Shiba Inu Coin Price Expectations: With its market value approaching $6 billion, will it overtake Dogecoin?
The price of the Shiba Inu-SHIB coin witnessed a decline of 3% during the past 24 hours, and fell to the level of $0.00000970 today, coinciding with the decline in the value of the crypto sector by 3% as well. However, the price of the SHIB coin maintained its weekly gains of 4% and 16%. Over the past two weeks, its price faltering today did not have a significant impact on its current general upward trend.
The market value of the Shiba Inu currency rose from 4.2 billion in mid-September to 6 billion dollars today, and thus this meme currency ranked 17th in the list of the largest. As it maintains its upward momentum, it may only be a matter of time for Shiba Inu to overtake Dogecoin-DOGE.
Shiba Inu Coin Price Expectations: With its market value approaching $6 billion, will it overtake Dogecoin?
Although SHIB’s upward momentum declined slightly yesterday, its general outlook still calls for optimism.
The 30-day moving average indicator (in yellow) continues to rise above its 200-day counterpart (in blue), which indicates the growth of the SHIB coin and the absence of the possibility of a decline in its price in the medium or long term during the coming period.
In parallel, the Relative Strength Index (in purple) is still holding on to the 60 level despite its decline over the past few days, which means that buying pressures continue to dominate and outweigh the intensity of selling pressures. It is truly promising that the support level (in green) has continued to rise steadily since mid-October, which confirms that any upcoming price decline may be short-term only.
It is noteworthy that the Shiba Inu currency maintained its high trading volume, which ranged between $400 million and $900 million during the past few days, compared to its levels recorded two months ago, which did not exceed $100 million. This is largely due to the interest of large investors in the SHIB currency and their large transfers over the past days.
4,193,953,460,450 #SHIB (40,823,942 USD) transferred from unknown wallet to unknown wallet
— Whale Alert (@whale_alert) December 11, 2023
It is difficult to say whether these transfers are purchases or sales by these whales; Whatever their nature, huge transfers indicate an increasing level of interest in the currency. In light of the improvement in SHIB’s fundamentals over the past few months, its price is likely to rise again.
For example, this year witnessed the launch of the long-awaited Shiba Inu project to solve the second layer, Shibarium, recording a huge increase in the number of transactions completed through it during the past few weeks. It is also noteworthy that the burning of SHIB coins has already begun since the launch of the Shibarium network, as last week witnessed a single burning of approximately 8 billion SHIB coins.
2023-12-17 11:41:00
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