Shiba Inu price is down 4% in the past 24 hours to $0.00000656 as the crypto market continues to weather the storm against Binance and Coinbase due to the recent SEC actions.
SHIB’s current price means it is down 17% over the past week and 25% over the last 30 days, with Meme Token also down 19% since the beginning of the year.
However, today’s decline saw SHIB’s 24-hour trading volume climb back up to $100 million, which could help it recover in the coming days.
And with signs that whales have started buying SHIB at a discount, it may not be long before development returns, especially as Shiberium’s second layer network is progressing towards launch.
Shiba Inu Price Prediction as $100 Million Trading Volume Comes In – Are Whales Buying SHIB at This Level?
SHIB’s indicators continue to show weakness, which perhaps isn’t so surprising for a coin that has just fallen by 4% in a day and by 17% in a week.
However, these indicators also suggest that SHIB may have hit a bottom and could be on the brink of recovering.
For example, the RSI (purple) is starting to rise again after spending the weekend and the first half of the week near (or below) 30, indicating a modest pickup in momentum.
Meanwhile, the 30-day moving average (marked in yellow) for SHIB has stabilized after declining steadily over the past week, which could mean once again that it is very close to seeing a recovery.
Such expectations are supported by the increased volume today, with trading often higher before the price rally.
It’s also interesting to note that the past few days have seen some large whale transfers involving SHIB, with one transfer on Monday moving 1 billion SHIB from Jump Trading into a private wallet.
It appears that the whales have resumed SHIB accumulation again after the meme icon’s recent drop.
This possibility is also indicated by data from Whale Stats, which shows that SHIB has retained its position as the most popular token among ERC-20 whales.
Therefore, it is not hard to imagine that altcoins will see a rally sooner or later, perhaps when the market calms down in the wake of the current period of regulatory turmoil.
And with SHIB’s testnet use case continuing to grow, it also looks like the full public launch of the Layer 2 network will give SHIB a real boost.
In the weeks following Shibarium’s launch, SHIB could easily rise back up to $0.00001, before possibly seeing out the year at somewhere close to $0.00002.
Newer Meme Tokens
The only problem with SHIB is that it can take a while to recover since its performance mostly depends on the full launch of Shiberium.
However, altcoins and new meme tokens may provide opportunities for pools in the near term, especially those that are currently undergoing pre-sales and will be listed on exchanges in the near future.
A prime example of such a token is the Wall Street Memes (WSM), a new altcoin that grew out of the meme stock movement that famously instigated Gamestop and AMC’s 2021 rally.
Wall Street Memes launched a pre-sale of its WSM token a few weeks ago and it has already raised over $7.1 million.
The fact that the sale has already raised such numbers shows how popular Wall Street memes could become when their tokens are listed on exchanges, while the number of their Twitter followers – more than 230,000 – is also indicative of just how much they could be. can grow rapidly. ,
Investors can enter the pre-sale by visiting the official Wall Street Memes website and connecting their cryptocurrency wallet to purchase WSM with ETH, USDT, or fiat currency (via credit card).
Its pre-sale is currently in its 14th phase, with the price of 1 WSM now at $0.0289, however it will rise to $0.03370000 by the time the 30th and final phase arrives.
Of course, this price could increase significantly when WSM becomes tradable on exchanges in the next few months.