The Shiba Inu (SHIB) market has not been left behind in the recent rally. The meme coin entered the top ten and even saw a sharp rise. In the past week, the asset has risen by more than 20% to a high of $0.00003004. While the meme coin is currently in a downtrend, read on to find out if SHIB will rise on Thanksgiving Day.
Shiba Inu Obstacles
Following the recent craze, SHIB has dropped nearly 10% in the past 24 hours. At press time, the asset is trading at $0.00002373. This could be part of the overall correction that the market has been experiencing. SHIB’s daily trading volume has also taken a hit during this period. The asset has dropped nearly 50% and currently has a 24-hour trading volume of $1.79 billion.
In addition, the massive transfer of 4 trillion SHIB tokens also caught the attention of the cryptocurrency community. The transaction was worth about $99 million and occurred between two unidentified wallets. This is noteworthy because they may indicate a desire to sell or change positions and cause market volatility. When whales transfer large amounts of tokens, smaller investors tend to get anxious. This is because they worry that these transactions may lead to a sell-off.
Thanksgiving Forecast
It looks like the market is going to have a bullish Thanksgiving. According to CoinCodex, Shiba Inu will trade at $0.00002924 on Thanksgiving Day, November 28, 2024.
It looks like the asset will see an uptick in the coming weeks. While this is not a big leap compared to current price levels, if the overall market recovers and starts a new uptrend again, the price of Shiba Inucoin could continue to rise. More government regulations or initiatives in support of cryptocurrencies could also help this potential growth.
