According to on-chain analytics company IntoTheBlock, despite Shiba Inu (SHIB) price consolidation, this popular second-largest crypto meme coin has garnered significant attention from crypto giants. Today, on December 18, 2024, IntoTheBlock revealed that SHIB's massive trading volume surged by 238.58% in the past 24 hours!
Shiba Inu (SHIB)
Shiba Inu (SHIB) was initially a tribute to Dogecoin but quickly carved its own path. SHIB was launched by the mysterious Ryoshi in August 2020 and runs on the Ethereum blockchain. This choice allowed it to access the vast ecosystem of Ethereum. Unlike Dogecoin, which operates on its own blockchain, SHIB can interact with Ethereum-based applications. It started with an astonishing one quadrillion tokens. Half of these were sent to Ethereum co-founder Vitalik Buterin to establish trust. Buterin donated most of the contributions to India's Covid Crypto Relief Fund and burned 40% of the supply, enhancing SHIB's reputation.
The integration of SHIB with Ethereum opens the door to exciting developments. Decentralized exchange projects like ShibaSwap showcase SHIB's growing utility. Plans for NFT platforms and community-driven governance systems highlight its potential. In the current market, SHIB stands out for its adaptability and community support. Compared to other meme coins, SHIB offers more than just hype. Its connection with Ethereum allows for innovation and new functionalities. As market trends favor platforms that provide real-world applications, SHIB may be an attractive option for those looking to go beyond traditional cryptocurrencies.
SHIB Technical Analysis and Upcoming Levels
According to technical analysis from CoinPedia, SHIB has formed a bearish inverted cup and handle price action pattern on the daily timeframe and is currently on the brink of a breakdown. However, this is the resistance level for meme coins forming this price action pattern.
Based on historical price momentum, if SHIB breaks the bearish pattern and closes below $0.0000258 on the daily chart, it is likely to drop 20% to the level of $0.0000206 in the coming days.
However, SHIB has not seen any significant price increase or decrease for over a month; it appears to be in a continuous price consolidation. Yet recent price movements suggest potential downward momentum, selling pressure, and a price decline in the coming days.
On the positive side, Shiba Inu's (SHIB) Relative Strength Index (RSI) is currently at 55, indicating it is still below the overbought territory. This technical indicator suggests that the asset has enough room for upward movement in the coming days.
Current Price Momentum
Currently, SHIB is trading close to $0.000026, with a price decrease of 2.65% in the past 24 hours. During the same period, its trading volume fell by 17%, indicating reduced participation from traders and investors in a bearish outlook.
