According to on-chain analytics firm IntoTheBlock, despite the continued consolidation of Shiba Inu (SHIB)’s price, the popular second-largest crypto meme coin by market cap has attracted significant attention from crypto giants. Today, December 18, 2024, IntoTheBlock revealed that SHIB’s massive trading volume has surged by 238.58% in the past 24 hours!
Shiba Inu (SHIB)
Shiba Inu (SHIB) started out as a tribute to Dogecoin but quickly forged its own path. Launched in August 2020 by the mysterious Ryoshi, SHIB runs on the Ethereum blockchain. This choice gives it access to Ethereum's vast ecosystem. Unlike Dogecoin, which runs on its own blockchain, SHIB can interact with Ethereum-based applications. It started with a staggering 100 quadrillion tokens. Half of them were sent to Ethereum co-founder Vitalik Buterin in an effort to build trust. Buterin donated most of it to the Indian Covid Crypto Relief Fund and destroyed 40% of the supply, boosting SHIB's reputation.
SHIB’s integration with Ethereum opens the door to exciting developments. Decentralized exchange projects like ShibaSwap demonstrate SHIB’s growing utility. Plans for an NFT platform and a community-led governance system 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 to Ethereum allows for innovation and new features. As market trends favor platforms that offer real-world applications, SHIB could be an attractive option for those looking to move beyond traditional cryptocurrencies.
SHIB Technical Analysis and Upcoming Levels
According to CoinPedia’s technical analysis, SHIB has formed a bearish inverted cup with handle price action pattern on the daily timeframe and is currently on the verge of breaking down. However, this is the resistance level at which the meme coin has formed this price action pattern.
Based on historical price momentum, if SHIB breaks out of the bearish pattern and closes on the daily chart below $0.0000258, there is a high probability of a 20% drop to the $0.0000206 level in the coming days.
However, SHIB has not seen any significant price increases or decreases in over a month; it appears to be in ongoing price consolidation. But recent price action points to potential downside momentum, selling pressure, and lower prices in the coming days.
On the positive side, SHIB’s relative strength index (RSI) is currently at 55, indicating that it is still below the overbought territory. This technical indicator suggests that the asset has ample room to rise in the coming days.
Current Price Momentum
Currently, SHIB is trading near $0.000026, with a price drop of 2.65% in the past 24 hours. During the same period, its trading volume has dropped by 17%, indicating less participation from traders and investors amid the bearish outlook.
