Dogecoin (DOGE) and Shiba Inu (SHIB) prices have surged by 10% and 22% in the last 24 hours, respectively. These price surges are thanks to developments on the macro side and these meme coins’ fundamentals, which provide a bullish outlook for them. Why Dogecoin And Shiba Inu Prices Are Up Dogecoin and Shiba Inu’s prices […]
Shiba Inu ecosystem is gearing up for another significant milestone as the project’s team hints at the potential launch of a new stablecoin, sparking a wave of excitement within the entire SHIB community. Given that stablecoins are essential for providing price stability and improving utility, this announcement has generated a lot of speculation regarding the […]
Shiba Inu (SHIB) is on the verge of a historic run, as investors have accumulated a significant amount of Shiba Inu tokens in recent days. However, the meme coin’s fundamentals remain concerning as they paint a bearish picture for SHIB. Shiba Inu Set For A Historic Run In October Shiba Inu is set to enjoy a parabolic rally in October if history were to repeat itself. Data from CryptoRank shows that the meme coin has always enjoyed monthly positive returns in October. During the 2021 bull run, SHIB’s price skyrocketed by 833% in October of that year, while it enjoyed modest gains of 10% and 6% in October 2022 and 2023, respectively. Related Reading: XRP Remains Bullish: Crypto Experts Unveil Predictions For The Price Therefore, Shiba Inu could record significant gains this October. Moreover, the outlook for the broader crypto market in October is also bullish. For instance, Bitcoin has historically enjoyed its highest returns between October and December. The flagship crypto is again expected to enjoy a price rally starting in October. As such, Shiba Inu’s price will also rally as Bitcoin enjoys an upward trend. Data from the market intelligence platform IntoTheBlock shows that SHIB’s price correlation with BTC is currently at 0.89, which indicates a strong positive price correlation between both assets. This proves that the meme coin will rally as Bitcoin moves to the upside. Shiba Inu investors are already preparing for the historic run as data from the on-chain analytics platform Cryptoquant shows that they have accumulated 770 billion SHIB between September 23 and 24. This figure represents the outflows that left exchanges in these two days. Moving coins off exchanges indicates that these investors intend to hold for the long term. This accumulation trend among these investors could also contribute to the price surge that Shiba Inu could enjoy in October. Fundamentals Remain A Concern Shiba Inu’s fundamentals are a concern, as they paint a bearish picture for the meme coin. Data from the Shiba Inu burn tracker Shibburn shows that the coin’s burn rate has dropped over 90% in the last 24 hours. Meanwhile, there has also been a 61% drop in the number of tokens burnt in the last seven days. The lack of network activity on Shibarium is another bearish fundamental. Data from the Shibarium explorer shows that daily transactions on the layer-2 network remain stagnant and below 10,000. A recent high was the 11,360 transactions witnessed on September 19. However, the following day, daily transactions dropped to 8,000. Related Reading: Shiba Inu Symmetrical Triangle Pattern Reappears, Why A 200% Rally Is Possible The low activity on Shibarium has also contributed to the drop in Shiba Inu’s burn rate. Base transaction fees on Shibarium are usually converted to SHIB and burnt. However, with such low interest in the layer-2 network, there is a limit to how many SHIB tokens can be burnt. At the time of writing, Shiba Inu is trading at around $0.000014, up over 3% in the last 24 hours, according to data from CoinMarketCap. Featured image created with Dall.E, chart from Tradingview.com
Shiba Inu (SHIB) could soon enjoy a massive rally as several on-chain metrics paint a bullish picture for the meme coin. These metrics include the daily transactions on the layer-2 network Shibarium, which indicates that Shiba Inu’s adoption is again rising. Shiba Inu Could Enjoy Major Rally With These Bullish Metrics A significant price surge […]
Bitcoin faced selling near $64,000, but buyers have managed to keep the price above the short-term holder realized price near $62,000, which is a positive sign.
Bitcoin faced selling near $64,000, but buyers have managed to keep the price above the short-term holder realized price near $62,000, which is a positive sign.
