The trading patterns of the memorable meme coin, Shiba Inu (SHIB) are raising eyebrows and stirring conversations among crypto enthusiasts. The coin registered a drop of 0.5% today, tumbling down to $0.00000727 as the broader cryptocurrency market experienced a 1.2% decline in the past 24 hours. Notably, SHIB remains flat for last week, a drop by 9% over the month, and a total 10% down since the dawn of the year – a movement not parallel to numerous major tokens that have soared since January.
One escalation suggests a possible future rebound, its 24-hour trading volume is flaring beyond $100 million, signaling amplified market activity. SHIB’s relative strength index continues to lag under 40, hinting at an overdue rally. The meme coin’s 30-day moving average has trailed significantly below its 200-day average for months, suggesting that an upwards rebound should be on the horizon.
Cryptocurrency whale’s recent money movements have been interesting as well. Whale Alert recorded some substantial transfers off Bitavo earlier this month indicating that these crypto giants might be stocking up on SHIB in expectation of a rally due to its undervalued state.
Positively, SHIB has revealed solidification in its base in recent weeks, highlighted by the introduction of the Shibarium layer-two network. This development equates to a spiked burn rate for the meme token, as per today’s statistics, more than 100 million SHIB is being incinerated daily, marking a swell of over 300% within the last day. Shibarium has enhanced the Shiba Inu ecosystem’s appeal to both developers and users, suggesting that this could potentially drive SHIB’s price to rebound soon.
However, for short-term traders, fresh altcoins or presale tokens could offer promising returns. One such potential player is Launchpad.xyz (LPX), a holistic Web3 trading platform. LPX, used to manage Launchpad’s fees and subscriptions, its allure is mounting in line with Launchpad’s growth. Aside from that, it is staking friendly, making it doubly appealing to investors.
Move forward with the understanding that indisputably, cryptocurrency is a high-risk asset class. Foraying into the crypto sphere will always carry the inherent risk of capital loss. Nonetheless, these patterns and advances in the market provide never-ending curiosity, spark critical conversations, and enlighten us on an ever-evolving digital economy. It’s worth watching how physical market activity and digital coin functionality play their part in shaping investor behaviour and cryptocurrency valuation.
Source: Cryptonews
