As a seasoned crypto investor with a keen eye for market trends and a portfolio that includes meme coins like Shiba Inu (SHIB), I’m encouraged by the token’s recent price surge and the bullish sentiment it’s experiencing in tandem with Bitcoin’s return to $67,000. However, I remain cautiously optimistic as I’ve learned from past experiences that this market can be unpredictable.
Shiba Inu (SHIB) is experiencing a significant market rally today, with its price surging by 10% over the past week as Bitcoin (BTC) reclaimed its $67,000 mark for the first time in over three weeks, according to CoinMarketCap’s data. Meanwhile, the coin’s metrics exhibit both bullish and bearish tendencies on-chain.
In the last 24 hours, Shiba Inu‘s price has experienced a rollercoaster-like trend, rising by approximately 0.85%. However, it has failed to surpass the resistance levels at $0.00002461 and $0.0000253 repeatedly.
As a researcher examining the SHIB token, I’ve noticed an explanation for its current price stagnation lies in its low volume. According to on-chain data, this volume has decreased by 36.76% to $407,626,780. Consequently, fewer buyers are entering the market, indicating bearish sentiment. This pessimistic outlook may prevent prices from surpassing the resistance level of $0.0000253 for an extended period.
Shiba Inu continues to draw significant attention among meme cryptocurrencies. Despite efforts to regain a place among the elite top 10 digital currencies, its predominantly downward trend lately has given an edge to contenders such as Toncoin.
Shiba Inu has gained significant attention in the past due to advancements and achievements on its Layer-2 platform, Shibarium. Notable events include the hard fork of Shibarium and the anticipated launch of ShibaSwap on this level. These developments present promising possibilities for outperforming the broader market trend.
A significant Shiba Inu investor, previously dormant for over three years, has resurfaced to sell off their holdings, thereby contributing to reducing the available liquidity of the token in circulation, as mentioned earlier by U.Today, generating a profitable gain of approximately $3.2 million.
Despite encountering numerous challenges ahead, Shibaims to remain robust near the price point of $0.000025.
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2024-05-18 15:15