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The latest crypto news for the Shiba Inu coin: between significant price gains and hard-to-break resistance levels.
What is happening and what is likely to happen with the famous memecoin?
Here are all the details
Crypto Shiba Inu sees significant gains: what is happening to the coin?
Crypto Shiba Inu (SHIB) has seen significant price gains recently, but why? What is happening with the coin? Specifically, the increase recorded for SHIB is 0.74% in the last 24 hours.
We can see that this recent price increase is due to various developments that have taken place within the Shiba Inu network, such as the development of Shibarium.
In fact, the latter recently partnered with NOWPayments to improve crypto payments within the same.
As expected, over the past 24 hours, the SHIB token has gained 0.74% and is currently trading at $0.00000992. In addition, trading volume has also increased by 7.47% and currently stands at $105,142,838.
The market capitalisation also increased by 0.65% to $5,846,691,511. Furthermore, the current support level for SHIB is $0.000009839, while the resistance level is $0.00001018.
As a result, Shiba Inu’s market dominance currently stands at 0.49%. Specifically, the bullish sentiment in Shiba Inu’s market is indicated by the movement of the Moving Average Convergence Divergence (MACD), which is moving above its signal line.
In addition, it appears that the bullish sentiment will continue in the near future, as indicated by the formation of the Trajectory Histogram for the coming hours.
However, the Relative Strength Index (RSI) is warning investors and traders that it is heading south, suggesting that a price reversal in the market may be imminent.As such, a bearish sentiment may be developing in the market in the coming hours, as indicated by the parabolic SAR indicator, which has lined up points below the candlestick pattern, indicating a bearish sentiment in the SHIB market in the coming hours.
Will Shiba Inu break above its current resistance level?
The Shiba Inu cryptocurrency (SHIB) recently reached a significant resistance level that is preventing the price of the token from rising any further.
We see that around 260 trillion tokens are distributed in the price range of $0.00001 to $0.000014, making it difficult for the asset to break through this barrier without significant inflows.
Interestingly, a key group of investors that could potentially drive up the price of the token, namely small retail investors with a high risk tolerance, do not currently consider Shiba Inu as a meme token and instead focus on small-cap altcoins.
This lack of retail interest may be a result of Shiba Inu’s increasing popularity and market cap.
Indeed, as the token has grown in value and gained mainstream attention, it may no longer be seen as a niche or high-risk investment by the mainstream.
Instead, they may be looking for lesser-known altcoins with the potential for explosive growth, hoping to discover the next big thing in the cryptocurrency market.
Remember, the current level of resistance faced by Shiba Inu highlights the challenges that meme tokens may face as they attempt to establish themselves in a highly competitive cryptocurrency market.
Unsurprisingly, without the support of retail and other risk-seeking investors, Shiba Inu may find it difficult to break through the current price barrier and achieve further growth.
Suspicious burning of two billion SHIB tokens
The recent massive burning of Shiba Inu tokens is highly suspicious as it is impossible to identify the wallet from which the transaction was made.
Specifically, the wallet in question has only two transactions involving Shiba Inu tokens.
The first transaction involved the receipt of two billion SHIB tokens from Uniswap V3, a popular decentralised exchange.
The wallet then transferred the entire two billion SHIBs to a dead-end address, effectively removing the tokens from circulation.
In fact, no previous SHIB-related activity had been observed from this wallet, which drew attention to the unusual nature of token burn, a common practice in the cryptocurrency industry, often implemented as a deflationary mechanism to reduce the total supply of tokens in circulation.
For example, the sudden and significant burning of two billion SHIB tokens without any prior activity or warning raises the question of whether this is a deliberate move by the wallet owner to manipulate the price of the token.
Furthermore, the suspicious nature of the token burn could also attract the attention of regulators, potentially leading to increased control and supervision of the Shiba Inu project.
This could ultimately have a negative impact on the token’s market performance and overall reputation within the cryptocurrency industry.
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