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Shiba Inu In Danger Zone: 15% Price Crash Incoming?

The price of Shiba Inu (SHIB), the self-proclaimed “Dogecoin killer,” has been caught in a technical tug-of-war, with bears attempting to push it lower and bulls clinging to signs of hope. Analysts are scrutinizing the memecoin’s chart pattern and on-chain data to decipher its next move.

Descending Triangle Looms: Will SHIB Fall Or Fly?

A descending triangle formation has emerged on SHIB’s 3-day chart. This pattern typically indicates a potential price decline, as the asset’s price gets squeezed between converging support and resistance lines. The big question for SHIB holders: will the price break below support and continue its descent, or will it defy gravity and break out of the triangle, sparking an uptrend?

Falling Demand Raises Concerns For Shiba Inu

Adding fuel to the bearish fire, SHIB has witnessed a significant drop in demand. Data from Santiment reveals a worrying trend: the daily active addresses for SHIB have plummeted by more than 50% over the past month. This suggests a shrinking user base and potentially lower trading volume, which can put downward pressure on the price.

New Investors Give SHIB The Cold Shoulder

Further dampening spirits is the sharp decline in new addresses joining the SHIB party. According to on-chain data, the number of new addresses created daily to trade SHIB has nosedived by 51% in the same period. This lack of fresh blood entering the market could exacerbate the selling pressure.

SHIB’s High Valuation: A Recipe For Sell-Off?

Another factor causing concern is SHIB’s Market Value to Realized Value (MVRV) ratio. This metric compares the current market price with the average acquisition price of all SHIB tokens. Currently, SHIB’s MVRV ratio sits at a lofty 38%. When this ratio is high, it suggests the asset might be overvalued, potentially triggering existing holders to cash in on their profits and contribute to a sell-off.

A Silver Lining?

Despite the prevailing bearish sentiment, a glimmer of hope flickers for SHIB. The coin’s weighted sentiment has surprisingly turned positive recently, indicating a shift in market perception. This newfound optimism could translate into a price breakout, defying the descending triangle’s bearish implications.

Related Reading: Bitcoin Update: $120 Million Futures Liquidated As Price Takes A Beating

Can Bullish Sentiment Propel SHIB To Higher Ground?

If the positive sentiment persists, analysts predict a potential price surge for SHIB, reaching $0.00003. This would be a welcome change for investors who have witnessed a recent price slump.

Meanwhile, SHIB’s Fibonacci retracement level shows that the memecoin’s price may drop further 15% to trade at a low of $0.000018 if the bears continue to put pressure on it and it falls below support.

SHIB investors now have more cause for concern as this underscores the possible repercussions of a bearish breakthrough.

Featured image from Pexels, chart from TradingView

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Shiba Inu Stands Strong: Over 650K Wallet Addresses Still Profitable Amid Recent Price Drop

Shiba Inu (SHIB) has demonstrated resilience despite recent market downturns. Data reveals that roughly over 700 trillion SHIB tokens held by more than 650,000 wallet addresses remain profitable, reflecting steadfast confidence among holders in the token’s long-term value.

Shiba Inu Market Resilience Amid Volatility

Recent on-chain analytics have uncovered an interesting trend among Shiba Inu investors. Despite a general dip in SHIB’s market price, investors continue to hold a substantial volume of tokens—totaling 733 trillion—showing unrealized gains.

These holdings, maintained by approximately 653,530 individual wallets, were acquired at prices ranging from $0.000002 to $0.000022, averaging out at $0.000011.

This indicates not only a significant level of acquisition but also a broad base of investors who entered the market at lower valuations, positioning themselves in profit despite the coin’s fluctuating fortunes.

The “Break Even Price” indicator, a crucial tool derived from on-chain data, suggests that many SHIB holders are still in the green financially. This could point to a collective strategy among holders to weather short-term price movements, with an eye on potential long-term returns.

Break even price for Shiba Inu.

Such data reinforces the notion of SHIB as more than just a speculative asset, hinting at a deeper conviction among its community regarding the token’s future potential.

