The Japanese guard dog-embossed meme coin is standing right on the mid-tier Bollinger Band (BOLL) at $0.00000422, signaling a price trend shift. The past few weeks have been soaked with panic selling among retail investors, as well as crypto whales who didn’t expect Shiba Inu’s (SHIB) price to fall below the $0.00000550 psychological threshold.
Right now, the mainstream meme coin’s bulls are striving to push Shiba Inu’s price beyond the $0.00000530 area, known as the red-label Bollinger Band. This could help reduce the damage bears have caused over the past few weeks, but whale conviction is needed.
Sponsored
Crypto Prediction Markets
18+ · Gambling involves risk. Play responsibly.
When buying interest returns among the big-time crypto investors, that typically means a local bottom. Specifically in Shiba Inu coin’s case, a big part of the bullish narrative is tied to the rapidly dropping Shiba Inu coin reserves on major crypto platforms (CEXs).
SHIB Custodians Are Clinging On This Catalyst
On a brighter note overlooking the current SHIB price, figures on centralized exchanges are actually plummeting hard – it hit 81.7 trillion SHIB tokens today, the lowest ever-recorded, according to CryptoQuant’s metrics. Considering there’s above 585 trillion Shiba Inu coins in circulation & part of it gets constantly burned, scarcity is what SHIB custodians are relying on.
Conversely, that hardly works without buyer engagement, ecosystem developments & new adoption cases. For Shiba Inu (SHIB), the status as an internet culture symbol paying homage to the Japanese Shiba Inu dog is a strong part of it. SHIB’s developers had deployed a Layer-2 chain known as Shibarium atop of Ethereum (ETH) a few years back, offering ultra-low fees.
However, taking Shiba Inu beyond a dog-encrusted meme coin wasn’t that easy – Shibarium’s ecosystem gained popularity for a few years, reaching beyond $11 million in total value locked (TVL). With the crypto winter swinging by, the ecosystem dried down due to waning Web3 user interest – the downfall of non-fungible tokens (NFTs) & metaverses has plenty to do with it.
Discover DailyCoin’s trending crypto news right now:
Ripple Moved $16 Trillion, But Almost None Of It Was XRP
IMF Puts XRP In Focus U.S. Clarity Act Faces a Tight Clock
DailyCoin’s Vibe Check: Which way are you leaning towards after reading this article?
Be the first to comment