Top Exchange Spotlights Growing Interest in Shiba Inu via Google Trends
Shiba Inu's price has declined despite gaining attention on Google Trends due to the launch of Shibarium and the issues it faced, causing a significant bearish trend.
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Posted 8/22/2023, 10:43:27 AM
thecryptobasic.com
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Both meme coins Pepe (PEPE) and Shiba Inu (SHIB) have experienced significant losses of over 20% in the past week, with PEPE dropping 22% and SHIB falling 21.6%, possibly due to the troubled launch of the Shiba network's layer-2 blockchain, Shibarium. Additionally, Bitcoin and Ethereum have also seen declines after news of Evergrande's bankruptcy filing.
The price of Shiba Inu (SHIB) has seen a 50% increase from its June lows and reclaimed the $0.0000080 area, but it fell sharply last week, casting doubt on the previous increase. A breakout from the descending resistance line is needed to confirm a bullish trend reversal and potentially lead to an 85% increase. The future price prediction depends on whether the price bounces or breaks down from the $0.0000080 area.
Investors need various amounts of money to purchase different quantities of Shiba Inu (SHIB) tokens at the current price, with 1 million tokens costing $8.25, 5 million tokens costing $41.25, 10 million tokens costing $82.5, 50 million tokens costing $412.5, and 100 million tokens costing $825.
The popular meme coin Shiba Inu (SHIB) is experiencing a resurgence in price, potentially signaling a second round of significant movement, while the outcome of the upcoming SEC appeal against Ripple could greatly impact the price trajectory of XRP, and Ethereum is showing signs of potential recovery with a bounce in price from its recent decline.
Despite the launch of the Shibarium Layer 2 protocol being abruptly halted for repairs, the majority of Shiba Inu (SHIB) investors find themselves in significant losses, with 74% of SHIB holder addresses in the red and a total of 951,320 addresses trapped in losses.
Shiba Inu's offspring token, ShibaSwap Bone (BONE), has seen a bullish stride with a 13.8% increase in the weekly charts, attracting a significant rise in holders, while Shiba Inu (SHIB) struggles to keep up with a 4.4% decrease in the weekly charts and a majority of holders currently facing losses.
Shibarium's fast transaction speed and the burning of SHIB tokens could lead to a potential breakout for the Shiba Inu token, while Bone ShibaSwap has seen a significant amount of tokens staked, indicating user confidence and potential rewards.
Shiba Inu's low volatility and the GIOM metric suggest a resistance level for the cryptocurrency, but it also presents an opportunity for a surge in buying power to push the price higher due to the low liquidity needed.
Despite the growth of Shiba Inu's Shibarium, the price of SHIB has remained down, while LEASH has outperformed with a 7% gain over the last week.
Shibarium, a layer-2 blockchain for Shiba Inu (SHIB), has surpassed 100,000 wallets after its relaunch, with 35,000 wallets added within 24 hours, and SHIB's price has increased by 3.6% in the last 24 hours.
Dogecoin and Shiba Inu show low volatility despite the rebound of the cryptocurrency market, with Dogecoin potentially experiencing a significant price surge, while Everlodge gains attention with its presale momentum and plans to revolutionize the real estate industry.
Around 77% of Shiba Inu addresses are currently in a loss, with only 12% in profit, indicating that the majority of holders would face losses if they sold their SHIB tokens at the current price. Additionally, there has been a decline in new active addresses in the past week, stagnation in the growth of Shiba Inu addresses, and a negative sentiment observed in the Shiba Inu Telegram group. Retail investors hold approximately 36% of SHIB token supply, while large investors and whales hold varying proportions.
The search interest in Shiba Inu in India has been high, indicating that people in the Indian community are closely monitoring this asset and considering investing in it, according to data from Google Analytics and a survey conducted by ConsenSys.
The recent increase in network activity on the Shibarium Layer-2 network and the corresponding rise in the SHIB token burn rate could potentially impact Shiba Inu (SHIB) prices positively, potentially triggering an increase in demand and a rebound in prices.
ChatGPT predicts that Shiba Inu (SHIB) could reach $0.9 within 6 to 12 months if there is a surge in positive sentiment, new partnerships, and increased adoption, and within 1 to 2 years if the cryptocurrency market remains bullish and user interest continues, potentially driving the price to $0.9 within 3 to 5 years if SHIB's ecosystem expands significantly.