As a seasoned researcher with over a decade of experience in the dynamic world of cryptocurrencies, I’ve seen my fair share of market swings and trends. The recent surge in Shiba Inu (SHIB) has caught my attention, not just because of its dog-themed charm, but also due to its impressive performance in the broader crypto market.
The cryptocurrency based on Shiba Inu dogs, known as SHIB, is aiming to sustain its rising trend. Over the past day, it has climbed by 4%, currently trading at approximately $0.000025 at the moment this text was written.
1) The rapid increase in prices is driven largely by optimistic attitudes across the wider cryptocurrency industry and the Shiba Inu community, with significant advancements in Shibarium, their Layer-2 blockchain, contributing to this trend. Notably, Shibarium has reached an impressive 500 million transactions, marking a significant achievement.
It seems that higher engagement within the Shiba Inu network has drawn interest from individual investors, while whales’ activity seems to be less frequent lately.
Over the approaching days, attention will shift towards predicting the direction of SHIB’s price movement. For now, the potential target for SHIB’s price is $0.00003, which was where the Shiba Inu rally paused on November 12th. This level, where a large amount of SHIB was purchased, serves as an important test for the strength of the token’s upward trend.
Based on data from IntoTheBlock, approximately 62,470 different wallets purchased about 18.66 trillion Shiba Inu (SHIB) coins within the price range of $0.000027 to $0.00003, with an average cost of around $0.000028 per coin. If SHIB can surpass this level, it could potentially lead to additional gains; however, if it fails to break through, there might be a short-term dip.
Shiba Inu price action
On November 12th, the upward trend for Shiba Inu coins halted at the $0.000030 level, suggesting that buyers were cashing out their gains.
Following three straight days of decreases, the price of Shiba Inu dropped to a low of $0.0000229 on November 15, prompting buyers to take advantage of the dip. If Shiba Inu’s price continues its current upward trend, buyers could attempt to push the coin above $0.000030 again. Should they succeed, Shiba Inu might rise to $0.000033 and potentially even reach $0.000039.
Based on data from IntoTheBlock, approximately 93,972 different wallets purchased about 94.12 trillion SHIB at prices ranging between 0.000019 USD and 0.000024 USD, with an average price of 0.000022 USD. This large-scale purchase has set a significant support level for the Shiba Inu token.
Therefore, if the price of SHIB drops from its current position or encounters resistance above and dips below 0.000022 in the near future, this could suggest that Shiba Inu might fluctuate within a band of $0.000030 to $0.000013 for several days.
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2024-11-16 17:06