As the Shiba Inu ecosystem is preparing to enter a new era, the project’s core member and head of marketing Lucie has offered insights into SHIB’s mysterious evolution, emphasizing the crucial factor that will majorly drive the growth. She outlined important aspects of the expansion of the Shiba Inu ecosystem, highlighting impending features and possible […]
Popular meme coin Shiba Inu (SHIB) has experienced a relatively calm period of on-chain activity in recent weeks. This calm pace has been mirrored in the token’s price action, which has remained largely stable without any major fluctuations. However, despite this apparent lull, a trend of significant SHIB outflows across various crypto exchanges has emerged this week. According to on-chain data, 307 billion SHIB tokens were withdrawn in the past 24 hours. This mass withdrawal seems to raise curiosity, especially since this was not an isolated event. Interestingly, this data peaked at 2.179 trillion SHIB earlier in the week. Whales Pull Out Millions Worth Of SHIB From Exchanges Data from CryptoQuant shows that more than 309 billion SHIB tokens were taken out of aggregated crypto exchanges on September 11. Taking into account the current price of SHIB, it amounts to over $4 million. Furthermore, the data showed that a similar amount was withdrawn from crypto exchanges on September 10. A withdrawal peak was registered on September 9, a day which was highlighted with 2.179 trillion SHIB tokens being withdrawn from crypto exchanges. At the time of withdrawal, the tokens were worth approximately $29.5 million. Related Reading: End Of The Road For NEIRO? Crypto Analyst Predicts Breakdown Below $0.13 The notable increase in transactions is supported by similar data from IntoTheBlock (ITB). Interestingly, this one sheds light on activity predominantly driven by so-called “whales,” or large holders of the cryptocurrency. ITB’s data highlights that over the past seven days, the volume of transactions whose value exceeds $100,000 has surged to a total of $143.68 million. While this might not be as much during a strong bull rally, it represents an increase of almost 60% from the previous seven-day timeframe. Such a marked increase suggests that large holders are starting to take advantage of the lower prices to buy the dip. Is A Shiba Inu Rally Brewing? This sharp increase in outflows is likely to catch the attention of SHIB investors. The implications could point to renewed confidence in SHIB, and a bullish trend could emerge soon. Related Reading: Why Bitcoin Retesting $57,000 Is Good For The Price Since the beginning of September, SHIB has struggled to break above the $0.000014 mark due to bearish pressure in the broader crypto markets. However, bullish supporters have been largely successful in minimizing losses and have consistently defended the $0.000010 support level throughout the month. As of the latest update, Shiba Inu has seen a slight price increase alongside many other cryptocurrencies over the past 24 hours. SHIB is currently trading at $0.00001343, reflecting a 1.5% rise. The price is expected to rise further if the trend of strong SHIB outflows from exchanges continues. Similarly, a sustained move above $0.000014 could push SHIB past its August high of $0.00001607 in the short term. Featured image created with Dall.E, chart from Tradingview.com
The prices of Dogecoin, Shiba Inu, and PEPE have been on the come-up as the Bitcoin price has recovered. However, at this time, all of their profitability levels remain different, meaning investors in these meme coins are seeing varying levels of profit and losses. In this report, we compare the profitability levels of these three […]
Popular dog-themed meme coin Shiba Inu has taken a hit as its small wallet holdings have witnessed a significant decline in the midst of general market uncertainty, which has triggered heightened fear among cryptocurrency investors. Shiba Inu Small Holders Abandoning The Digital Asset? In a recent report from Santiment, a leading market intelligence platform, it […]
Shiba Inu (SHIB) investors have been given a major reality check as crypto analysts issue a more cautious and pessimistic outlook for the meme coin’s price. While still confident in Shiba Inu’s long-term bullish potential, the analyst urged investors to temper their expectations, warning them that a dramatic price spike would be unlikely anytime soon. Shiba Inu Days […]
Dogecoin (DOGE) and Shiba Inu (SHIB) are currently experiencing a downtrend, highlighting the bearish sentiment towards these meme coins. This price decline is due to several factors, including developments in the broader crypto market. Dogecoin And Shiba Inu Following Bitcoin’s Path Dogecoin and Shiba Inu have been following Bitcoin’s path, which explains why they continue […]
In the latest edition of The SHIB Magazine, the Shiba Inu team has unveiled new details about the upcoming DevPortal which is about to reshape the Shibarium Layer 2 blockchain landscape. This new tool is a comprehensive platform engineered to empower developers and significantly streamline the decentralized application (dApp) development process in the Shiba Inu […]
As the Tron ecosystem continues to experience significant adoption, the community has successfully come to an agreement on the Sun Pump Protocol’s revenue allocation strategy introduced by the project’s founder Justin Sun. This agreement represents a major turning point for the Tron network since community members agreed on how to distribute the generated funds, guaranteeing […]
Shiba Inu burns have become a staple in the industry after the community sponsored burning began around two years ago. Every month, community members have been sending millions to billions of SHIB tokens to the burn address in a bid to reduce the total supply. The month of August 2024 has been no different as […]
Shiba Inu (SHIB) has started the month on a bearish note, as its price has dropped significantly since September 1. Based on historical data, SHIB could suffer more price declines this month, as the meme coin has often closed at a loss in September. Shiba Inu Begins September In The Red Data from CoinMarketCap shows […]
Bitcoin’s failure to maintain above $60,000 is pulling altcoin prices toward their recent swing lows. What will it take to turn the market around?
