Shiba Inu Price Prediction As $300M Trading Volume Comes In – Are Whales Buying?
Shiba Inu’s price prediction has become a topic of interest as trading volume reaches $300 million. Investors are wondering if this increase in trading activity is due to the buying activity of large investors, commonly known as “whales”.
As the market speculates on the future of the Shiba Inu’s price, many are closely watching the movements of these whales to gauge the coin’s potential growth.
If you are looking at the fundamentals of the Shiba Inu, it is worth examining how they affect the price of the SHIB.
LEASH, Shiba Inu’s token, rises 913% in trading volume after new listing
Shiba Inu’s LEASH token recently made headlines for a significant increase in trading volume following its listing on a new exchange. Launched as a Dogecoin killer, the token has quickly gained traction among investors due to its unique features and strong community support.
The new listing on the stock exchange XT.com has driven LEASH’s trading volume to new heights, with an increase of over 900%. Registered in the Seychelles and headquartered in Hong Kong, the exchange has offered LEASH trading pairs with USDT and BTC, making it more accessible to a wider range of investors.
LEASH’s incredible increase 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 increase in trading volume, with many backers buying and holding the tokens as a long-term investment.
Despite the hype surrounding LEASH, some investors remain cautious, warning that the token’s value can be volatile and subject to market fluctuations. Some experts also caution that the recent increase in trading volume may be a temporary trend, and that the token’s long-term success will depend on factors such as community adoption and broader market trends.
Nonetheless, the listing of LEASH on XT.com has generated significant excitement and interest in the cryptocurrency community, with many investors eagerly watching to see where the token’s price and trading volume will go from here.
The growing 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 $1 billion worth of SHIB coins.
In addition, the current bearish trend in the cryptocurrency market and the hawkish stance of the Federal Reserve have also contributed to the decline in SHIB coin prices.
Shiba Inu ($SHIB) Surpasses 1.3 Million Addresses Before Shibarium Launch
The number of addresses holding Shiba Inu ($SHIB), a meme-inspired cryptocurrency on the Ethereum blockchain, recently passed 1.3 million. This comes just before the planned launch of Shibarium, the project’s tier-2 scaling solution.
Based on statistics obtained from the Ethereum blockchain by CoinMarketCap and first reported by Finbold, the current number of Ethereum addresses holding SHIB is 1.305 million. This cryptocurrency surpassed the 1.3 million address mark earlier this month, after starting the year with 1.275 million addresses containing it.
Shiba Inu pricing negatively impacted by the prospect of a Fed rate hike
On Saturday, the cryptocurrency market closed negative due to the release of US economic data, leading to speculation that the Federal Reserve may take a more aggressive approach to raising 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 forecast decline of 0.2%. Last week’s statistics also showed fewer applications for unemployment benefits on Thursday than expected, along with an increase in producer prices for January.
As a result of the data, along with hawkish statements from two Fed officials on Thursday and predictions from Goldman Sachs and Bank of America for three more Fed rate hikes this year, some investors have begun bracing for further tightening. Shawn Cruz, chief trading strategist at TD Ameritrade in Chicago, said the numbers prompted that reaction among some investors.
The cryptocurrency market’s negative sentiment, along with the possibility of an interest rate hike, were considered significant factors that negatively impacted the Shib coin price.
Shiba Inu Price Prediction
In recent trading, Shiba Inu (SHIB) continued its bearish trend, falling over 1%. This decline coincided with Bitcoin (BTC) unexpectedly halting its recent bullish run following 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.
In the last 24 hours, Shiba Inu has seen a decrease of 0.89%. Currently ranked 14th in the market, Shiba Inus’ live market value is $7.2 billion.
From a technical perspective, Shiba Inu failed 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.
Buy Shiba Inu now
Shiba Inu Alternatives
If you are looking for other crypto projects with high potential along with SHIB, we have reviewed the top 15 cryptocurrencies for 2023, as analyzed by CryptoNews Industry Talk team.
The list is updated weekly with new altcoins and ICO projects.
Disclaimer: The Industry Talk section contains insights from crypto industry players and is not part of the editorial content of Cryptonews.com.