Long-Term Outlook And Ecosystem Developments

Despite a decline of 5.2% over the past week and 11.9% over the past month, Shiba Inu has seen a recent uptick of 3.3% in its price in the last 24 hours, trading at $0.00002389. Shiba Inu (SHIB) price is moving sideways on the 4-hour chart. Source: SHIB/USDT on TradingView.com

Notably, this upward trajectory in value mirrors the asset’s trading volume, which has also surged from below $400 million last week to above $600 million as of today.

This recovery aligns with significant developmental strides within the Shiba Inu ecosystem, particularly the completion of a hard fork in its Layer-2 blockchain solution, Shibarium.

The Shibarium hard fork, executed at block height 4504576, introduced enhancements aimed at improving usability and transaction efficiency. This was a response to community feedback advocating better performance and lower costs.

This upgrade is expected to boost transaction speeds and stabilize transaction fees on Shibarium, making costs more predictable for users.

Moreover, the recent hard fork’s dual focus—enhancing the Bor and Heimdall components of Shibarium—aims to refine the platform’s technical infrastructure.

By improving the calculation of state sync confirmation and ensuring deterministic finality, the Shiba Inu team appears keen on improving the network’s reliability and scalability.

Featured image from Unsplash, Chart from TradingView

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Massive SHIB Movement Ignites Market Speculation: Is A Big Surge On The Horizon?

Shiba Inu (SHIB) is capturing significant attention following a colossal transfer of tokens and a prediction of a bullish breakout.

This event has piqued the curiosity of both traders and analysts alike, sparking debates and expectations about the future trajectory of this popular meme coin.

Large SHIB Token Transfer Sparks Speculation

Recently, the crypto community witnessed an extraordinary transaction involving the movement of nearly two trillion SHIB tokens from the trading platform Robinhood to an undisclosed wallet.

This transfer, identified by Whale Alert, a blockchain tracking service, involved two tranches of 875 billion SHIB each, culminating in a total of 1.75 trillion SHIB. Valued at approximately $39.2 billion, this movement has led to rampant speculation about the potential implications for the SHIB market.

The timing and scale of this transaction have raised questions about its motives, whether it be a strategic move by a major investor or simply a reallocation within diverse portfolios. The lack of clarity surrounding the destination wallet adds intrigue and uncertainty within the trading community.

Bullish Forecasts Amidst Market Corrections

Amidst this massive token movement, cryptocurrency analysts have been closely monitoring SHIB’s performance. Notably, Ali Charts, a respected figure in the crypto analysis sphere, has projected a potential bullish breakout for SHIB.

Ali suggests that SHIB could reach as high as $0.000072323 and advises traders to consider buying around the $0.000018343 mark to capitalize on the anticipated surge.

Shiba Inu (SHIB) price chart on TradingView

Meanwhile, Shiba Inu’s 8% decline last week, juxtaposed with a 7.8% increase in the past day, illustrates the volatile nature of meme coin investments.

Analysts like Bunchhieng have recently speculated that Shiba Inu could reach $0.0001. This projection is based on SHIB’s 2021 rally patterns, suggesting a repeat could propel the meme coin to new highs.

Bunchhieng emphasized that similar historical trends might lead to significant price movements for Shiba Inu, considering the increased burn rate that could positively impact its valuation.

Addressing skepticism regarding SHIB’s market cap and potential growth, Bunchhieng reassured that the crypto sector often defies conventional expectations, opening possibilities for substantial gains.

Adding to the optimistic forecasts, notable cryptocurrency investor Armando Pantoja predicted that SHIB could climb to $0.001 by the end of 2025, citing long-term growth factors and market dynamics.

Featured image from Unsplash, Chart from TradingView

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Crypto Analyst Predicts 244% Shiba Inu Rally Based On Bull Flag

An analyst explained how Shiba Inu could be heading towards a massive rally based on a bull flag pattern that forms in its daily chart.

Shiba Inu Has Been Consolidating Inside A Bull Flag Recently

In a new post on X, analyst Ali has discussed about a bull flag that has recently appeared in the daily price of Shiba Inu. The bull flag is a pattern in technical analysis (TA) that, as its name suggests, is shaped like a flag on a pole.

The pattern forms when an uptrend is followed by a period of consolidation inside a parallel channel toward the downward direction. The starting uptrend makes up for the pole, while the channel acts as the flag.