Bitcoin’s fall below $60,000 signals near-term weakness, but longer-term investors continue withdrawing coins from exchanges, signaling a bullish outlook.
Shiba Inu (SHIB) whales are again in the spotlight with a surprising surge in market activity. Recently, these large holders executed a staggering transaction of over 1.3 trillion SHIB, sparking debates about whether this move could be a bullish or bearish signal for the market. Related Reading: Shiba Inu Reveals Plans To Establish Its Own […]
Shiba Inu (SHIB) has recently surged past a key bullish trendline, sparking fresh optimism among traders and investors. This breakout marks a significant shift in momentum that could pave the way for a potential rally toward the $0.00002045 level. As the market eyes this potential rally, all attention turns to whether SHIB can sustain its upward trajectory and reach this ambitious target, or will the bears step in to stall the run? This article provides an in-depth technical analysis of Shiba Inu’s recent breakout above the trendline, evaluating whether this could trigger a rally toward the $0.00002045 target. Additionally, it will explore potential price reactions once SHIB approaches this critical level. In the last 24 hours, Shiba Inu has gained over a 6% increase, reaching approximately $0.00001519. The crypto asset’s market capitalization has surpassed $8.9 billion, with trading volume exceeding $311 million. Over this period, the market cap has increased by 6.59%, while trading volume has surged by 85.23%. Trendline Breakout: A Bullish Signal For Shiba Inu? Following the breakout above the trendline, SHIB’s price has maintained its bullish momentum, consistently trading above the 100-day Simple Moving Average (SMA) on the 4-hour chart. This sustained positive sentiment reflects strong upward momentum, signaling that the bulls are firmly in control and could push the price toward the next significant resistance level at $0.00002045. Also, the Relative Strength Index (RSI) indicator is currently at 73% showing that Shiba Inu is in an overbought territory. A sustained overbought condition signals strong buying pressure suggesting that bullish momentum remains robust in the market. On the daily chart, although SHIB is experiencing a short-term pullback, it is attempting to move toward the 100-day SMA following a successful breakout above the bearish trendline. The appearance of a bullish momentum candlestick on the previous day indicates a strong bullish sentiment, which could drive the cryptocurrency towards further gains. Finally, the 1-day RSI indicates that SHIB’s bullish momentum is strengthening, with the signal line moving toward the overbought region after recently crossing above 50%. The upward movement in the RSI suggests intensifying buying pressure and growing bullish sentiment for the asset. Potential Market Reactions: What Happens If SHIB Hits $0.00002045? Potential price reactions when Shiba Inu reaches $0.00002045 include a breakout above this level or a potential rebound. If Shiba Inu breaks above the $0.00002045 level, it could signal the beginning of a sustained bullish rally toward the $0.00002631 resistance level. A successful break above this level could propel the asset toward the next resistance at $0.00002960, with the potential for even higher gains. However, if the cryptocurrency encounters a rebound at the $0.00002045 resistance level, the price may retrace to its previous low of $0.00001272. When SHIB breaks below this support, it could indicate an additional downside momentum, potentially driving the asset toward the $0.00000847 mark and possibly lower levels. Featured image from Unsplash, chart from Tradingview.com
Shiba Inu’s Shibarium recently suffered a major setback following a massive crash in active accounts on the layer-2 network. This development undoubtedly presents a bearish outlook for Shiba Inu, considering Shibarium’s impact on the meme coin’s price. Related Reading: Here’s What’s Going On With The Shiba Inu Price The Shiba Inu Shibarium Records 97.6% Crash In Daily Active Accounts Data from Shibariumscan shows that the layer-2 network suffered a 97.6% crash in its daily active accounts between August 20 and 22. Daily active accounts on Shibarium peaked at 2,955 on August 20. However, this figure significantly declined on August 21, dropping to 341, and further tumbled on August 22, dropping to 309. These daily active accounts refer to the number of wallet addresses transacting on the network on a particular day. The spike in daily active accounts on August 20 coincides with the surge in daily transactions on that same day, with 28,680 transactions processed on that day. It is worth mentioning that network activity on Shibarium had been on a downtrend before August 20. The number of daily active accounts