Shiba Inu’s price prediction has become a hot topic of discussion in the cryptocurrency world as its trading volume has recently reached $300 million. Investors are wondering if this surge in trading activity is due to the buying activity of large investors, commonly known as “whales”. Taking a closer look at the fundamentals of Shiba Inu, it’s worth exploring how they’re affecting the price of SHIB.
Recently, Shiba Inu’s LEASH token has 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.
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 $1 billion. Additionally, the current bearish trend in the cryptocurrency market and the hawkish stance of the Federal Reserve have also contributed to the decline in SHIB coin prices.
The number of addresses holding Shiba Inu ($SHIB) has recently surpassed 1.3 million, just before the planned launch of Shibarium, the project’s layer-2 scaling solution. This surge in addresses has been attributed to the strong community support the coin has gained since its launch.
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. 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.
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.
Overall, the current surge in trading activity and the increasing number of addresses holding SHIB have sparked speculation about the coin’s future price. While some experts remain cautious about the token’s volatile nature and the possibility of market fluctuations, many investors are eagerly watching to see where the token’s price and trading volume will go from here.
As the market continues to speculate about the future of Shiba Inu’s price, many are closely watching the movements of these whales to gauge the coin’s potential growth. With the listing of LEASH on XT.com generating significant excitement and interest in the cryptocurrency community, it will be interesting to see how the token’s price and trading volume will evolve over the coming months.
In the end, the success of Shiba Inu and its related tokens will depend on factors such as community adoption and wider market trends. As the cryptocurrency market continues to evolve and the Federal Reserve’s stance on interest rates remains uncertain, investors should remain vigilant and do their own research before investing in any cryptocurrency.
