Dogecoin and Shiba Inu are trending higher than they were a year ago, but they are still a long way from their 2021 all-time high prices. While they both feature prominently in the top 20 cryptocurrencies by market cap, they are still far below the market cap of Ethereum, the second-largest cryptocurrency by market cap. […]
Shiba Inu (SHIB) lead developer, Shytoshi Kusama, recently told Ethereum’s co-founder Vitalik Buterin that he should expect more improvement from the SHIB ecosystem soon. This comes in response to Vitalik’s comment in which he praised the meme coin. More To Come From SHIB Kusama responded to Vitalik in an X (formerly Twitter) post, in which […]
Shiba Inu (SHIB) whales look to be at it again following large transactions involving the meme token in the last 24 hours. As expected, these transactions have raised concerns that crypto investors might be looking to offload their tokens on the market. Shiba Inu Whales Move Billions Of SHIB On-chain data shows that Shiba Inu […]
The Shiba Inu (SHIB) team recently released the latest edition of ’The Shib’ magazine. As expected, it features exciting updates from the team on milestones achieved in their quest to grow the ecosystem. Shiba Inu’s Partnership With Binance Pay The Shiba Inu team drew the SHIB community’s attention to the fact that the SHIB token […]
Current market dynamics have seen Shiba Inu (SHIB) shedding off a lot of its gains earlier in the month. SHIB kickstarted a price surge on February 29th at $0.00001178 to reach $0.00004456 for the first time since December 2021, representing a surge of over 278% in the space of three days. However, it seems investors are now pulling away from the meme cryptocurrency, and the bull frantic earlier in the month seems to be disappearing. Interestingly, on-chain data indicates that a chunk of over 23 trillion SHIB has moved from the hands of long-term holders into the wallets of short-term holders in the past four days. This cohort of addresses is known to hold their SHIB tokens for quick returns instead of holding them long-term. Shiba Inu Price Downtrend Expected to Extend Beyond 45% SHIB has been on a general downtrend since March 5 with the formation of lower highs in cases of brief uptrends. Notably, the crypto has dropped by 46% since attaining this two-year high. At the time of writing, SHIB is trading at $0.000024, down by 4.79% and 27% in the past 24 hours and seven days, respectively. Related Reading: Is Ripple Behind The XRP Price Crash? Massive Selling Spree Sparks Concern According to data from IntoTheBlock, Short-term Shiba Inu owners have now increased their possession by 23 trillion SHIB in the past four days, signaling lower prices ahead. According to ITB’s “Balance by Time Held” metric, the balance held by traders holding for less than a month has increased by 385% in the last 30 days. At the same time, long-term holders (more than a year) and cruisers (holding for one to 12 months) have reduced their balance by 9.27% and 11.30%, respectively. This interesting movement demonstrates the current dynamic among the various cohorts of SHIB traders. The decrease in long-term holder balance indicates they might be taking profit after holding for so long. At the same time, so much of the supply is moving into the hands of short-term traders seeking quick profits, making SHIB vulnerable to continued selloffs. Technical Analysis: What’s Next For SHIB’s Price? The overall technical indicators for SHIB point to short-term correction unless there is a change in bullish sentiment. The meme token has now broken below support at the $0.000026 price level and is now moving towards $0.000023, a level that has acted as a major resistance earlier in the month. Related Reading: Crypto Report Says ‘Alameda Gap’ Is Gone After Bitcoin Rally, What This Means On the other hand, several fundamental factors point to a potential price recovery and continued growth for the meme coin. Despite its recent correction, the price of SHIB is still up by 144% in the past 30 days, which shows the uptrend can resume anytime soon. SHIB price rallies to $0.000026 | Source: SHIBUSDT on Tradingview.com Featured image from The Market Periodical, chart from Tradingview.com
The Shiba Inu price has seen a massive drawdown in the last day as the Bitcoin price lost its support at $65,000. As a result, the SHIB price is down more than 10% in a single day, with what is arguably one of the worst crypto trading days in crypto so far this year. But what […]
The Shiba Inu open interest has hit a snag after a particularly good run. The open interest had risen quickly alongside the price of the meme coin, which climbed close to its previous all-time high earlier in March. However, the cryptocurrency has been unable to maintain this uptrend, leading to a significant drop in the open interest. Shiba Inu Open Interest Sees Over 40% Decline According to data from Coinglass, the Shiba Inu open interest had hit a new two-year high on March 6 when its price crossed over the $0.000032 threshold. Since then, however, it has been on a decline, seeing a near-constant decline each day since. Related Reading: Bernstein Analysts Convinced Bitcoin Is Headed For $150,000, Here’s Why By Monday, March 18, the Shiba Inu open interest had dropped from its $135 million all-time high to just $80 million. This decline translates to an over 40% decrease in the space of two weeks. At the same time, the price of the meme coin has followed the same trend and has dropped from its yearly highs above $0.00004 to $0.000028 at the time of writing. Now, the open interest for any cryptocurrency is important because it serves as a measure of the total interest in that asset at any given time. It basically shows the total number of all futures and/or options contracts for a particular asset. So in this case, it shows the amount of money invested in SHIB derivative products at any time. Given this, an increase in the open interest can be bullish for a cryptocurrency such as Shiba Inu, while a decrease can be bearish. This is because, the lower the open interest, the less money is being put into that particular asset, thereby decreasing the demand. So this could negatively affect the price. Will SHIB Price Continue To Decline? As seen historically, a decline in open interest has often coincided with a decline in price. As such, the present decline being experienced by Shiba Inu could spell bad news for its price going forward. The effect is already being felt with the price of SHIB dropping significantly over the weekend, although it has started to recover as the new week opens up. Related Reading: Crypto Pundit Says God Candle Is Imminent For This Solana-Based Meme Coin To get an idea of where the price might be headed next, we can take a look at the last time that the Shiba Inu open interest was this high, back in 2021. The open interest had reached its current all-time high in October 2021, but after peaking, both the open interest and the SHIB price would suffer tremendously. Over the course of the next few months, the SHIB price would fall more than 50%, following the same trend as the open interest. If this trend were to continue this time around, then the SHIB price may be headed for a price crash. However, 2021 marked the end of the bull market, while the current bull cycle is only in the beginning stages. In this case, there is more demand, which would mean there is more of a cushion to mitigate a price crash. SHIB price drops to $0.00002783 | Source: SHIBUSDT on Tradingview.com Featured image from Bitcoin News, chart from Tradingview.com
The prices of both Shiba Inu and Dogecoin fell double-digits on Friday after Bitcoin dropped below $67,000. This decline has seen both meme coins lose their gains for the last few days, triggering losses for investors and traders alike. But what was the cause of the crash? Dogecoin, Shiba Inu Follow Bitcoin The price eras […]
As meme coins recovered from their 2023 lows, expectations for coins like Shiba Inu are rising, with price targets being set for $0.0001. Reaching this price level would be a new all-time high for SHIB, but there are a number of factors that will drive the growth needed to reach it. Shiba Inu Needs Demand […]