Like other TA patterns, the consolidation channel or flag here comprises two parallel lines. The upper level connects the price tops, while the lower one joins the bottoms.

When the asset retests either of these levels, it’s probable to undergo a reversal, with the upper line of the channel acting as a point of resistance and the lower one as support.

A break above the resistance line is considered a bullish signal for the price. The uptrend resulting from such a break may be the same length as the flag’s pole.

On the other hand, a drop below the flag (that is, a breakdown of support) invalidates the formation and may even suggest the takeover of bearish momentum for the asset.

Similar to the bull flag, there is also the bear flag in TA, which works much in the same way, except that it occurs during a downtrend (with the flag signifying consolidation towards the upside following a downward pole).

Now, here is the chart shared by Ali that shows the bull flag pattern Shiba Inu has potentially been forming on its daily price recently:

Shiba Inu Bull Flag

From the graph, it’s clear that the Shiba Inu 1-day price has been consolidating inside what appears to be a bull flag pattern channel in the past few weeks.

“I’m placing buy orders around $0.000018343, aiming for a bullish breakout that sends $SHIB to $0.000072323,” says the analyst. The former level is about where SHIB should meet the flag’s support next if it continues in its current trajectory, while the latter target is based on the height of the pole.

A run to the bullish target of $0.000072323 would imply a rally of more than 244% from the current spot price of the cryptocurrency, while from the lower support of $0.000018343, any such surge would correspond to a growth of over 294%.

It remains to be seen whether Shiba Inu will show a break above this bull flag pattern and, if it does, whether the price will benefit from bullish effects.

SHIB Price

At the time of writing, Shiba Inu is trading around $0.00002110, down more than 18% over the past week.

Shiba Inu Price Chart

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Shiba Inu Surprise! Binance Japan Listing Ignites 360% Price Spike

Shiba Inu (SHIB), the meme coin with a loyal following, experienced a whirlwind of activity in the Japanese market this week. The catalyst? The listing of a new SHIB/JPY trading pair on Binance Japan, a move that initially sent the price soaring.

Shiba Inu Soars On Binance Listing, But Briefly

On April 30th, Binance Japan announced the addition of the SHIB/JPY pair to its spot trading platform. This move provided Japanese investors with a convenient way to trade SHIB directly with their yen, eliminating the need for currency conversions. The news was met with excitement in the Shiba Inu community, particularly in Japan, where the dog-themed coin enjoys a strong following.

Following the listing, SHIB experienced a momentary surge, with its price briefly reaching ¥0.016666 (approximately $0.00011). This represented a staggering 360% increase from the opening trading price of the pair.

A prominent Japanese Shiba Inu community member, KURO, documented the surge on social media, further fueling the buzz.

However, the jubilation proved short-lived. The price quickly stabilized at a much lower point, ¥0.003741 (around $0.000024), highlighting the volatility inherent in the cryptocurrency market. While the initial spike generated excitement, it’s crucial to remember that such surges are often fleeting and don’t necessarily translate to long-term growth.

Can SHIB Maintain Its Footing? A Look Beyond The Listing

The impact of the Binance Japan listing on SHIB’s long-term price trajectory remains to be seen. While it undoubtedly increased accessibility for Japanese investors, several factors will determine the coin’s future performance.

The cryptocurrency market itself is currently facing headwinds. Bitcoin, the world’s leading cryptocurrency, has seen a significant price correction in recent months, dragging other digital assets down with it. SHIB’s fate is likely intertwined with the overall market sentiment.

The success of the Shiba Inu development team’s ongoing projects, such as the Shibarium Layer 2 blockchain and token burning initiatives, could significantly impact the coin’s value proposition. If these projects gain traction and deliver on their promises, they could attract more investors and drive up demand for SHIB.

The Rise Of Litecoin As A Fiat Onramp

Interestingly, the increased focus on fiat-to-crypto gateways like the SHIB/JPY pair coincides with the growing popularity of Litecoin (LTC) as a method to buy other cryptocurrencies. Unlike Bitcoin, Litecoin boasts faster transaction times and lower fees, making it an attractive option for investors seeking a smoother entry point into the crypto market.

Whether LTC can capitalize on this trend and establish itself as a preferred fiat onramp remains to be seen, but it presents an alternative pathway for those hesitant about the volatility associated with direct fiat-to-meme coin purchases.

