Shiba Inu price is gradually closing in on a potential bottom, where a rebound could commence. The second-largest meme coin ignored calls for a year-end rally; instead, SHIB lost 4.3% over the last seven days and 12.1% in 30 days to trade at $0.00000802 at the time of writing.
Meanwhile, there has been a spike in volume by 48% in 24 hours to $150 million. Shiba Inu is currently the 15th biggest crypto boasting $4.4 billion in market capitalization. Support is expected between $0.00000720 and $0.00000766. From here, Shiba Inu price might rally to $0.000018 while presenting investors with several take-profit positions at $0.00001050 and $0.000014.
Will Shiba Inu Price Explode with The Launch of the Shibarium Protocol?
The lead developer of Shiba Inu, Shytoshi Kusama (not his real name), has confirmed the launch of the much-awaited Shibarium protocol to be “very soon.” In a tweet to his 866k followers, Kusama said that a meeting about Shibarium with UnificationUND, the team responsible for building the Shiba Inu ecosystem, had gone well.
Although the community feels the release of Shibarium is long overdue, some, like RamboCalls, lauded Shytoshi Kusama for his leadership. He reckons SHIB is “nicely built – something special that other projects don’t have.”
What Is Shibarium?
Shiba Inu developers have, over the past year, retreated to build Shibarium, a Layer 2 blockchain scaling solution. In other words, it is a secondary framework on another blockchain to improve scalability, increase transaction speed and generally make Shiba Inu competitive among its peers.
Shibarium will also optimize Ethereum; Shiba Inu’s blockchain host could drastically change SHIB’s position in the cryptocurrency industry. Investors are looking forward to a substantial move in Shiba Inu price following the launch of Shibarium, possibly in Q1 2023.
Shiba Inu Price Eyes Another Minor Dip Ahead of New year Rally
It is unlikely that Shiba Inu price will immediately flip bullish from its current bearish outlook. A falling dotted trendline currently caps price movement to the upside, leaving bulls with limited options but to seek liquidity downstream.
From the daily time frame chart below, we see Shiba Inu is falling toward a primary demand zone between $0.00000720 and $0.00000766. SHIB found relief in this range following the Terra (LUNA) triggered crash in June.
Shiba Inu may tap the final bottom in that region and pave the way for a V-shaped recovery, similar to the one that propelled SHIB from $0.00000716 in July to $0.0000018 in mid-August.
Traders will look for breaks above two falling trend lines to mark the end of the downtrend and the beginning of a sustainable uptrend. The first buy orders may be placed above the dotted trendline for a possible take-profit at $0.00001050, an area in confluence with the 100-day Exponential Moving Average (EMA) (in blue).
The next bullish move will start with Shiba Inu price breaking above the upper trend line (in black). From here, investors may choose to close their positions at the 200-day EMA (in purple) at $0.00001253. Historically, confirmed breaks above this moving average usher in a longer northbound move or, if you like, a bullish market.
Investors are generally rallying behind Shiba Inu despite its seemingly unstoppable downtrend. The launch of Shibarium is one factor that might be driving the buying spree, as shown by on-chain data from Santiment.
Shiba Inu Supply Distribution
Whale and shark addresses holding 100M to 1B tokens have been busy scooping up the meme coin to hold 2.08% of the total supply, up from 1.84% in June. In normal market conditions, Shiba Inu price could have positively responded to this increase in demand.
However, the market faces internal and external forces like the collapse of FTX and ballooning inflation. For now, SHIB’s mission is to find a bottom and build momentum for a resounding rebound.
Altcoins to Consider as the Crypto Winter Bites
Investors look forward to a better 2023 and a clean slate for the crypto space following the messes that characterized 2023. Undoubtedly, they will be focusing on projects that have good track records.
It is worth bringing to your attention new altcoins likely to shape the crypto space’s future. The tokens listed below are currently in their presales and performing exceptionally well, ahead of their initial exchange listings.
FightOut (FGHT)
A new Move-to-Earn (M2E) blockchain platform is coming up to bridge the gap between Web2 and Web3 users. FightOut presents a model not seen before among other M2E projects like SweatCoin, Step App and STEPN.
FightOut’s idea is to open the fitness industry to everybody and bring down the prohibitive costs that continue to hinder mass adoption. A fitness app will be used to track the progress of all members and distribute rewards earned by completing workouts and challenges.
FightOut is conducting a presale to raise money to help develop the ecosystem and purchase a series of gyms worldwide where users can grow within a community of like-minded people.
FGHT is the token powering the FightOut ecosystem. Users can get their hands on 1 FGHT for 0.0166 USDT. The team has raised over $2.4 million, far ahead of FGHT’s first CEX listing on April 5.
Dash 2 Trade (D2T)
Learn2Trade, an outstanding team of trading experts, is launching one of the crypto industry’s best analytics platforms, dubbed Dash 2 Trade. The team, which has helped thousands of people globally become successful traders, hopes to bring the same expertise to crypto by bringing together a platform where users can access trading signals and social analytics on on-chain data to maximize their profits at all times.
Dash 2 Trade’s advanced dashboard will provide investors with a bespoke scoring system for high-quality presales for the first time in the industry. The ecosystem will encourage collaboration among members using social trading tools for traders to share strategies and ideas.
Dash 2 Trade also brings forth a strategy builder where traders have access to real-time data from leading crypto exchanges to build trading strategies and backtest them before using them in the live market.
D2T’s presale is closing in on the finish line with $11.49 million raised. The first CEX listing will take place on January 11; therefore, the time for early bird access is limited.
C Charge (C Charge)
A young cryptocurrency project is here to open the gigantic carbon credit industry to individuals – particularly electric vehicle (EV) drivers. The carbon credit industry is predicted to be worth $2.44 trillion in 2027 but is currently dominated by large corporations like Elon Musk’s Tesla.
C+Charge allows EV drivers to earn carbon credits sent directly to a dedicated application. As the network expands, C+Charge will partner with EV manufacturers to standardize charging requirements.
Drivers will use CCHG, the token powering the ecosystem, to pay for charging services. Charging station owners will also receive payment in the same CCHG token. A presale has been running for a few weeks and raised $44k so far, selling 1 CCHG for 0.0165 USDT.
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Fight Out - Next Big Train-to-Earn Crypto
- Backed by LBank Labs, Transak
- Earn Rewards for Working Out
- Level Up and Compete in the Metaverse
- Presale Live Now - $5M Raised
- Real-World Community, Gym Chain