• Shiba Inu (SHIB) has dropped by 9% in the past 24 hours, with today’s losses reducing its gains for the year-to-date to 10%.
• SHIB has become one of the most-traded coins in the past 24 hours, with CoinGecko putting it 14th among „top purchased tokens“.
• With the launch of layer-two network Shibarium imminent and SHIB still being widely held by whales, there are plenty of reasons to be optimistic about its future.
SHIB Price Drop
Shiba Inu (SHIB) has dropped by 9% in the past 24 hours, with today’s losses reducing its gains for the year-to-date to 10%. At $0.0000099, SHIB is also down by 17% in a week and by 30% in the last 30 days.
Popularity Among Traders
SHIB has become one of the most-traded coins in the past 24 hours, with CoinGecko putting it 14th among „top purchased tokens“ today. The meme token also remains the most widely held cryptocurrency among whales (apart from ETH, USDC and USDT), indicating that it still remains a favorite with big investors.
Optimism About Future
With the launch of layer-two network Shibarium imminent and SHIB still being widely held by whales, there are plenty of reasons to be optimistic about its future. Its relative strength index (purple) has just dropped below 30, while its price has dropped below its 30-day (red) and 200-day (blue) moving averages, indicating that it’s now being oversold. As such, SHIB is arguably selling at a big discount and should rise again in the not-too-distant future.
Silvergate Bank’s Liquidation
The price of Shiba Inu was brought down by news of Silvergate Bank’s liquidation as well as a more hawkish stance from Federal Reserve concerning further rate hikes. Despite this negative news impacting prices short term, there is still hope for recovery long term due to positive indicators such as top ERC20 holdings amongst whale investors and SHIB remaining 13th on “top purchased tokens” list.