Featured image from Pexels, chart from TradingView

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Shiba Inu Price Prediction: Can Meme Coin Hit $0.001 This Year? Investor Makes Daring Call

The world of cryptocurrencies is abuzz with speculation once again, this time centered around Shiba Inu (SHIB), the Dogecoin-inspired meme coin. Prominent Bitcoin investor Armando Pantoja has thrown down the gauntlet, predicting a price surge for SHIB, potentially reaching $0.001 by the end of 2025. This ambitious target has reignited discussions about SHIB’s potential and its ability to carve a niche beyond its meme-coin origins.

SHIB’s past is a story of remarkable growth. In 2021, the meme coin defied expectations, experiencing a meteoric rise of over 800,000%. This phenomenal journey minted crypto millionaires and captured the imagination of retail investors. However, unlike established players like Bitcoin and Ethereum, SHIB’s initial value proposition was primarily driven by its meme status and community enthusiasm.

However, the tides appear to be shifting. Recognizing the need for more than just viral appeal, the Shiba Inu team has been actively developing its ecosystem. A central initiative in this effort is the upcoming Shibarium hardfork, scheduled for launch on May 2nd. This upgrade aims to introduce Shibarium, a layer-2 scaling solution designed to address scalability concerns and enhance user experience.

Shibarium: A Potential Ethereum Killer?

The potential impact of Shibarium is drawing comparisons to the highly anticipated Ethereum 2.0 upgrade. Ethereum, the world’s second-largest cryptocurrency by market cap, has long grappled with scalability issues, leading to high transaction fees and network congestion.

Ethereum 2.0 promises to address these challenges by transitioning to a proof-of-stake consensus mechanism, offering faster processing times and lower fees. However, its development has faced delays, leaving a gap in the market for user-friendly alternatives.

Shibarium’s success could position SHIB as a more attractive option for developers seeking to build decentralized applications (dApps). By offering faster and cheaper transactions, Shibarium could potentially lure developers away from Ethereum, especially those focused on projects requiring frequent interactions and lower costs. This scenario could mirror the way Ethereum itself disrupted the dominance of Bitcoin in the early days of decentralized finance (DeFi).

A Major Obstacle

Despite the optimism surrounding Shibarium, reaching $0.001 by 2025 remains a significant hurdle. The cryptocurrency market is inherently volatile, and unforeseen events can drastically impact prices. Widespread adoption of Shibarium is crucial for long-term growth, and its success hinges on attracting developers and users to build a robust ecosystem.

As of the time of publication, Shiba Inu is trading at $0.00002459, indicating a decrease of 9% over the previous day. For Shiba Inu to potentially reach a price higher than $0.001 this year, it needs to increase by nearly 4,000%.

Meanwhile, some analysts remain cautious. While acknowledging SHIB’s past gains, they point to the dominance of established cryptocurrencies like Ethereum and the overall market conditions. Platforms like Telegaon offer a more conservative outlook, predicting a maximum price of $0.0000728 for SHIB by 2025, falling short of its all-time high.

Featured image from Pixabay, chart from TradingView

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Shiba Inu Exchange Balances Reach New Low As SHIB Bounces Off Golden Ratio

The Shiba Inu ecosystem has been subjected to updates in the last few days as developers look to bolster the cryptocurrency’s prospects in the long term. Behind the scenes, on-chain data also reveals a bullish trend among SHIB investors, with the exchange balance dropping to new lows. 

Adding to the bullish case is the fact that SHIB’s price has bounced right off the key 0.618 Fibonacci ratio level, otherwise known as the “golden ratio.” These metrics, in combination, are particularly setting up the stage for a price surge that could see SHIB surging in the current market cycle.

Exchange Balances For SHIB Hit New Lows

According to CryptoQuant’s SHIB analytics dashboard, the total SHIB reserve on crypto exchanges has been on a free fall for the majority of this year.  At the time of writing, the SHIB exchange reserve now stands at around 150 trillion tokens, compared to 164 trillion SHIB tokens on February 29. This means the total number of SHIB tokens in crypto exchange reserves has fallen by 14 trillion SHIB in less than two months.

