As an experienced analyst, I’ve closely observed the cryptocurrency market and have seen firsthand how meme coins like Shiba Inu (SHIB) can generate significant buzz and attract large investor interest. The recent correction in Bitcoin (BTC) prices has led to a dip in SHIB value, with more than an 11 percent decline over the past 24 hours.
During the recent cryptocurrency downturn caused by Bitcoin (BTC) falling below $65,000, Shiba Inu (SHIB), which is the second largest dog-themed meme coin following Dogecoin (DOGE), experienced a decline of over 11 percent in the last 24 hours and was valued around $0.0000175 on Tuesday.
As a crypto investor, I’ve noticed the buzz surrounding this large-cap meme coin with a fully diluted valuation reaching approximately $17.6 billion. It seems to have piqued the interest of some influential players in the market, commonly referred to as “crypto whales.”
As a crypto investor, I’ve been closely monitoring the Shiba Inu meme coin using data analysis tools like IntoTheBlock. Over the past week, I’ve noticed that there have been over $1.1 billion worth of transactions exceeding $100K for this asset. What’s more intriguing is the significant increase in whale transactions – from just 62 such transactions on June 16 to approximately 162 transactions on June 17. This surge in large-volume transactions suggests that there may be increased institutional interest or significant moves by major players in the Shiba Inu market.
As a crypto investor, I’ve noticed some intriguing findings from the latest analysis. Around 73% of Shiba Inu token holders control more than 1% of the total circulating supply. This significant group of whales has been increasingly active in trading, contributing to a substantial increase in overall trading volume. The volume peaked at approximately $665 million, marking a remarkable surge of over 126% within the past day.
Impact on Shiba Inu (SHIB) Price Action
As a researcher studying the Shiba Inu ecosystem, I’ve observed an uptick in whale activity, which could indicate increased volatility in the future. Given that Shiba Inu and Bitcoin share a correlation coefficient of 0.64, it’s reasonable to anticipate similar price movements between the two if Bitcoin experiences further fluctuations.
According to Coinspeaker’s report, Bitcoin investors are making efforts to keep the price above the critical support level of $65,000. This is in an attempt to prevent further drops towards the range of $57,000 to $61,000. However, the Bitcoin price has briefly dipped below $65,000 due to increased withdrawals from spot Bitcoin Exchange-Traded Funds (ETFs).
Over the past fortnight, I’ve observed a significant decrease in Shiba Inu’s value, with prices dropping over 26 percent against the backdrop of the ongoing correction within the cryptocurrency market.
As a researcher studying the cryptocurrency market, I’ve identified a potential technical indicator that could influence the future price movement of Shiba Inu. Based on current trends, there’s a possibility for the token’s price to decrease and potentially reach around $0.000015. This level aligns with the daily 1.618 Fibonacci Extension – a key level in technical analysis derived from the Fibonacci sequence.
Despite the current high price of Shiba Inu, its long-term perspective remains bullish based on the weekly RSI reading, which has surpassed 70 for the first time since 2021.
Market Outlook
As a researcher studying the cryptocurrency market, I’ve observed that the emergence of Solana-hosted meme coins, including Shiba Inu, has led to a noticeable decrease in the global adoption of these projects. While Shiba Inu remains the second-largest meme coin in existence, its performance over the past year has been lackluster when compared to other meme coins such as PEPE, which is themed around frogs.
Despite this, the Shiba Inu team of core developers have been diligently advancing on the development of Shibarium, their layer two scaling solution, to support future expansion possibilities. With over ten DeFi initiatives now operational on Shibarium, spearheaded by ShibaSwap, the Shiba Inu community has been gradually shifting its focus towards utility-driven cryptocurrency projects.
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2024-06-18 18:06