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 According to on-chain data, 307 billion SHIB tokens were withdrawn in the past 24 hours.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 Furthermore, the data showed that a similar amount was withdrawn from crypto exchanges on September 10. A withdrawal peak was registered on September 9, a day which was highlighted with 2.179 trillion SHIB tokens being withdrawn from crypto exchanges.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 […]
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 […]
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
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 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 […]
Shiba Inu (SHIB) is again catching the attention of crypto whales as on-chain data shows a 240% spike in this crucial metric. Thanks to the surge in this on-chain metric, a massive price rally for the second-largest meme coin by market cap might be on the horizon. Shiba Inu Records 240% Surge In Large Transactions […]
Shiba Inu’s lead developer, Shytoshi Kusama, has highlighted a feature that gives Shiba Inu an edge over the foremost meme coin, Dogecoin (DOGE). Despite this development, Dogecoin still looks to be the most preferred choice among crypto enthusiasts based on this important on-chain metric. Shiba Inu’s Edge Over Dogecoin In an X (formerly Twitter) post, […]
A recent transaction from Binance, the largest crypto exchange in the world, has caught the attention of the Shiba Inu community. This transaction was reported carrying a large number of SHIB tokens, sparking speculations of why the exchange executed this transaction in the first place. However, the destination of the tokens could serve as a […]
Data from the market intelligence platform IntoTheBlock shows that Shiba Inu whales have been offloading their holdings over the last 30 days. This development is likely due to several factors, including the meme coin’s unimpressive price action in recent times. Shiba Inu Whales Reduce Their Holdings Data from IntoTheBock shows that Shiba Inu whales have […]
Shiba Inu (SHIB) is at risk of significant selling pressure thanks to the bankrupt crypto firm Genesis Trading. This comes amid a spike in large transactions for the meme coin, which is undoubtedly a bullish development. How Shiba Inu Could Face Significant Selling Pressure Data from the on-chain analytics platform Arkham Intelligence shows that Genesis […]
The Shiba Inu (SHIB) marketing lead, Lucie, has provided insights into the challenges that lie ahead for the meme coin. She also highlighted how the SHIB ecosystem has evolved since launching four years ago. Challenges That Lie Ahead For Shiba Inu Lucie mentioned in an X (formerly Twitter) post that “building a decentralized network state […]
The cryptocurrency market has experienced a significant downturn over the past 24 hours, with assets such as Shiba Inu showing losses. A comprehensive review of CoinMarketCap reveals that the top 30 cryptocurrencies by market capitalization have recorded declines in both the past 24-hour and seven-day periods. As such, Shiba Inu hasn’t been left out, with […]
Shiba Inu (SHIB) turned four on August 1, a remarkable milestone for the meme coin, especially considering how far it has come. One of Shiba Inu’s highlights has been its token burns, which were again on display throughout July. Over 379 Million SHIB Tokens Burned In July Shiba Inu’s burn tracker Shibburn revealed in an […]
A crypto analyst has unveiled a new price target for Shiba Inu (SHIB) price, the second-largest meme coin by market cap. While highlighting Shiba Inu’s immense growth potential, the analyst placed a significant condition on his ambitious price forecast, stating that if Bitcoin reaches $3 million per coin, SHIB could rise to a multi-trillion dollar […]
The Shibarium network, an Ethereum Layer 2 network that was developed and launched by the Shiba Inu team, did well following its initial launch in August 2023. However, less than one year following its launch, the Layer 2 network has run into some hard times, losing market share to larger counterparts. This has led to a decline in activity for the network as a whole, and so far this week, the Shibarium network has seen a major decline in active accounts. Shibarium Active Accounts Drop 80.3% In 4 Days The Shibarium network is currently struggling with adoption of the blockchain as its parent Layer 1 blockchain, Ethereum, is fighting against the likes of Solana to keep its users. Furthermore, Ethereum Layer 2 networks such as Base by Coinbase have also drawn out a reasonable number of decentralized finance (DeFi) users, putting it ahead of Shibarium. Related Reading: Golden Cross Appears On XRP Price Chart, Factors That Could Drive A Fresh Rally As a result of this, the Shibarium network