As a seasoned researcher with years of experience in the crypto market, I find myself both intrigued and concerned by the recent performance of Shiba Inu (SHIB). While it’s undeniable that SHIB once held a significant position in the industry, its current state paints a stark contrast to its past glory.
As a crypto investor, I’ve noticed that after reaching an impressive peak of $0.000014 on August 9th, Shiba Inu has seen a dip and is now trading at around $0.000032. It seems the recent rally may have lost some steam.
The decline in Shiba Inu (SHIB) occurred because Bitcoin (BTC) fell from its peak of $62,000 to levels below $60,000 during the day.
Examining the historical data of the coin’s trading volume reveals that its demand has been fairly low over the past few days. In the open market, Shiba Inu had a 24-hour trading volume of approximately $321 million, which is relatively minimal compared to its market capitalization of around $8.2 billion.
On the other hand, FLOKI, with a market cap valued at $1.2 billion, boasted a 24-hour trading volume of approximately $320 million. Meanwhile, PEPE and Dogwifhat (WIF) had significantly larger volumes of $1.7 billion and $1 billion respectively.
It was noticed that a similar pattern emerged in the future trading platform. As per CoinGlass, the open interest for Shiba Inu decreased to approximately $22 million on August 9, which is lower than its peak of $53 million in July. At its maximum in March, the open interest was more than $114 million.
A significant portion of Shiba Inu’s future contracts are primarily held on OKX, a prominent centralized cryptocurrency exchange. Unlike major coins such as Bitcoin, the platform CoinGlass does not provide data on Shiba Inu’s open interest from other large exchanges like Binance, Bybit, and Deribit.
In recent times, the enthusiasm among traders for Shiba Inu has noticeably decreased, with a shift towards newer coins such as Pepe, WIF, Bonk, and Popcat. Consequently, the price of Shiba Inu is approximately 70% lower than its peak this year in March and a staggering 85% below its record high.
As a long-time investor with a keen interest in cryptocurrencies, I have seen my fair share of ups and downs in this exciting and rapidly evolving market. The recent performance of Shiba Inu’s ecosystem has left me somewhat concerned, as I have witnessed the potential of this project firsthand.
The performance of Shiba Inu indicates a substantial decrease for a cryptocurrency that was previously highly sought after in the market. At its highest, it boasted a market value exceeding $13 billion. Similarly, Dogecoin (DOGE) has experienced a drop in worth, with its valuation falling from around $90 billion to just $15 billion.
As someone who has been closely following the cryptocurrency market for several years now, I have noticed a potential positive development regarding the SHIB token. Based on the chart analysis, it appears that the SHIB token may have formed a falling wedge pattern over the past weeks. This technical pattern, when followed by a bullish breakout, can indicate a significant price increase in the future. Given my experience with market trends and patterns, I believe there’s a possibility of a potential bullish breakout for SHIB later this year. However, it is important to remember that cryptocurrency markets are highly volatile and past performance does not guarantee future results. As always, do your own research before making any investment decisions.
Read More
- BODEN PREDICTION. BODEN cryptocurrency
- GHST PREDICTION. GHST cryptocurrency
- BETA PREDICTION. BETA cryptocurrency
- STRD PREDICTION. STRD cryptocurrency
- Mango Markets Exploiter Found Guilty Of Fraud And Manipulation
- GBP EUR PREDICTION
- MATIC PREDICTION. MATIC cryptocurrency
- LOOKS PREDICTION. LOOKS cryptocurrency
- BRN/USD
- TNSR PREDICTION. TNSR cryptocurrency
2024-08-09 18:30