The drop in exchange reserve is somewhat of a bullish indicator for SHIB, as it shows that holders are less liable to sell their coins and are instead opting instead to store them in private wallets. This outflow from exchanges has particularly been compounded in the last few weeks, with on-chain data revealing an increase in activity from Shiba Inu whales. An example is a recent accumulation of 237.8 billion SHIB tokens worth $6.9 million by a new whale address. 

Furthermore, recent price action in recent months has seen the price of SHIB bouncing off the 0.618 Fibonacci ratio level on April 14th, setting up the stage for a golden ratio rebound. This is a key support level according to the Fibonacci tool, and the bounce indicated the start of a major uptrend. SHIB encountered this bounce on April 15 around the $0.00002117 price level after a correction of over 51% from its yearly high of $0.00004400. 

Shiba Inu To $0.0001?

At the time of writing, SHIB was trading at $0.00002702, up by 19% in the past seven days. Interestingly, the SHIB price has increased by over 27% since its bounce above the golden cross to confirm the crypto has fully reversed into a bullish sentiment.

Fundamentals point to a continued SHIB price surge in the coming days amid mainstream interest and adoption. One of these is the recent $12 million investment raised by the Shiba Inu team to develop a layer-3 blockchain on top of Shibarium.

With supply on exchanges diminishing and SHIB building surging after bouncing off a key Fibonacci level, the ingredients are in place for a rebound to $0.00004400 or higher. If SHIB can clear this resistance, it opens up a run toward $0.00008616, which would represent a 218% increase from today’s price.

Shiba Inu price chart from Tradingview.com

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Shiba Inu Whales Move Over 3.19 Trillion SHIB, Where Are They Headed?

Shiba Inu has constantly managed to trade above $0.000021 last week amidst an ongoing tussle between the bulls and bears. On-chain data has indicated some serious whale movements during this period, with trillions of SHIB shuffled in and out of exchanges. 

The price of SHIB went through a decline earlier in the week from an extended selloff in the previous week. As the week progressed, things started to change into bullish action during the weekend up until a resistance just below $0.000028. Interestingly, on-chain transaction data from whales shows the major holders moved trillions of SHIB over the weekend, with 3.19 trillion SHIB movement in the past 24 hours. 

Recent on-Chain Data Shows Large SHIB Whale Activity

According to IntoTheBlock’s large transaction volume data, the number of Shiba Inu transactions over $100,000 went through a major uptick last week, with the value of transactions greater than $100,000 reaching $661.5 million. On April 19th alone, SHIB transactions in this cohort reached 6.36 trillion SHIB worth $144.76 million. Large transactions in the last 24 hours particularly reached 3.19 trillion SHIB worth $82.49 million. 

With so much SHIB on the move, the big question is where are these whales sending their tokens. Interestingly, on-chain data showed large transactions consisting of a to and fro movement into and outside exchanges, indicating mixed feelings from large holders. A notable transaction involved the movement of 100 billion SHIB tokens into a crypto exchange on Sunday. Speculations from investors are that this could be a potential selloff from the whale, suggesting that there is a possibility of a price decline in the short term.

What Does This Mean For Shiba Inu Holders?

For average SHIB investors, whale activity can be both promising and worrying. While more large holders and transactions may indicate growing mainstream interest and adoption of the token, their moves can also significantly impact price. A positive price movement is enjoyed by Shiba Inu when whales are accumulating from exchanges. However, movement into exchanges suggests a selloff, as in the case of the 100 billion SHIB transaction on Sunday.

At the time of writing, SHIB is trading at $0.00002726, a 6.65% increase from 0.00002556 in the past 12 hours. Shiba Inu is also up by 16% on a larger seven-day timeframe and is on the way to displacing Cardano in the market cap rankings. 

SHIB’s price action this week should be full of action as the week unfolds, with the bulls now retesting a resistance at $0.000028. According to IntoTheBlock’s “In/Out Of The Money” metric, 6.62 trillion SHIB tokens were bought at this price level, with 28,760 addresses waiting to make a profit. A break over this price level indicates further resistance levels at $0.000029 and $0.000030.

