As a seasoned crypto investor with over a decade of experience in the digital asset market, I must admit that my heart skips a beat whenever I see promising signs like those displayed by Shiba Inu (SHIB). With a 25,000,000% increase since its launch and recent partnerships, SHIB seems to be carving out a niche for itself in the crypto world.
The price of Shiba Inu is progressing significantly within the cryptocurrency sector, aiming to maintain its significance. Lately, SHIB has indicated potential new record highs as its usage expands. Over the past 24 hours, SHIB has climbed, boosting its value by 1.7%. Although Bitcoin controls the market, the recent surge in Shiba Inu exchange withdrawals hints that a price rise for SHIB could be on the horizon.
At the 2024 Blockchain Futuristic Conference (BFC) on the 13th, the SHIB team emphasized the astonishing 25 million percent rise in the SHIB’s price since its debut, demonstrating the project’s advancement and revealing their future plans.
Kusama Teases Shiba Inu Price Mooning
At the conference, they revealed a collaboration with Wert, a fintech company specializing in bridging Web2 and Web3 finance, to establish a SHIB fiat gateway service. This service will enable users to acquire BONE and USDC using Visa or MasterCard, thereby facilitating easier access for the general public to purchase SHIB and related goods, potentially boosting market demand.
2024 Recap of Shiba
Shiba grows bigger, gets stronger, and never slows…
Be part of the future!
Be part of the Shiba!!!!!!!— Shib (@Shibtoken) August 13, 2024
Immediately following this talk, the Shiba Inu project’s head, Shytoshi Kusama, jokingly addressed a query from one of the major crypto trading platforms, HTX, about which asset is set for a substantial rise by saying “WOOF”. This playful comment was taken as a hint towards the possibility that SHIB and its related tokens, BONE and LEASH, could see significant growth.
WOOF
— Shytoshi Kusama (@ShytoshiKusama) August 13, 2024
According to CryptoQuant’s data, the exchange outflow of Shiba Inu tokens has continued to decrease for the second consecutive day on August 13, with a 9.53% increase in outflow. This suggests that investors are holding onto their SHIB tokens, possibly due to expectations of an increase in the price of Shiba Inu.
Over the past two days, major Shiba Inu token holders (often referred to as “whales”) have significantly boosted their incoming SHIB supply. As per IntoTheBlock’s data, these large holders added approximately 161.15 billion SHIB tokens to their stash, suggesting that whales are thoughtfully amassing SHIB, thereby increasing demand and potentially pushing prices up.
At present, individuals who bought Shiba Inu (SHIB) coins priced between 0.000013 and 0.000014 USD are neither making a profit nor incurring losses. However, they face potential losses if the market shifts negatively. On the other hand, if the bullish trend continues, approximately $800 million worth of SHIB tokens could be saved from possible losses.
SHIB Price Is At Crossroads
The general trend for Shiba Inu’s price is heading downward, but at present, it’s fluctuating inside an upward sloping channel, indicating a possible brief uptick in the market (bullish sentiment) amidst the predominant negative trend (bearish trend).
As a crypto investor, I’ve noticed some significant resistance levels for my meme coin at approximately $0.00001394, $0.00001553, and $0.00001700. However, if the bears take over, the Shiba Inu price might find support around $0.00001300 near the lower boundary of the ascending channel and at $0.00001100.
A minimal trading volume indicates that neither buyers nor sellers are particularly confident. However, an increase in trading activity could coincide with a breakout to the upside from the current ascending channel. The pressure to buy Shiba Inu is currently low but steadily growing, as suggested by rising open interest (OI) data from Coinalyze analytics.
50.96 on the Relative Strength Index (RSI) suggests a balanced momentum, meaning neither bulls nor bears have a clear advantage at this point. The market’s next move may lean towards either direction based on future price developments.
Should the cost of Shiba Inu coins exceed $0.00001553, this might suggest a robust market condition and potentially trigger a prolonged upward trend, aiming for the subsequent notable resistance level around $0.00001700.
According to the current predictions, Shiba Inu could be gearing up for an impressive increase. However, it needs to break through this significant resistance level first, after which, if successful, we may see some substantial price growth.
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2024-08-14 15:00