on Shibarium in the last thirty days has been in the lower hundreds. August 1 was the only other day on which thousands of wallet addresses transacted on the layer-2 network, recording 1,898 daily active accounts. Likewise, daily transactions on the network have also been on the low, ranging between 1,000 and 5,000 daily transactions in the last thirty days. Many in the Shiba Inu community would have hoped that the surge recorded on August 20 was the beginning of an uptrend in the network’s activity. However, the 97.6% crash shows that Shibarium still suffers a downtrend. This development has also had ripple effects on the Shiba Inu ecosystem. The meme coin’s burn rate has drastically reduced, and there have been days when no token burn was carried out. 70% of base transaction fees earned on Shibarium are automatically meant to be converted to Shiba Inu and burnt. However, this automated burn mechanism has yet to be fully implemented, likely due to the low activity on the layer-2 network. Shibarium Has Still Come A Long Way Despite this setback for Shibarium, the layer-2 network has undoubtedly made significant progress since its launch last August. To mark its first anniversary, the official X (formerly Twitter) account for Shibarium highlighted some of its achievements. This included the fact that the network has processed over 417 transactions and boasts 1.8 million wallet addresses. Related Reading: Shiba Inu Secures Community Support To Rally To $1, Here’s How Furthermore, Shibarium has executed three hard forks (Delhi, Indore, and Shanghai), all adding “vital functionalities” to the network. The layer-2 network has also become home to notable decentralized finance (DeFi) applications, including the liquid staking platform K9 Finance. Gaming Finance (GameFi) is also set to become another of the network’s offerings, with the gaming platform Shiba Eternity set to launch on Shibarium. Cover image from Dall-E, chart from Tradingview
In an announcement on X, Lucie (@LucieSHIB), the marketing lead for Shiba Inu, delineated the commitment of the Shiba Inu team towards implementing a robust governance framework centered around their digital asset LEASH. With a fixed supply of 107,000 units, LEASH serves as a key financial asset and as a linchpin in the governance structure […]
The Shiba Inu ecosystem has taken a significant step forward with the introduction of a closed beta version of Shiba Eternity, its first game built on the Shibarium blockchain. Lucie, the Shiba Inu marketing lead, detailed the release schedule and features of the game in a comprehensive announcement on X today, marking a pivotal moment […]
As the cryptocurrency market turns optimistic, a crypto analyst has predicted that Shiba Inu (SHIB) is about to undergo a bullish breakout. However, he emphasizes that in order to validate the meme coin’s upward trajectory, it must first overcome a significant resistance level. Shiba Inu Poised For Gains In Upcoming Weeks Ronimus Prime, a trader […]
The spot Bitcoin ETFs have continued to attract inflows, suggesting that the long-term bullish view remains intact.
During the latest episode of the AB Majlis podcast, the lead developers of Shiba Inu Shytoshi Kusama and Kaal Kaal Dhairya unveiled their intention to transition control of the project entirely to its community by the end of this year. This strategic move is part of a broader initiative to realize what they describe as […]
A Dogecoin (DOGE) influencer has sounded the alarm about a scam attack targeting members of the DOGE community. The influence has issued a critical warning about a new fraudulent social media account posing as the Dogecoin Foundation. Dogecoin Impersonation Scam Discovered On August 17, a DOGE influencer identified as ‘Inevitable360’ took to X (formerly Twitter) […]
According to on-chain data, here’s how the percentage of holders in profit differs between Dogecoin (DOGE), Shiba Inu (SHIB), and other memecoins. Dogecoin Has The Highest Profitability Ratio Among Major Memecoins In a new post on X, market intelligence platform IntoTheBlock has talked about how the major memecoins compare against each other regarding the holders […]
The Shiba Inu (SHIB) burn rate has again tumbled with the number of tokens burned in the last 24 hours, painting a bearish picture for the meme coin. Shiba Inu’s burn rate has continually fluctuated since the start of the year, with a lack of a catalyst to sustain a significant amount of tokens burned […]
Dogecoin (DOGE) and Shiba Inu’s (SHIB) price actions have been unimpressive in the last 24 hours. This is mainly thanks to Bitcoin’s strong price correlation with the foremost meme coins, with the flagship crypto’s price also on the decline. Why Dogecoin And Shiba Inu’s Prices Are Down Dogecoin and Shiba Inu’s prices are down due […]