SHIB Pump Coming? Shibarium Launch to Boost SHIB Price!
• Shiba Inu (SHIB) has fallen by 9% in the past 24 hours and is now 14th most purchased ERC-20 token.
• Despite this, SHIB still remains one of the most widely held tokens among whales and its relative strength index has dropped below 30.
• With the impending launch of Shibarium and SHIB: The Metaverse later in the year, there is reason to be optimistic about the future of SHIB.
Overview
The price of Shiba Inu (SHIB) has fallen by 9% over the past 24 hours and is down 17% in a week and 30% in a month. However, despite these losses, it remains a favorite with big investors and is now 14th on CoinGecko’s list for “top purchased tokens”. With the imminent launch of Shibarium and SHIB: The Metaverse later this year, there could be a strong recovery for SHIB in the near future.
What Drove SHIB’s Price Down?
The price of Shiba Inu was brought down by news of Silvergate Bank’s liquidation as well as a more hawkish stance from the Federal Reserve concerning further rate hikes. This has significantly reduced its gains for the year-to-date to just 10%.
What Indicates That SHIB Could Rebound?
SHIB’s indicators suggest that it won’t be long before it reaches a bottom and invites a big rebound. Its relative strength index (RSI) has just dropped below 30, while its price has dropped below its 30-day (red) and 200-day (blue) moving averages, indicating that it’s now being oversold. As such, SHIB is arguably selling at a big discount and should rise again in the not-too-distant future. Furthermore, it remains one of the top four ERC-20 tokens among whales in dollar terms, behind ETH, USDC and USDT. It is also 13th on CoinGecko’s list for “top purchased tokens” today.
What Could Push SHIB Further?
With layer two network Shibarium launching soon and with SHIB: The Metaverse coming later this year, both events have potential to push SHIB further than ever before in terms of growth prospects.
Conclusion
Overall, despite recent losses due to Silvergate Bank’s liquidation as well as an aggressive stance from Fed regarding rate hike policy, there are plenty reasons for optimism when looking at Shiba Inu’s (SHIB) long term prospects thanks to upcoming launches such as Shibarium & SHIF: The Metaverselater this year which could result into sustained rebound once market sentiments shift back towards bullishness .
