Shiba Inu price rose 2.30% in the last 24 hours to $0.00000675 after a rough day for the crypto market. Indeed, the market continues to suffer the effects of the storm caused by recent actions Securities and Exchange Commission (SEC) versus Binance And Coin base.
SHIB is down 14% in one week and 22% in the last 30 days. The meme token is also down 18% since the start of the year.
This increase in the price of SHIB was accompanied by an increase in trading volume for SHIB. Trading volume rose to nearly $100 million today yesterday, but fell back to $66 million at the time of writing.
Despite this decrease in volume, many indicators suggest that whales may have begun to purchase SHIB at a discount. It cannot therefore be long before SHIB resumes a bullish trajectory, especially with the upcoming launch of the Shibarium layer two network.
Shiba Inu Price Forecast: Buying whales at current price levels?
SHIB indicators continue to show signs of weakness. This comes as no surprise after the meme token’s recent appearance.
These indicators also suggest that SHIB may have bottomed and may be on the verge of a rally.
Its relative strength index (purple), for example, has started to rise again after spending the weekend and the start of the week near 30 (or lower). This increase signals the resumption of positive momentum.
Meanwhile, the 30-day moving average (yellow) has stabilized after falling steadily over the past week. Again, this indicates that a rebound is in the making.
This hypothesis is supported by the increase in its trading volume, a phenomenon that often precedes a price increase.
It is also interesting to note that in recent days, important transfers of SHIB was made from whales. On Monday, more than a billion SHIBs were transferred from Jump trade to a private wallet.
This suggests that the whales have re-accumulated SHIB after the recent declines in their price.
Data from Whale Stats seems to confirm that SHIB has maintained its popularity as a meme token among ERC-20 whales.
As such, it is not hard to imagine that the altcoin will see a rebound sooner or later. A return to market calm after the current period of regulatory turmoil only reinforces this possibility.
In the weeks following the launch of Shibarium, SHIB could easily reach $0.00001. It may ultimately end the year close to $0.00002.
New meme token
However, resuming SHIB may take some time. Its performance seems to rely mostly on the full launch of Shibarium, which won’t happen for several months.
However, new altcoins and meme tokens can offer real growth opportunities in the short term. Those whose pre-sale is in progress and which will be the subject of a future listing on the stock exchanges must be carefully considered.
One such token is Wall Street Memes (WSM), a new altcoin that emerged from the meme stock movement. This phenomenon was behind the increase in share prices GameStop And CMA in 2021.
Wall Street Memes launched its WSM token presale just a few weeks ago and already has raised over $7.1 million.
These numbers indicate how popular Wall Street Memes can become at the time of their listing. Moreover, the rapid increase in his number of Twitter followers – more than 230,000 – also provides one indication of how fast his community is growing.
Investors can participate in the presale by visiting the official Wall Street Memes website and connecting their crypto wallets. WSM can be purchased using ETH, USDT or fiat currency (via credit card).
The pre-sale is currently in its 14th phase. 1 WSM now costs $0.0289 and its price will jump to $0.03370000 when it reaches the 30th and final step.
Of course, this price could increase significantly when WSM becomes tradable on the exchanges in the coming months.
This article does not represent investment advice in any way. The information provided here should not be used as a basis for making financial decisions. Investing in cryptocurrency involves risk and can lead to significant losses. You should only invest what you can afford to lose and do your own research before making investment decisions.