. Bulls have failed to break past a big SHIB sell wall above $0.000026.
Many addresses might sell their shares and prevent price gains, creating tremendous resistance on the sell wall. This sell wall has investors holding between $0.000025 and $0.000030, however the most critical price is slightly around $0.000027.
Shiba Inu requires massive whale and retail investor purchasing power to break this sell wall. Fortunately, whale activity has increased in recent days, with one whale eating over 715 billion SHIB in hours.
SHIB Bulls Continue Push
Shiba Inu hasn't reached $0.000030 in two months. Since its two-year peak in March 2024, many traders have sold despite bull accumulation. If Shiba Inu can break this big sell wall, its price might soar. Significant support at $0.000023 prevents SHIB from falling further despite the sell wall.
Current crypto market cap: $2.486 trillion. TradingView chart
SHIB is down 5.35% in 24 hours at $0.00002392. As indicated, the current price movement resembled a triangle price chart structure. SHIB is testing the bottom end of the formation and may fall below $0.000023. A bullish reversal is probable, and the meme currency might climb to the triangle's upper end at $0.000028.
#altcoins $SHIB
Shiba Inu (SHIB) is in a triangle configuration that might cause a big move higher. The coin continues to trade in this triangle form, but on-chain data reveals a significant barrier wall that might prevent a short-term SHIB price gain.
IntoTheBlock data shows that 149,120 addresses holding 109 trillion SHIB coins form a fascinating resistance wall around $0.000027.
Shiba Inu Faces Major Challenge
After reaching $0.0000287 in late May, Shiba Inu fell to $0.0000237 in early June and has been trading between $0.000023 and $0.000026. Interestingly, ITB data links this price level to resistance worth watching. Bulls have failed to break past a big SHIB sell wall above $0.000026.
Many addresses might sell their shares and prevent price gains, creating tremendous resistance on the sell wall. This sell wall has investors holding between $0.000025 and $0.000030, however the most critical price is slightly around $0.000027.
Shiba Inu requires massive whale and retail investor purchasing power to break this sell wall. Fortunately, whale activity has increased in recent days, with one whale eating over 715 billion SHIB in hours.
SHIB Bulls Continue Push
Shiba Inu hasn't reached $0.000030 in two months. Since its two-year peak in March 2024, many traders have sold despite bull accumulation. If Shiba Inu can break this big sell wall, its price might soar. Significant support at $0.000023 prevents SHIB from falling further despite the sell wall.
Current crypto market cap: $2.486 trillion. TradingView chart
SHIB is down 5.35% in 24 hours at $0.00002392. As indicated, the current price movement resembled a triangle price chart structure. SHIB is testing the bottom end of the formation and may fall below $0.000023. A bullish reversal is probable, and the meme currency might climb to the triangle's upper end at $0.000028.
#altcoins $SHIB
Shiba Inu Price on a Downward Spiral: Critical Price Levels That Could Trigger a Rebound or Further Drop!
The Shiba Inu price has been exhibiting a downward trend on the 4-hour chart, with recent closing prices reflecting a steady decline from $0.00002327 to $0.00002312. This consistent drop indicates that bearish sentiments currently dominate the market.
The 9 EMA is showing a downward slope, currently positioned at $0.00002344, indicating short-term bearish momentum. Similarly, the 20 EMA, now at $0.00002400, further confirms the bearish outlook as it continues to trend lower. The convergence of the 9 EMA and 20 EMA without any sign of reversal suggests that selling pressure is likely to persist in the near term.
The MACD indicator reinforces the bearish sentiment, and has been consistently below the signal line. This suggests decreasing bearish momentum. However, the continuous negative MACD values indicate that the downtrend might still have some room to continue before a potential reversal.
The RSI values have been hovering around the low 30s, currently at 31.63, indicating that SHIB is approaching oversold conditions. This could be an early sign of a potential short-term rebound as buyers might step in to capitalize on the lower prices. However, the RSI alone does not confirm a trend reversal, and it should be used in conjunction with other indicators.
Support levels to keep an eye on are at $0.00002298, $0.00002252, and $0.00002237. A break below these levels could signal further downside potential, providing entry points for short positions. On the upside, resistance levels are marked at $0.00002340, $0.00002352, and $0.00002360. A decisive break above these levels, accompanied by increased volume, might indicate a potential reversal and a good entry point for long trades. $SHIB #SHIB #MemeWatch2024 #altcoins #TrendingPrediction #ShibaInu
The full analysis and trade strategy were originally posted on ecoinimist.com.
The Shiba Inu price has been exhibiting a downward trend on the 4-hour chart, with recent closing prices reflecting a steady decline from $0.00002327 to $0.00002312. This consistent drop indicates that bearish sentiments currently dominate the market.
The 9 EMA is showing a downward slope, currently positioned at $0.00002344, indicating short-term bearish momentum. Similarly, the 20 EMA, now at $0.00002400, further confirms the bearish outlook as it continues to trend lower. The convergence of the 9 EMA and 20 EMA without any sign of reversal suggests that selling pressure is likely to persist in the near term.
The MACD indicator reinforces the bearish sentiment, and has been consistently below the signal line. This suggests decreasing bearish momentum. However, the continuous negative MACD values indicate that the downtrend might still have some room to continue before a potential reversal.
The RSI values have been hovering around the low 30s, currently at 31.63, indicating that SHIB is approaching oversold conditions. This could be an early sign of a potential short-term rebound as buyers might step in to capitalize on the lower prices. However, the RSI alone does not confirm a trend reversal, and it should be used in conjunction with other indicators.
Support levels to keep an eye on are at $0.00002298, $0.00002252, and $0.00002237. A break below these levels could signal further downside potential, providing entry points for short positions. On the upside, resistance levels are marked at $0.00002340, $0.00002352, and $0.00002360. A decisive break above these levels, accompanied by increased volume, might indicate a potential reversal and a good entry point for long trades. $SHIB #SHIB #MemeWatch2024 #altcoins #TrendingPrediction #ShibaInu
The full analysis and trade strategy were originally posted on ecoinimist.com.
Bearish sentiment takes hold in the $SHIB market as price declines by 0.30% amidst low trading volume.
Support level at 0.00002313 may provide some resistance to further price drops.
#cryptocurrency #Binance #SHIB #DEFI
Support level at 0.00002313 may provide some resistance to further price drops.
#cryptocurrency #Binance #SHIB #DEFI
