As a seasoned crypto investor, I’ve seen my fair share of market volatility, and the current selling pressure in the cryptocurrency market, including Shiba Inu (SHIB), is nothing new. However, the extended period of losses for SHIB is concerning. With six out of seven days in losses and a 13.62% decline in seven days, I can’t help but feel uneasy about my SHIB holdings.
As a researcher studying the cryptocurrency market, I’ve observed that there’s been downward pressure lately, causing Shiba Inu (SHIB) to potentially experience its fourth consecutive day of losses since April 25. This trend aligns with the declining price of Bitcoin.
Starting on April 23rd, Shiba Inu is expected to drop on six out of the past seven trading days, representing a continuation of its downtrend from its peak at $0.000028. Over this seven-day period, SHIB has experienced a decline of approximately 13.62%.
The drops in price have pushed SHIB near significant levels of support, with approximately 470 trillion SHIB currently held by a considerable number of SHIB wallets.
Based on IntoTheBlock’s data analysis, approximately 85,110 wallets have acquired a total of 470.78 trillion SHIB tokens within the current trading range, with prices ranging between $0.000014 and $0.000019. The average purchase price for these transactions was $0.000016.
At this price range, a notable number of investors express confidence in Shiba Inu‘s worth, leading to anticipated decreased urgency to sell. This situation could signal a possible price turnaround for Shiba Inu.
With a substantial hoard of SHIB in the hands of investors, the 470 trillion SHIB mark could serve as a robust foundation for a potential price surge. However, it’s crucial to consider the influence of broader market trends and overall crypto sentiment when forecasting SHIB’s price movement.
The mood among investors and speculators is a blend of apprehension and excitement as they prepare for a significant Federal Reserve meeting coming up this week. There’s growing curiosity about the potential signals for prolonged rising interest rates that may emerge from the gathering, leading market players to gear up for potential repercussions on cryptocurrencies.
Currently, SHIB has dropped by 4.31% within the past 24 hours and is now priced at $0.00002365. This decline mirrors the overall market trend resulting in Bitcoin reaching a one-week low of $61,928.
Over the past weekend, Shiba Inu unveiled its plan to transfer its decentralized exchange (DEX), ShibaSwap, onto its new blockchain, Shibarium. As reported by team member Lucie, this is just the initial step in a larger endeavor. Soon, ShibaSwap will function on both Shibarium and Ethereum networks. A sneak peek of ShibaSwap 1.75 on Shibarium has been given.
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2024-04-29 15:40