Shiba Inu price chart from Tradingview.com

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Shiba Inu Team Fixes Shibarium Outage As SHIB Readies For Potential Surge

In a recent update, Shiba Inu developer Kaal Dhairya (@kaaldhairya), confirmed that a temporary outage affecting the Shibarium network has been resolved. The outage, triggered by networking issues among validators, briefly disrupted services within the Shiba Inu ecosystem, specifically the layer-2 blockchain solution, Shibarium.

Kaal detailed the cause and the subsequent resolution of the problem, stating, “There was a temporary Shibarium outage caused because of networking issues amongst the validators. Network is back up and running now.” He also noted that while the primary network functionality has been restored, some ancillary services such as Shibariumscan or external Remote Procedure Calls (RPCs) may continue to face disruptions until additional remedial steps are completed.

Kaal emphasized the importance of collaboration among infrastructure teams to enhance communication and streamline operations. He urged external teams working on infrastructure-level elements such as RPC to coordinate closely with the Shibarium team. “If you’re an external team working on infrastructure level for Shibarium (e.g., RPC, etc.), please reach out so that we can streamline comms with you over shared telegram / slack channels,” he said.

Shiba Inu Price Unfaced

The recent price movements of Shiba Inu (SHIB) show no impact of the Shibarium outage. The four-hour chart for SHIB/USD illustrates a symmetrical triangle pattern that has governed the asset’s movement over the past several weeks.

Contrary to a direct bullish sentiment, the price initially broke to the downside of the triangle on April 12, which typically signals a looming downtrend. However, in a swift change of fortunes, SHIB found substantial support at the 100-day EMA and is now testing the extended lower trendline of the once-confining triangle.

Shiba Inu price

At present, the price has surpassed the crucial resistance-turned-support level marked by the 0.236 Fibonacci retracement level at $0.00002472. Notably, SHIB is also trading above all EMA’s in the 4-hour chart. The 200 EMA (blue line) is currently serving as crucial support after the first attempt to break above the extended trendline (black) failed.

A decisive and sustained break above this level could invalidate the prior bearish breakout, positioning SHIB for a potential bullish move to the north. However, volume activity on the chart indicates a tempered trading environment, lacking the aggressive spikes typically associated with decisive breakouts.

This could suggest that the market is in a state of contemplation, with traders awaiting further confirmation before committing to a clear directional bias. Lastly, the RSI sits at a reading of 67, which is just shy of the overbought threshold. This placement implies that there is room for upward movement before the market becomes overextended.

If SHIB battles above the extended lower trendline, the case for an imminent surge grows stronger, potentially leading to a rally towards the Fibonacci levels of 0.382 ($0.00002867), 0.5 ($0.00003203) and 0.618 ($0.00003527).

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Shiba Inu (SHIB) Price Jumps On Growing Support From 1.4 Million Holders

Shiba Inu (SHIB), the self-proclaimed “Dogecoin Killer,” is making headlines again. After a rollercoaster year in 2023, the canine-themed meme coin is exhibiting signs of life in the first half of 2024.

With a growing holder base, a strategic support network, and a recent price jump, SHIB seems poised for a potential climb. However, lingering sell pressure and the ever-present shadow of its all-time high keep investors cautious.

Shiba Inu Finds Strength In Numbers

SHIB’s popularity continues to rise. The number of Shiba Inu holders on the Ethereum blockchain has surpassed a staggering 1.4 million, a new milestone that reflects the coin’s expanding reach.

This surge in holders indicates a growing community of believers in SHIB’s potential, potentially translating to a more stable and resilient market presence.

Shiba Inu Establishes Support System For Price Stability

Beyond the expanding holder base, SHIB has built a strategic support system that could act as a safety net in case of price fluctuations. These zones, dubbed “support clusters,” sit at $0.00001 and $0.000014, and concentrate buying pressure zones.

Essentially, a significant number of holders originally bought Shiba Inu at these price points, meaning a large number of tokens would be bought again if the price dips below these levels.

Additionally, data suggests that a large portion of current SHIB holders are in profit. This metric, often visualized as “In & Out of the Money” by blockchain analysis tools, incentivizes them to hold onto their tokens rather than sell at a loss.

Shiba Inu Still Barks For Its All-Time High

Despite the positive developments, a cloud of caution hangs over SHIB. The current price sits comfortably above the aforementioned support clusters, but it remains significantly lower than its all-time high of $0.00008616, reached in the meme coin frenzy of 2021.

