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As the crypto market continues to weather the storm caused by the SEC‘s recent actions against Binance and Coinbase, Shiba Inu’s price has fallen by 4% in the last 24 hours to $0.00000656.
SHIB Price Movement!
This current price signifies a 17% drop in the past week and a 25% decline over the last 30 days, indicating that the meme token is down 19% since the beginning of the year. However, today’s drop has seen SHIB’s 24-hour trading volume rise back to $100 million, creating a type of activity that could aid its recovery in the coming days.
Signs indicate that the whales may have started purchasing SHIB at a lower price. It might not be long before it returns to growth, especially as the Layer-2 network, Shibarium, continues to make progress towards its launch.
SHIB’s indicators continue to show weakness, which isn’t too surprising for an altcoin that has fallen 4% in a day and 17% in a week. However, these same indicators could also suggest that SHIB might have hit the bottom and could be on the brink of a rebound.
For instance, the strength index began to rise again after spending the weekend and the early part of the week near 30, which could signal that momentum is slightly recovering. Also, SHIB’s 30-day moving average stabilized after steadily falling last week, which could mean it is very close to seeing a recovery.
Gigantic SHIB Transfer!
Such a prediction could be supported by today’s volume increase, as increases in trading often precede price rises. Over the past few days, several large whale transfers involving SHIB have been observed, with one transfer on Monday reportedly witnessing over 1 billion SHIB moved from Jump Trading to a private wallet. This situation might suggest that whales have begun accumulating SHIB again following its recent drops.
This possibility is also suggested by data from Whale Stats, which continues to show that SHIB maintains its status as the most popular token among ERC-20 whales. For this reason, it’s not hard to imagine that the altcoin will sooner or later, perhaps after the current period of regulatory turbulence has calmed, see a recovery. Moreover, with the Shibarium test network continuing to grow in terms of usage, the full public launch of the Layer-2 network might provide real support to SHIB.
