Shiba Inu price prediction has become a topic of interest as its trading volume reaches $300 million. Investors are wondering if this surge in trading activity is related to buying activity by large investors, commonly known as “whales”.
As the market speculates on the future of the Shiba Inu price, many are closely watching the movements of these whales to gauge the coin’s potential upside.
After taking a closer look at the fundamentals of the Shiba Inu, it is worth investigating how they affect the SHIB price.
LEASH, the Shiba Inu token, has seen a 913% increase in trading volume since its new listing
Shiba Inu’s LEASH token recently made headlines due to a significant increase in trading volume following its listing on a new exchange. Launched as a Dogecoin killer, the token quickly gained popularity among investors due to its unique features and strong community support.
The new listing on the XT.com exchange took LEASH’s trading volume to new heights with an increase of over 900%. The Seychelles-registered and Hong Kong-headquartered exchange has offered LEASH trading pairs with USDT and BTC, making it more accessible to a wider range of investors.
LEASH’s incredible growth in trading volume has caught the attention of many in the cryptocurrency world, sparking discussions about the token’s potential for future growth. Some experts speculate that the listing on XT.com could be a major milestone for the token, allowing it to reach a wider audience and gain more momentum.
Strong community support for Shiba Inu and its associated tokens has also contributed to the recent surge in trading volume, with many supporters buying and holding tokens as a long-term investment.
Despite the hype surrounding LEASH, some investors remain cautious, warning that the value of the token can be volatile and subject to market fluctuations. Some experts also caution that the recent surge in trading volume may be a temporary trend, and that the token’s long-term success will depend on factors such as community acceptance and broader market trends.
Nevertheless, the listing of LEASH on XT.com generated a lot of hype and interest in the cryptocurrency community, and many investors were anxiously waiting to see how the token’s price and trading volume would change from here.
The rise in the number of cryptocurrency whales selling meme coins has become a significant factor affecting the price of the Shiba Inu currency. According to reports, these whales once owned $1 billion worth of SHIB coins.
In addition, the current bearish trend in the cryptocurrency market and the aggressive stance of the Federal Reserve have also contributed to the decline in SHIB coin prices.
Shiba Inu ($SHIB) exceeds 1.3 million addresses before the launch of Shibarium
The number of addresses hosting the meme-inspired Shiba Inu ($SHIB) cryptocurrency on the Ethereum blockchain recently surpassed 1.3 million. This comes just before the planned launch of Shibarium, the project’s Tier 2 scaling solution.
According to statistics obtained from the Ethereum blockchain by CoinMarketCap and first provided by Finbold, the current number of Ethereum addresses containing SHIB is 1.305 million. Earlier this month, the cryptocurrency surpassed the 1.3 million addresses mark, starting with 1.275 million addresses.
Shiba-inu pricing was negatively affected by prospects for an increase in the Fed’s interest rate
The cryptocurrency market closed lower on Saturday following the release of US economic data, leading to speculation that the Federal Reserve may take a more aggressive approach to raising interest rates to curb ongoing inflation.
Figures released on Friday showed an annual increase in export prices of 0.8%, against a forecast of a 0.2% drop. Statistics from the previous week also showed fewer-than-expected jobless claims on Thursday, along with an increase in producer prices in January.
The data, along with hawkish statements from two Fed officials on Thursday and forecasts from Goldman Sachs and Bank of America for three more Fed rate hikes this year, have some investors bracing for further tightening. Shawn Kruse, chief trading strategist at TD Ameritrade in Chicago, said the numbers prompted some investors to react.
The negative sentiment in the cryptocurrency market, along with the possibility of interest rate hikes, were seen as significant factors that negatively impacted the pricing of Shib coins.
Shiba Inu Price Prediction
Shiba Inu (SHIB) continued its bearish trend, falling more than 1% in the last trading session. This drop coincided with Bitcoin (BTC) unexpectedly halting its recent rally following the release of the CPI news. Shiba Inu is currently trading at $0.000013 and has a 24-hour trading volume of $268 million.
Shiba Inu is down 0.89% in the last 24 hours. Shiba Inu is currently ranked 14th in the market with a market capitalization of $7.2 billion.
From a technical point of view, Shiba Inu failed to break above $0.0000132, a level that was due to the resistance of the descending trend line. If it falls below this level, the cryptocurrency is likely to find immediate support around $0.0000126.
On the other hand, if the price falls below the $0.0000126 level, the next target could be the $0.00001170 level.