Furthermore, while the recent price increase is encouraging, there’s still more sell pressure than buy pressure in the spot markets. This imbalance suggests that some investors are eager to cash out, potentially hindering a sustained price surge.

The Road Ahead For The Meme Coin

Shiba Inu’s future remains uncertain. While the recent developments paint a cautiously optimistic picture, the meme coin market is notoriously volatile. The success of SHIB hinges on several factors beyond its current holder base and support structure.

Continued positive developments in the broader cryptocurrency market, increased utility for the SHIB token itself, and a potential reduction in sell pressure are all crucial for a sustained price increase.

Featured image from Pexels, chart from TradingView

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Shiba Inu Burn Rate Sees 81% Daily Increase, But Why Is Participation Low?

The Shiba Inu burn rate has seen another daily increase, which is a welcome development for the community. However, the figures being burned paint another picture, especially when it comes to participation from Shiba Inu holders in the SHIB burning initiative.

Shiba Inu Burn Rate Rises 81%

The Shiba Inu daily burn rate saw a significant uptick, rising an impressive 81% in a single day. While this surge is a positive for the meme coin, the number of tokens burned to cause this surge are far from impressive.

According to data from the Shiba Inu burn tracking website Shibburn, a total of 4.64 million SHIB tokens were burned in the last day. To put this in perspective, the total value of the tokens burned for the day is around $105.

Additionally, given that this constitutes an 81% increase, it means an even smaller amount of tokens were burned the prior day. Shibburn’s records show that the previous day saw a total of 1.9 million tokens burned, which is around $45 worth of coins.

This drastic decline in the number of coins being burned on a daily basis suggests muted participation from investors. This could be directly tied to Shiba Inu’s price struggle over the last few weeks, which has seen investors take a more conservative stance to protect their positions.

SHIB Price Crashes 21%

The Shiba Inu burn rate is not the only thing that has been seeing a decline in the last week, its price has also taken a hit. According to data from the token tracking platform Coinmarketcap, the Shiba Inu price is down 15% in the last week alone.

As a result of this 15% decline, the SHIB price has now dropped to $0.000023, which also represents a 50% drop from its March peak of $0.000044. However, its daily trading volume has seen a bullish reversal, rising 12% in the last day to $645 million. A rise in volume can often signal a return in interest to a cryptocurrency. If this is the case, then the Shiba Inu price may be headed for a reversal as investors start to place their bets once more.

At the time of writing, the SHIB price is still trending at $0.0000228, showing small daily gains of 4%. However, despite the negative headwinds the meme coin has experienced, it continues to maintain a market cap above $13.5 billion, which makes it the 11th-largest cryptocurrency in the market, ahead of the likes of Avalanche and Polkadot.

Shiba Inu price chart from Tradingview.com

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Shiba Inu Open Interest Explodes On Top Exchanges – Is This The Comeback?

In the volatile landscape of cryptocurrency markets, Shiba Inu, the popular meme coin, has once again captured the attention of investors with a notable surge in value, despite losing 4% of its value in the last day. The memecoin reached a high of $0.00002296 after experiencing a temporary dip to $0.00002092 just the day before.

Open Interest Surge Signals Market Activity

A key indicator of this newfound interest in Shiba Inu lies in the surge of open interest observed across major exchanges. Leading the charge are exchanges like Huobi and OKX, where Shiba Inu’s open interest soared to nearly $16 million and $15 million, respectively.

This surge in open interest reflects heightened market activity and suggests a growing number of investors are actively engaging with Shiba Inu futures contracts.

Mixed Sentiment Persists Among Traders

Despite the surge in open interest and the subsequent price rally, sentiment among traders remains mixed. While there is evident optimism driving the market, reflected in the increase in open interest, the Long/Short Ratio paints a nuanced picture.

Currently standing at 0.94, the Long/Short Ratio indicates that more traders are betting on a potential price drop for Shiba Inu. This divergence in sentiment adds a layer of complexity to the market dynamics surrounding Shiba Inu.

