Shiba Inu (SHIB) saw its trading volume cross the $100 million mark on June 14, 2023. This is the first time that SHIB has seen such high trading volume since May 2022.
The surge in trading volume is likely due to a number of factors, including the recent announcement of the Shiba Inu Metaverse, as well as the ongoing development of the Shibarium Layer 2 network.
In addition, there is some evidence that whales are buying SHIB at this level. Whales are large investors who hold large amounts of cryptocurrency. Their buying activity can often have a significant impact on the price of a cryptocurrency.
It is difficult to say whether the surge in trading volume and whale buying activity will lead to a sustained rally in SHIB’s price. However, the recent developments are certainly positive for the memecoin.
Here are some factors that could drive SHIB’s price higher:
- The launch of the Shiba Inu Metaverse: The Shiba Inu Metaverse is a virtual world that is being developed by the Shiba Inu team. The Metaverse will allow users to interact with each other, play games, and earn rewards. The launch of the Metaverse could lead to increased demand for SHIB.
- The development of the Shibarium Layer 2 network: Shibarium is a Layer 2 network that is being developed by the Shiba Inu team. Layer 2 networks are designed to improve the scalability and efficiency of blockchain networks. The development of Shibarium could make SHIB more affordable and easier to use, which could lead to increased demand.
- Whale buying activity: Whales are large investors who hold large amounts of cryptocurrency. Their buying activity can often have a significant impact on the price of a cryptocurrency. The recent evidence of whale buying activity suggests that whales are bullish on SHIB, which could lead to a sustained rally in the memecoin’s price.
However, there are also some factors that could weigh on SHIB’s price:
- The overall cryptocurrency market is down: The cryptocurrency market is currently in a bear market. This means that the prices of most cryptocurrencies are down. If the overall cryptocurrency market continues to decline, it could drag SHIB’s price lower.
- The Shiba Inu team has been criticized for its lack of transparency: The Shiba Inu team has been criticized for its lack of transparency. The team has not released a roadmap for the development of the Shiba Inu ecosystem. This lack of transparency could make investors hesitant to buy SHIB.
- The memecoin market is oversaturated: The memecoin market is currently oversaturated. There are a large number of memecoins, and many of them are competing for attention. This could make it difficult for SHIB to stand out from the crowd.
Overall, the outlook for SHIB is positive. The recent developments are certainly positive for the memecoin. However, there are also some risks that investors should be aware of.
The Shiba Inu price has dropped by 4% in the past 24 hours, falling to $0.00000656 as the cryptocurrency market continues to weather the storm caused by the SEC’s recent actions against Binance and Coinbase.
SHIB’s current price means it has declined by 17% in the past week and by 25% in the last 30 days, with the meme token also down by 19% since the beginning of the year.
However, today’s decline has seen SHIB’s 24-hour trading volume rise back up to $100 million, providing the kind of activity that may help it mount a recovery in the coming days.
And with signs suggesting that whales may have begun buying SHIB at a discount, it may not be long before it does return to growth, especially with layer-two network Shibarium continuing to make progress towards launching.
Shiba Inu Price Prediction as $100 Million Trading Volume Comes In – Are Whales Buying SHIB at This Level?
SHIB’s indicators continue to show weakness, which perhaps isn’t so surprising for a coin that has just fallen by 4% in a day and by 17% in a week.
However, these indicators also suggest that SHIB may have hit a bottom and could be on the brink of recovering.
For example, its relative strength index (purple) has begun creeping up again after spending the weekend and the earlier part of the week close to 30 (or below), signaling a slight recovery of momentum.
At the same time, SHIB’s 30-day moving average (yellow) has leveled off after falling consistently in the past week, something which again could mean that it’s very close to seeing a recovery.
Such a forecast is supported by its volume increase today, with increases in trading often preceding increases in price.
It’s also interesting to note that the past few days have seen a couple of big whale transfers involving SHIB, with one transfer on Monday witnessing over 1 billion SHIB being moved from Jump Trading to a private wallet.
This appears to suggest that whales have resumed accumulating SHIB again after the meme token’s recent declines.
This possibility is also indicated by data from Whale Stats, which continues to show that SHIB has retained its status as the most popular token among ERC-20 whales.
As such, it’s not hard to imagine that the altcoin will see a recovery sooner or later, perhaps when the market has calmed following the current period of regulatory turbulence.
And with the testnet for Shibarium continuing to see growth in terms of usage, it also seems that the full public launch of the layer-two network will provide SHIB with a real boost.
In the weeks following Shibarium’s launch, SHIB could easily rise back up to $0.00001, before possibly seeing out the year at somewhere close to $0.00002.
Newer Meme Tokens
The only problem with SHIB is that it may take some time for it to recover, given that its performance seems to rely mostly on the full launch of Shibarium.
However, newer altcoins and meme tokens may provide the opportunity for rallies in the shorter term, particularly those that are currently going through their presale and will list on exchanges in the near future.
One prime example of such a token is Wall Street Memes (WSM), a new altcoin emerging out of the meme stocks movement, which famously instigated the 2021 GameStop and AMC rallies.
Wall Street Memes launched the presale for its WSM token a few weeks ago, and has already gone on to raise in excess of $7.1 million.
That the sale has already raised such a figure indicates how popular Wall Street Memes could become when its token lists on exchanges, while its Twitter follower count — of more than 230,000 — also provides some indication of how quickly its community is growing.
Investors can enter the presale by visiting the official Wall Street Memes website and connecting their crypto wallets, with WSM purchasable using ETH, USDT or fiat currency (via credit card).
Its presale is currently in its 14th stage, with 1 WSM now costing $0.0289, although this will climb to $0.03370000 by the time the 30th and final stage begins.
Of course, this price could rise substantially higher when WSM becomes tradeable on exchanges in the next few months.