The Shiba Inu (SHIB) price trajectory has been disappointing with a notable 1.5% decline in the last 24 hours and a drop to $0.00000758. Losses over the past week exceed 6%, 21% in the last month, and par the same figure since the onset of the year. This downtrend markedly differs from the performance of numerous leading cryptocurrencies like BTC, ETH, and XRP.
However, the meme token shows promising signs of recovery. Despite its weak nature, the indicators hold potential for growth. Its 24-hour trading volume amped up beyond $100 million, indicating enough liquidity and market interest that could boost it back into the green. As it remains considerably oversold, the meme coin seems close to bottoming out, with the 30-day moving average leaning further below the 200-day average.
A subtle but important sign of recovery is a minute rise in the coin’s relative strength index (purple), after a fortnight spent at a stubbornly low 40%. The increasing trading volume — $60 million during the weekend to $100 million — echoes a growing market interest.
Whale activities offer insights — notable high-value SHIB transfers away from the crypto-exchange Bitavo indicate that whales, the powerful movers of the crypto ocean, may be accumulating the token. If this holds true, the next few weeks could witness more rallies, catapulting SHIB back to $0.00000080.
The wider Shiba Inu ecosystem’s future may turn even brighter with the (re)launch of Shibarium. The layer-two network has successfully processed over a million transactions while creating more than 1.1 million wallets. These positive metrics hint at a potential recovering trajectory for SHIB over coming months. If momentum sustains, the year may close around a glimmery $0.0000150 for SHIB.
On another note, as SHIB presents a long-term game, traders seeking quick, above-average profits might be compelled to consider other avenues like presale tokens. An illustrative example is Sonik Coin (SONIK), a newly introduced ERC-20 meme token. With a presale that has secured over $1.6 million, SONIK has been generating interest and excitement. This highly decentralized token offers staking rewards and has set ambitious goals. However, with its presale landing to a close, potential investors need to act fast.
SONIK’s quirky memes, attractive staking rewards, highly decentralized nature, and ambitious targets make it an interesting contender in the market. The current low cost per SONIK may appear very appealing once the coin ventures onto trading platforms in the imminent future. However, it is imperative to stress that as with any high-risk asset class, crypto offers no guarantees.
Source: Cryptonews