has been unable to keep users, leading to a decline in active addresses. According to data from ShibariumScan, active accounts at the start of the week, on Sunday, July 21, were sitting at a mere 667. As the week has drawn on, this already small figure has crashed further down. On Wednesday, July 24, the total active accounts recorded on the Shibarium network was only 131. This means that between Sunday and Wednesday, the total active accounts on the Ethereum Layer 2 network had plummeted by 80.3%. In the same vein, there has also been a notable decline in new transactions. This metric saw a total of 6,353 transactions on Sunday. However, by Wednesday, the figures had declined to 1,023, representing an approximately 84% decline. Likewise, the number of new blocks mined dropped 66.6% from 17,220 on Tuesday to 5,739 on Wednesday. These all show that interest in the Shibarium network is completely down with number of new accounts created was only 11 on Tuesday, July 23. Playing With The Big Dogs While the popularity and success of Shiba Inu over the years played into the anticipation for the Shibarium network, it has failed to live up to the app. When it comes to Ethereum Layer 2 networks that were launched between 2023 and 2024, the Shibarium network doesn’t hold up a candle to these other players. Currently, the Total Value Locked (TVL) on the Shibarium network is only $1.5 million, according to data from DeFiLlama. In contrast, Coinbase’s Base network was launched in the same month of August 2023 as Shibarium currently boasts $2.175 billion in TVL. Related Reading: Analyst Says Solana Price Will Surge 1,000% To $1,800, Here’s When The Linea network was launched a few months before Shibarium in March 2023, and the Layer 2 network currently has a TVL of $1.198 billion. Likewise, the BLAST network, which was launched much later in February 2024, has $1.47 billion in TVL. What this suggests is that the Shibarium network may have failed, given its incredibly low usage. However, there is always the question of if the Layer 2 network will be able to rise from the ashes and become a top DeFi contender once again. Featured image created with Dall.E, chart from Tradingview.com
With the vast popularity of Shiba Inu in the crypto space and millions of investors holding the SHIB token, the direction of the price has always been an interesting and hotly debated topic. Expectations are that the meme coin will continue to rise drastically as theme coins become some of the frontrunners of the crypto market, and many analysts agree. Even a machine learning algorithm has predicted that the Shiba Inu price will surge in the next few days. Machine Learning Algorithm Predicts 119% Surge The CoinCodex machine learning algorithm, taking into account a number of indicators, has concluded that the Shiba Inu price is extremely bullish from here. According to the website, sentiment toward the meme coin is still very bearish, which is usually a good time to buy and when a bounce is more likely. Addition the Fear & Greed Index is still sitting at a score of 71 representing Greed. This means more willingness among investors to put money in the market. Related Reading: Crypto Analyst Says XRP Is Still On Course To Rise To $150 The predictions from the machine learning algorithm span various time periods, but the one of interest is the 5-day prediction. As the data from the website shows, the machine learning algorithm is expecting the Shiba Inu price to double in less than one week. At the time of writing, the Shiba Inu price is still skirting around the $0.000017 level, and the price prediction puts it at $0.00003839. Such a price increase for the SHIB price would mean a 119.45% increase in less than a week. However, on a longer time frame, which is 30 days, the machine learning algorithm expects the price to turn bearish again. It puts it at a price of $0.00001686, which is a 3.66% decline from the current price. But would be an over 50% decline if the price does hit $0.00003839 in the next five days as predicted. When Will Shiba Inu Reach A New All-Time High? Despite the bullishness of the past year, the Shiba Inu price has failed to reclaim its 2021 all-time high of $0.00008845. Its current value puts it around 80% below this all-time high price, meaning that the meme coin still has a long way to go before it sets a new peak. According to the CoinCodex machine learning algorithm, investors in the Shiba Inu meme coin may be waiting a long time before this happens. The longer timeframe forecasts expect that the Shiba Inu price will hit a new all-time high in the year 2029 and rise as high as $0.000156. This would mean that it would take another half a decade before those who bought at the peak in October 2021 to see profit on their holdings again. Featured image created with Dall.E, chart from Tradingview.com
