Is Shiba Inu Price Set to Take Off as Meme Coins Dominate Crypto Market?

Is Shiba Inu Price Set to Take Off as Meme Coins Dominate Crypto Market?

Shiba Inu (SHIB) price has declined by 1% over the past 24 hours, dropping to $0.00000990, in tandem with the overall downturn in the cryptocurrency market. SHIB has also experienced a 4% decrease in value in the last week and an 11% drop in the last 30 days. However, since the beginning of this year, the meme token has gained 22%.

Despite the current dip in SHIB’s price, the recent surge in trading volume for meme tokens, particularly Pepe (PEPE), may drive interest towards Shiba Inu.

Technical Indicators and Whales’ Behavior Suggest a Possible Reversal for Shiba Inu

Although SHIB has been experiencing a decline, its chart indicates that it could be approaching the bottom, as evidenced by the current positioning of its primary indicators.

According to the chart above by TradingView, SHIB’s 30-day moving average (yellow) is about to dip below its 200-day average (blue), forming a ‘death cross’, which typically signals the end of a downtrend. Moreover, the coin’s relative strength index (purple) is nearing 30, indicating it is oversold and ripe for a rebound.

Nonetheless, SHIB’s support level (green) is still declining, implying that the coin might continue to fall in price for a few more days. However, despite SHIB’s lackluster performance, data from Whale Stats reveals that it is the most traded ERC-20 token among whales, and they hold the largest amount in terms of total dollar value.

While the recent rally of PEPE has not affected the prices of SHIB or DOGE, it could boost the market’s interest in meme tokens, and there is still optimism for SHIB’s future. This is especially true as the launch of Shibarium’s full public version approaches, which may lead to further rallies in the near future.

Read Also: Shiba Inu: Huobi Lists BONE Token Ahead of Shibarium Launch

Shibarium, a layer-two network developed by Shiba Inu, is set to launch soon, offering users faster and cheaper transactions. While the launch was initially slated for before May, it appears that it may take another one or two weeks to go live.

Despite the delay, Shibarium’s beta version has garnered a significant amount of interest from testers and contributors. According to recent data, the testnet is processing over 400,000 transactions per day, with 14 million wallet addresses created.

Read Also: SHIB Burn Rate Skyrocket With 384% Increase: What Does This Mean For Shiba Inu?

Also, SHIB: The Metaverse has received some promising development updates recently, signaling a bright future for SHIB despite its current underperformance.

Therefore, analysts predict that SHIB will likely reach $0.00001 in the next few weeks before potentially experiencing another drop in value by the end of the year.

Disclaimer: The information in this article should not be considered financial advice, and FXCryptoNews articles are intended only to provide educational and general information. Please consult with a financial advisor before making any investment decisions.

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