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Shiba Inu price is trading with a bearish bias on Friday as bulls fight to keep SHIB above a critical support level. The dog-themed token has had a great start to the year recording a series of higher highs and lower lows, igniting investor confidence in the price’s performance in 2023. Will Shiba Inu outperform other meme coins this year? Let’s find out.
Shiba Inu Is Among the Top Traded Cryptos By Whales
Since making their way into the crypto market, meme coins led by the Elon Musk-backed Dogecoin (DOGE) were met with skepticism as many labeled them as scams. However, many have managed to shake off these negative tags, recording impressive gains over the years. SHIB is an example of such a successful meme token. Its growth has astounded many cryptocurrency investors making it one of the most sought-after digital assets even by large institutional investors commonly known as “Whales.”
According to data from WhaleStats, SHIB has become one of the most traded cryptos by Whales in the past 24 hours. The platform that tracks the whale actions for both Ethereum and tokens domiciled on its network shows that the average trading volume for Shiba Inu tokens among Ethereum’s 100 largest whales was $696.94 million, equivalent to $5,883 at current market rates.
Analysis of the top 100 ETH wallets
The price would react more positively to the data if it turns out that most of the SHIB trade volume came from SHIB purchases. From the illustration above, it is evident that Shiba Inu was both the most sold and the most bought token by whales, with an average of 350.6 million SHIB and 346.3 million SHIB respectively. Notably, the token volume was higher in the sold list than in the purchased list, suggesting that not only Shina Inu was affected by the sale, and the sales here were less pinpointed.
These figures illustrates the priority of SHIB’s largest investors over the last 24 hours. However, an analysis of the size of the aggregate position in SHIB paints a different picture. If the data is to be believed, the average position size for the top 100 Ethereum wallet holders in the “DOGE killer” has increased by over 23 billion Shina Inu tokens since Thursday.
As such, whales have doubled down on their SHIB holdings with $46 million worth of SHIB in their bags, making Shiba Inu the 10th-largest share in their portfolio. Such holdings are likely to positively influence the Shiba Inu price to the upside.
The Shibarium Protocol To Boost SHIB
The team behind Shiba Inu has announced the launch of Shibarium, a Layer-2 scalability platform that is expected to increase the utility of the Shiba Inu network. The announcement came in form of an update on the project through the project’s official Twitter handle, Shibarium Network which included a number of clarifications.
One of the clarifications made was that no other tokens will utilize the network. One of the tweets in the thread read:
This is to confirm and validate, from us, the official source, that BONE is and remains the only token selected for gas fees and use.
Shibarium Network also made it clear that “Shibarium has been developed for Shib token and not for the sake of other projects who claim ownership or speculation surrounding its operability dependency on any other tokens.”
Shibarium Update 🧵
As we approach the launch of the upcoming Shibarium Beta Network, we first would like to start by thanking the Shiba community for bringing such energy and excitement surrounding the upcoming phased introduction.
1/6 🧵
— Shibarium Network (@ShibariumNet) January 4, 2023
The Shibarium platform focuses on off-chain settlements that can be batched and processed on-chain later, resulting in higher transactions per second at cheaper rates. It is believed that Shibarium could play an important role in shaping the development of decentralized applications (DApps) on Shiba Inu’s network as well as extending its reach into the Metaverse space.
Shiba Inu Price Bulls Seek A return To $0.00000971
At the time of writing, SHIB was fighting to hold above the $0.00000825 support, embraced by the ascending trendline. The bulls are aggressively defending this level to avoid further losses. If the Shiba Inu price turns up from the current level, it could rise first toward the 50-day simple moving average (SMA) at $0.00000872 and later to the psychological level at $0.0000090. A rise above this level could see SHIB climb to confront resistance from the major resistance level at $0.0000095 before rising to tag the 100-day SMA currently sitting at $0.00000971.
SHIB/USD Daily Chart
Currently backing Shiba Inu’s robust support is the rising trendline at $0.00000825. Similarly, the Moving Average Convergence Divergence (MACD) indicator cements the bulls’ influence on SHIB. Notice the MACD (line in blue) holding above the signal line (in red), which is a positive signal. Moreover, the SHIBA Inu may turn bullish once the momentum indicator crosses above the mean line (0.00).
On the downside, the relative strength index (RSI) was facing down and the price strength at 46 suggested that the bears had begun taking control of the price. As such, a daily candlestick close below the $0.00000825 immediate support level would trigger massive sell orders that could see SHIB revisit the $0.00000791 support level or the December 28 swing low at $0.00000779.
Other Promising Alternatives To SHIB In 2023
It is important to always consider the fundamentals of a crypto project before making an investment. This is clearly illustrated by Shibarium’s potential and the impact it may have on Shiba Inu’s price. One altcoin that has good fundamentals and could potentially yield high returns this year is C+Charge (CCHG).
C+Charge (CCHG)
To this day, large corporations have dominated the carbon credit industry, despite the majority of the ethics abounding their purchase and use has been spotty at best. That is where C+Charge comes in.
The project is committed to putting carbon credits in the wallets of ordinary folk who actively help the environment. With a particular focus on those driving electric vehicles (EV), C+Charge brings the much-needed difference in a terminal generation.
What are the top features of C+Charge?
✅ Blockchain-based solution
✅ Opportunity to earn carbon credits
✅ Streamlined pricing display
✅ Transparent payment systemDon’t forget to join our presale ⬇️https://t.co/ixe18bPqzI pic.twitter.com/QVxEh6kxSQ
— C+Charge (@C_Charge_Token) January 6, 2023
Courtesy of C+Charge, drivers will enjoy redeeming credits just for charging their cars at a C+Charge station.
The project’s native token CCHG is currently in presale with over $81,000 already raised by the team.
Visit C+Charge here.
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