Leveraged Trading Statistics And On-Chain Indicators

Examining the market, statistics on leveraged trading offer additional insights into the current state of SHIB. Across exchanges like Bitget, CoinEx, BingX, Huobi, OKX, Kraken, and BitMex, open interest for Shiba Inu futures contracts stands at a staggering 2.40 trillion SHIB tokens. While exchanges like Bitget lead the pack with significant gains in open interest, others like BingX and CoinEx also show notable increases.

Furthermore, on-chain indicators present a bullish outlook for Shiba Inu, despite the fluctuations in price and market sentiment. A consistent decline in SHIB tokens held on exchanges since the onset of the bull market in October 2023 suggests that long-term investors maintain confidence in Shiba Inu’s potential. This trend persists even amidst recent market dips in March and April, highlighting the resilience of Shiba Inu’s investor base.

Navigating Shiba Inu’s Market Dynamics

While the recent surge in price and open interest signals renewed interest and activity, the divergence in trader sentiment underscores the inherent uncertainty of the market. Nevertheless, with on-chain indicators pointing towards long-term confidence, Shiba Inu remains a cryptocurrency to watch closely in the days to come.

Featured image from Pexels, chart from TradingView

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Shiba Inu Insider Reveals Top 5 Shibarium Investment Rules

In a post on X (formerly Twitter), Lucie, the marketing lead for Shiba Inu, has provided potential investors with a new set of guidelines for evaluating projects within the Shibarium ecosystem, a dedicated layer-2 blockchain aimed at enhancing the Shiba Inu network. This guidance focuses on critical factors that reflect a project’s contribution to the ecosystem’s growth and sustainability.

Five Investment Rules For Shibarium Projects

1. SHIB Token Burn: Lucie emphasized the importance of SHIB token burning as a primary metric. Token burning, or permanently removing tokens from circulation, is a strategy used to induce scarcity and potentially enhance the token’s value over time. Lucie assesses the impact of SHIB burns on the ecosystem’s overall health and price stability.

2. Metaverse Development: The second rule focuses on whether projects are planning or currently building within the Shiba Inu Metaverse. As SHIB: The Metaverse represents a burgeoning area for development, investments in this space could signal forward-thinking and innovative capabilities within the Shibarium projects.

3. Engagement with BONE Token: BONE ShibaSwap (BONE), serves as the gas token for transactions within Shibarium. Lucie queries whether a project is involved in burning BONE or creating utilities around it that increase its appeal and functional use within the ecosystem. This utility can significantly impact the token’s demand and usage patterns.

4. LEASH Token Utilization: Another crucial factor is the use of Doge Killer (LEASH), another significant token in the ecosystem. Projects’ plans for incorporating LEASH into their functionalities or governance structures reflect their integration depth within the Shibarium network.

5. Verified Contributions to Shibarium: The final criterion involves assessing the tangible, positive contributions a project has made towards improving Shibarium, with a necessity for these contributions to be verifiable on the blockchain. This transparency ensures that the projects not only promise but also deliver real value to the ecosystem.

Examples Of Shiba Inu Projects Meeting Lucie’s Criteria

Lucie named several projects that exemplify her investment rules. WoofSwap, for example, has been a proactive participant in SHIB and BONE burning through its inscription tokens and the launch of its meme coin, DAMN. This activity helps reduce the circulation of key tokens, potentially driving up their value.

Shib Dream and Shib CoOp were cited for their contributions to building within the Shiba Inu Metaverse, a significant area of development that could herald new utility and user engagement within the ecosystem. K9 Finance has been noted for enhancing liquidity and staking mechanisms for BONE, creating more robust economic incentives and utility for the token.

In terms of blockchain-verifiable contributions, projects like LumiBots, Mantra Protocol, NestX, and Shib CoOp assist in NFT adoption on Shibarium, facilitating a broader use case for digital assets within the ecosystem. DEX MARSWAP was highlighted for its role in facilitating Shiboshis staking and supporting new projects within the ecosystem.

Shib Dream responded enthusiastically to Lucie’s endorsement: “All great projects! We have burned over a Billion Shib. Invested over 30K in Shibarium Projects. Building in the Metaverse. Gave back over $60K to the community. Good Deeds – Over $10k in Donations. Not using Leash yet going to figure that out. Other things coming soon. SHIBARIUM. Keep Building. Keep Dreaming.”

At press time, SHIB traded at $0.00002360.

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