The Shiba Inu price experienced a 4% drop in the past 24 hours, falling to $0.00000656, as the cryptocurrency market continues to be affected by the SEC’s recent actions against Binance and Coinbase. The decline seen in SHIB totals 17% for the past week and 25% for the last 30 days, with the meme token being down by 19% since the beginning of the year. However, the dip has caused SHIB’s 24-hour trading volume to rise back up to $100 million, potentially setting the stage for recovery in the coming days.
Recent signs suggest that whales may have started buying SHIB at a discount, and the ongoing progress of layer-two network Shibarium could contribute to future growth. While SHIB’s indicators currently reflect weakness after the 4% drop and continued decline, they also imply that the token may have hit a bottom and could be on the brink of recovery. Its relative strength index and 30-day moving average both show possible signs of a turnaround, with increased trading volume hinting at a potential increase in price.
Whale activity with SHIB has seen a surge in recent days, such as the transfer of over 1 billion SHIB from Jump Trading to a private wallet. This suggests that whales have resumed accumulating SHIB following the token’s decline. Data from Whale Stats reveals SHIB maintaining its status as the most popular token among ERC-20 whales. As a result, it’s not hard to imagine SHIB eventually experiencing recovery, possibly once the market stabilizes after the ongoing regulatory turbulence.
SHIB’s potential growth might be further supported by the continued usage of Shibarium’s testnet, and the full public launch of the layer-two network could provide a significant boost. SHIB could rise back up to $0.00001 in the weeks following Shibarium’s launch and possibly reach around $0.00002 by year-end.
However, a more immediate recovery for SHIB largely depends on the successful launch of Shibarium, which could take some time. In the meantime, newer altcoins and meme tokens might present opportunities for short-term rallies, especially those currently in their presale phase. One such example is Wall Street Memes (WSM), a new altcoin driven by the meme stocks movement. Having already raised over $7.1 million during its presale, WSM seems poised for popularity upon its token listing on exchanges. To participate in the WSM presale, investors can connect their crypto wallets and purchase WSM with ETH, USDT, or fiat currency (credit card) via the official Wall Street Memes website. The current WSM price of $0.0289 could potentially skyrocket when the token becomes tradeable on exchanges in the coming months.
Source: Cryptonews