Crypto exchange OKX has revealed plans to delist trading pairs for several crypto tokens, including Cardano (ADA), Shiba Inu (SHIB), and XRP. This follows a performance check by the crypto exchange, which shows that these trading pairs aren’t meeting up to expectations. OKX To Delist These Trading Pairs OKX announced in a blog post that […]
Recent price action indicates that Shiba Inu (SHIB) is currently underperforming compared to other major cryptocurrencies. Over the past seven days, SHIB has experienced a significant decline of 7.26%, and in just the last 24 hours, the token has fallen by an additional 2.58%. This downturn is particularly noteworthy when compared with the performance of […]
Polygon recently provided more details on the proposed migration of MATIC tokens to its new POL tokens. This forms part of Polygon’s plan to build “aggregated blockchains” as its innovative approach to scaling these networks. Everything To Know About MATIC’s Migration To POL Polygon revealed in a blog post that the mainnet upgrade from MATIC […]
Shiba Inu, a dog-themed memecoin is in the spotlight as trillions of SHIB were reportedly stolen in a recent cybersecurity breach with the leading India-based cryptocurrency exchange, WaxirX. Reacting to the incident, Shiba Inu team member and marketing head, Lucie, in a heartfelt message has expressed her condolences to the SHIB holders affected by the […]
The Shiba Inu burn rate has seen a notable recovery over the last day as the number of tokens being sent to the burn address has increased drastically. This recovery comes at a time when the crypto market has started to move into the green once again, and digital assets such as Shiba Inu are […]
The dog-themed meme coin Shiba Inu (SHIB) has seen a notable price recovery over the past 24 hours amid the broader market rally. After hitting a five-month low of $0.00001274 on July 5, the coin has gained 8% in the past 24 hours and is up a steady 20% over the past week. However, a prediction report published by Forbes suggests that the Ethereum-based altcoin is poised for major price gains throughout the rest of the year and may even surpass all-time highs. Expert Insights For SHIB According to the report, industry experts such as Himanshu Maradiya, founder and chairman of CIFDAQ Blockchain Ecosystem, offered a prediction for SHIB’s price by 2024-2025, ranging from $0.0001 to $0.0003, depending on favorable market conditions and continued ecosystem development. This would position SHIB’s price for a potential gain of 416% in the scenario of reaching the $0.0001 mark and even a substantial increase of 1440% in the case of reaching the $0.0003 benchmark. Related Reading: Ark Invest’s Bitcoin Report: Why They Bet Big On BTC’s Recovery On the other hand, Utkarsh Tiwari, Chief Strategy Officer of KoinBX, emphasized the difficulty of predicting cryptocurrency prices, including SHIB. Nevertheless, he noted the bullish sentiment surrounding SHIB and suggested a more conservative approach, stating a potential price range of $0.0000298 to $0.0000396 by the end of 2024. Tiwari also highlighted the importance of monitoring price movements, stating that if SHIB surpasses $0.00003682 and continues its upward trajectory, it could target $0.00006697 in 2024. Conversely, a price reversal could see SHIB drop to $0.000010, indicating the presence of decline risks. Shiba Inu Price Predictions According to the prediction algorithm of the crypto data platform Coincodex, Shiba Inu’s price predictions for the coming years are as follows: 2024 Prediction: SHIB is projected to trade between $0.00001453 and $0.00003859, with the upper price target representing a potential increase of 123.30% to reach $0.00003859. 2025 Prediction: Coincodex predicts SHIB will trade between $0.00001453 and $0.00007515 in 2025. Reaching the higher value target would signify a significant increase of 332.26% to reach $0.00007515. 2030 Prediction: The price prediction for Shiba Inu in 2030 ranges from $0.00002237 on the lower end to $0.00006428 on the higher end, with the upper price target indicating a potential gain of 270.72% to reach $0.00006428. Possibility of Reaching $0.01: While the enthusiasm surrounding SHIB is evident, reaching $0.01 would require a staggering gain of 46,144.44%. However, according to Coincodex’s prediction algorithm, SHIB is unlikely to reach $0.01. According to the algorithm, the highest expected price is estimated to be $0.000852 by January 1, 2049. Related Reading: Why Is The Ethereum Price Up Today? At the time of writing, SHIB is trading at $0.0001939, still recording losses of 6.7% in the monthly time frame, illustrating the price correction the meme coin has undergone. According to CoinGecko data, it is still up 141% in the year-to-date time frame. Featured image from DALL-E, chart from TradingView.com