TLDR
Shiba Inu (SHIB) price has been facing selling pressure and trading in a downtrend
A major whale wallet recently accumulated 397.845 billion SHIB tokens
Shiba Inu is developing new features including Shibarium, ShibaSwap, and a burn portal
SHIB partnered with the International Indian Film Academy Awards (IIFA)
Analysts predict a potential price breakout for SHIB based on these developments
Shiba Inu (SHIB), the popular meme cryptocurrency, has been experiencing a mix of challenges and developments in recent weeks. The digital asset’s price has been under pressure, with recent data showing a downward trend in its value.
As of August 17, 2024, SHIB was trading at $0.0000133, marking a decrease of about 2.8% over the previous 24 hours. The cryptocurrency has been moving within a descending channel, indicating a continued bearish trend. Technical indicators, such as the 20-day, 50-day, and 200-day moving averages, all point downwards, further confirming the bearish sentiment.
Despite the price decline, there are signs of potential support and recovery. The immediate support level for SHIB appears to be at $0.0000128. If the price breaks below this point, it could lead to further drops, with the next major support around $0.0000089. On the other hand, if buyers manage to push the price above the 20-day moving average at $0.0000144, it might trigger a short-term rally towards higher resistance levels.
Amid this market volatility, a significant accumulation event occurred. A single wallet recently acquired 397.845 billion SHIB tokens, valued at approximately $5.21 million.
This large purchase demonstrates continued interest in Shiba Inu, even as the market fluctuates. However, due to price changes, this wallet has experienced a loss of about $23,870 since the acquisition.
The Shiba Inu team has been working on enhancing the cryptocurrency’s utility and scarcity. At the 2024 Futurist Conference, lead developer Shytoshi Kusama revealed progress on several key projects. These include Shibarium, an update to the ShibaSwap decentralized exchange, and a new burn portal. These developments aim to make SHIB more attractive to investors by improving its functionality and potentially reducing its supply.
Another significant announcement was the introduction of Shib Hub, described as a “super app.” This application will offer users a range of features, from decentralized finance (DeFi) services to social engagement options, all within the Shiba Inu ecosystem. The team hopes this will attract a wider user base and increase demand for SHIB tokens.
In a move to boost its global visibility, Shiba Inu has partnered with the International Indian Film Academy Awards (IIFA). This collaboration is expected to expose SHIB to an audience of around 800 million viewers, potentially driving adoption and interest in the cryptocurrency.
Market data shows mixed sentiment among traders. The overall long/short ratio for SHIB in the last 24 hours stood at 0.9535, indicating a slightly bearish outlook. However, on the Binance exchange, the SHIB/USDT long/short ratio was 2.6364, suggesting that many traders are betting on a potential price reversal.
Some analysts, including Oscar Ramos, believe that SHIB is on the verge of a significant price breakout. They point to the recent developments, strategic partnerships, and broader market conditions as potential catalysts for future growth.
As of August 12, 2024, there were 1.36 million addresses holding Shiba Inu tokens. The number of addresses holding between 0 to 1 million SHIB increased by about 1.58% over the past month, indicating growing interest from small retail investors.
However, recent on-chain data shows a decrease in the volume of large transactions, suggesting that whale investors might be reducing their exposure to SHIB. The number of large transactions dropped from a seven-day high of 46 on August 9 to just 39 over the following day.
The post Shiba Inu (SHIB) Price: Poised for Growth, Here’s Why appeared first on Blockonomi.
