Shiba Inu’s price prediction has become a topic of interest as its trading volume reaches $300 million. Investors are wondering if this surge in trading activity is due to the buying activity of large investors, commonly known as “whales”.
As the market speculates about the future of Shiba Inu’s price, many are closely watching the movements of these whales to gauge the coin’s potential growth.
Taking a closer look at the fundamentals of Shiba Inu, it’s worth exploring how they’re affecting the price of SHIB.
LEASH, Shiba Inu’s Token, Soars 913% in Trading Volume Following New Listing
Shiba Inu’s LEASH token has recently made headlines for a significant surge in trading volume following its listing on a new exchange. The token, which was launched as a Dogecoin-killer, has quickly gained traction among investors due to its unique features and strong community support.
The new listing on the exchange XT.com has propelled LEASH’s trading volume to new heights, with an increase of over 900%. The exchange, which is registered in Seychelles and headquartered in Hong Kong, has offered LEASH trading pairs with USDT and BTC, making it more accessible to a wider range of investors.
LEASH’s incredible surge in trading volume has caught the attention of many in the cryptocurrency world, sparking discussions about the token’s potential for future growth. Some experts suggest that the listing on XT.com could be a significant milestone for the token, allowing it to reach a wider audience and gain more momentum.
The strong community support behind Shiba Inu and its related tokens has also contributed to the recent surge in trading volume, with many supporters buying and holding the tokens as a long-term investment.
Despite the hype surrounding LEASH, some investors remain cautious, warning that the token’s value may be volatile and subject to market fluctuations. Some experts also caution that the recent surge in trading volume may be a temporary trend, and that the token’s long-term success will depend on factors such as community adoption and wider market trends.
Nonetheless, the listing of LEASH on XT.com has generated significant excitement and interest in the cryptocurrency community, with many investors eagerly watching to see where the token’s price and trading volume will go from here.
The increasing number of cryptocurrency whales selling meme-coins has become a significant factor affecting the price of the Shiba Inu currency. According to reports, these whales once owned SHIB coins worth $1 billion.
Additionally, the current bearish trend in the cryptocurrency market and the hawkish stance of the Federal Reserve have also contributed to the decline in SHIB coin prices.
Shiba Inu ($SHIB) Surpasses 1.3 Million Addresses Prior to Shibarium Launch
The number of addresses holding Shiba Inu ($SHIB), a meme-inspired cryptocurrency on the Ethereum blockchain, has recently surpassed 1.3 million. This comes just before the planned launch of Shibarium, the project’s layer-2 scaling solution.
Based on statistics obtained from the Ethereum blockchain by CoinMarketCap and first reported by Finbold, the current number of Ethereum addresses holding SHIB stands at 1.305 million. This cryptocurrency exceeded the 1.3 million address mark earlier this month, having begun the year with 1.275 million addresses holding it.
Shiba Inu Pricing Adversely Affected by Prospects of Fed Interest Rate Hike
On Saturday, the cryptocurrency market closed negatively due to the release of US economic data, which led to speculations that the Federal Reserve may adopt a more aggressive approach to increase interest rates to curb ongoing inflation.
The figures, published on Friday, revealed an annual increase in export prices of 0.8%, which was in contrast to the predicted 0.2% decline. The previous week’s statistics also showed fewer than-expected applications for unemployment benefits on Thursday, along with an increase in producer prices for January.
As a result of the data, alongside hawkish statements made by two Fed officials on Thursday and predictions by Goldman Sachs and Bank of America for three additional Fed rate hikes this year, some investors have begun to prepare for further tightening. Shawn Cruz, the head trading strategist at TD Ameritrade in Chicago, stated that the numbers prompted this reaction amongst some investors.
The cryptocurrency market’s negative sentiment, along with the possibility of an interest rate hike, were considered significant factors that adversely affected Shib coin pricing.
Shiba Inu Price Prediction
During the most recent trading session, Shiba Inu (SHIB) continued its bearish trend, dropping by over 1%. This decline coincided with Bitcoin (BTC) unexpectedly halting its recent bullish run after the release of the CPI news. As of now, Shiba Inu is trading at $0.000013 and has a 24-hour trading volume of $268 million.
Over the past 24 hours, Shiba Inu has seen a decrease of 0.89%. Currently ranked 14th in the market, Shiba Inu’s live market cap is at $7.2 billion.
From a technical perspective, Shiba Inu was unable to surpass $0.0000132, a level driven by downward trendline resistance. In the event of a drop below this level, the cryptocurrency is likely to find immediate support around $0.0000126.
On the downside, if the price falls below the $0.0000126 level, the next target could be the $0.00001170 level.
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Shiba Inu Alternatives
If you’re looking for other high-potential crypto projects alongside SHIB, we’ve reviewed the top 15 cryptocurrencies for 2023, as analyzed by the CryptoNews Industry Talk team.
The list is updated weekly with new altcoins and ICO projects.
Disclaimer: The Industry Talk section features insights by crypto industry players and is not a part of the editorial content of Cryptonews.com.
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