Shiba Inu Price Prediction as $150 Million Trading Volume Hits – Are Whales Buying the Dip?

Shiba Inu suffered a 1.5% drop in the past 24 hours, falling to $0.00001105 after a tough weekend for the cryptocurrency market as a whole. The meme token is now down 14% in a week and 13% in the past 30 days, after rising 36% year-to-date.

SHIB’s 24-hour trading volume increased slightly, to $150 million, but this is still far from the $1.8 billion volumes seen in early February, when the coin hit its 2023 high of 0.00001549 $. However, with the imminent launch of Shibarium’s Layer 2 network, it’s only a matter of time before volumes really pick up and SHIB rises again.

Shiba Inu Price Prediction as $150 Million Trading Volume Hits – Are Whales Buying the Dip?

Indicators from SHIB suggest that the coin is on the verge of bottoming out on its recent short-term losses. Its relative strength index (purple) has fallen to 35 and could fall even further, with the coin not expected to bottom out until this indicator drops below 30.

The fact that the SHIB’s recent difficulties are not quite over yet is also indicated by the coin’s 30-day moving average (red), which is just starting to point down. It remains above its 200-day average (blue), implying that SHIB will not rally until it breaks below the longer-term indicator.

What is baffling for SHIB holders is that, since hitting a high of $0.00001549 in 2023, the meme token has consistently fallen through a succession of support levels. As such, there is no guarantee that it will stop falling to $0.000011, $0.00001 or even lower.

It also depends on whales and other big investors, who seem to have unloaded their SHIB holdings in recent days. If they continue to sell off, the coin could experience further significant declines.

Based on the latest stats, it looks like whales are selling SHIB as a whole. Back on February 8, the 500 largest ERC-20 addresses held some $694 million in SHIBbut that amount has now fallen to $606 million.

That said, these holdings are much higher than they were in mid-January, when they amounted to just $84.5 million. In other words, many whales bought SHIB relatively expensive, so they probably won’t want to sell at a loss.

This should hopefully support SHIB’s price in the near term as the Shiba Inu community continues to look forward to the imminent launch of Shibarium.

SHIB is likely to rally once the layer two network for Shiba Inu launches in beta this month. Not only will this increase the market upside for SHIB, but it will likely increase the usage of the network and coin ecosystem over time.

Shibarium will also boost SHIB consumption via the destruction of transaction fees, which could have a huge impact on its supply. By extension, this can increase the price of the token over time.

As for the potential height of SHIB, recent data from Changelly suggests an average yearly forecast of $0.0000162484. This represents a 47% increase from the current price of the coin, so while not a spectacular number, it is still a good return.

Looking to the more distant future, the launch of SHIB: The Metaverse is likely to encourage greater demand for the cryptocurrency, as well as growing use of the wider Shiba Inu ecosystem. Once launched, users will be able to explore, own, and trade NFT-based plots of land, which will occupy a number of different themed neighborhoods.

The eventual arrival of SHIB: Metaverse will help create a new one for SHIB, one in which it leaves behind the “meme token” tag and becomes something like a true utility token. For this reason, its long-term prospects look good.

Buy Shiba Inu Now

Is it a good time to buy a Shiba Inu?

SHIB is more likely to see further declines in the near term, even if its medium to long-term action looks good. As such, traders may prefer to look elsewhere for tokens with high potential. We’ve compiled these coins into a list of the top 15 cryptocurrencies for 2023, as analyzed by the CryptoNews Industry Discussion Team.

The list is updated weekly with new altcoins and ICO projects.

^{Disclaimer: The Industry Talk section features information from crypto industry players and is not part of the editorial content of Cryptonews.com.}