The price of Shiba Inu has dropped to $0.0000114 today, after news of financial problems at Silvergate Bank spooked the market. This price represents a 5% fall in 24 hours, a 13% loss in a week and a 3.5% decline in the last 30 days, with the meme token unable to escape the wider market’s problems.
Today’s selloff has seen 24-hour trading volume rise back up to $300 million, bringing the kind of liquidity and volatility that may help SHIB rebound in the coming days. And with the launch of the layer-two Shibarium network due this month, the next one or two weeks could end up being very positive for the meme token.
Shiba Inu Price Prediction as $300 Million Trading Volume Floods In – Are Whales Selling SHIB?
Based on SHIB’s chart, it seems that the altcoin may fall further before it bottoms out and begins rising again. While its relative strength index (purple) has fallen hard in the past few days, its 30-day moving average (red) has yet to sink below its 200-day average (blue), so it may be some time yet before a bottom is reached.
As for how far SHIB may actually drop, it may potentially fall below $0.000011 in the next few days. Whether it falls much further below this level depends on whether Silvergate Bank does declare bankruptcy, as is feared.
It also depends on the whales and other big investors, who seem to have been offloading their SHIB holdings in recent days. If they continue to sell, the coin could witness further significant drops.
However, the WhaleStats website currently lists SHIB as among the most traded token among whales, as well as the token with the biggest overall holdings. In fact, the top 2,000 addresses for ETH-based holdings own SHIB worth around $606 million, down by only $13 million compared to yesterday.
As such, whales have generally held onto their SHIB holdings, despite a few selling today and yesterday. And it’s likely that most will continue to hold onto their SHIB, given that it’s due to rally once the Shibarium network launches.
Indeed, the Shibarium beta launch will boost SHIB in various ways this month. On the one hand, it will simply make investors more bullish for SHIB, yet it also ultimately boost usage of Shiba Inu, seeing as how it will make the latter’s network faster and cheaper.
On top of this, Shibarium will also increase the burning of SHIB via the destruction of transaction fees. This means that if Shibarium becomes significantly popular, it could result in really big price rises for the meme token.
And with the coin still 86% down from its all-time high of $0.00008616, it has plenty of ground left to recover. Some community members are even hoping that the launch of Shibarium will eventually see it rise as high as $0.1.
Of course, this would involve a massive percentage gain, something which is unlikely in view of how SHIB is already 20,000,000% up from its all-time low (set back in November 2020). Still, with the launch of SHIB: The Metaverse also on the cards this year, substantial rallies are certainly in store for the token.
Given the ongoing popularity of the metaverse as a new concept in tech, a Shiba Inu-themed virtual world is certainly well-positioned to succeed. Once it launches, users will be able to explore, own, and trade NFT-based plots of land, something which will increase demand for SHIB (as the native token).
While there’s no specific launch date for SHIB: The Metaverse, its arrival will help birth a new era for SHIB, one in which it becomes more than a meme token. Because of this, it’s not likely to stay at $0.0000114 for too long.
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Bong Lupo