Shiba Inu (SHIB) Price Drops by 1% in 24 Hours – Is It Time to Buy?
Worldsfeed Tech Desk:The past week has not been kind to SHIB, as it has lost 3% of its value, and over the past 30 days, the coin’s value has dropped by 11%. Despite this, SHIB has seen a 22% increase since the start of the year, which pales in comparison to larger cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH).
However, recent data from Whale Stats shows that SHIB is still the most widely traded ERC-20 token among whales, indicating that the coin may see a recovery in the future. Additionally, SHIB’s 24-hour trading volume has surpassed $100 million, suggesting increased liquidity and volatility, which may lead to further price gains down the line.
SHIB’s highly anticipated Layer 2 network, Shibarium, is currently in beta form and has already processed over 15 million transactions. The full public launch of Shibarium is expected to provide users with faster and cheaper transactions, while also increasing SHIB burning and boosting the token’s price.
Despite the recent losses, now may be the best time to buy SHIB before Shibarium’s launch and the expected rise in demand for the coin. However, SHIB’s chart suggests that there may be further declines in the near term, as the coin’s 30-day moving average is close to dropping below its 200-day average, forming a ‘death cross’ pattern. The relative strength index also indicates that the coin may need to drop further before a recovery can occur, with the support level consistently dropping over the past few weeks. Nevertheless, the recent increase in trading volume may hint at a potential recovery in the next few days.