Shiba Inu Price Faces Setback Post Shibarium Launch While Investors Are Turn Towards Sonik Coin
Shiba Inu encountered a notable setback today. Notably, this decline could be hinged on the immobilization of thousands of ETH within the Shibarium bridge following the launch of Shibarium.
On August 18, the price of Shiba Inu is down by 1.4% and is trading at $0.000008476.Also, the trading volume is over $406.3m signifying a 17% decline in the last 24 hours.
Price Trends of Shiba InuIn the last seven days, Shiba Inu's price has declined 15% but still holds over a 2% 30-day gain.
However, amidst the prevailing market downturn, most bullish investors leverage the dip to augment their holdings, awaiting the next bull run.
Technical indicators on Shiba Inu
Chart Source: TradingviewThe chart shows that Shiba's price is above the 50-Day Simple Moving Average (SMA), signalling a potential short-term uptrend. However, the price is positioned beneath the 200-Day SMA, implying a more extended period of bearish market sentiment.
The Moving Average Convergence/Divergence is below the signal line with red histogram bars, demonstrating high sell pressure in SHIB's market.
Meanwhile, the Relative Strength Index (RSI) at 45.74 indicates a neutral stance and suggests the potential for the price to approach the oversold zone.
While these technical indicators depict a prevailing bearish momentum, Shiba Inu may witness a bullish reversal when it reaches the oversold region in the coming days.
Key Price Levels on the Shiba Inu Daily Chart
Chart Source: TradingviewAs illustrated on the chart, SHIB bounced off its support zone after its price decline today, sponsored by the general market downtime. However, The price is beginning to show strength as the chances of testing its previous resistance level of $0.000011490 is high.
Although, if the price of SHIB fails to trade past the resistance level, a bearish trend could follow, which could see the price retest its support zone of $0.000006930.
Expert Price Prediction for ShibaWalletInvestor's Shiba inu crypto price forecast strongly indicated a pessimistic outlook. The platform projected a challenging year ahead, with SHIB potentially plummeting to a low of $0.000000921 by the start of April 2024.
DigitalCoinPrice expressed a positive stance on SHIB's future price trajectory. The platform's shiba inu price projection for 2030 envisioned the token maintaining an average value of $0.000117 during that year.
According to CryptoPredictions.com, their shiba inu price forecast for 2025 indicated a potential initial value of $0.00001488 at the beginning of the year, a rise to $0.0000167899 by June of 2025, and a potential year-end closing value of $0.0000188885.
TechNewsLeader's Shiba Inu coin price projection for 2030 suggests a potential range of $0.00020182 to $0.00023699 as the token's possible value by the conclusion of that year.
Based on the 2023 technical analysis for Shiba Inu's price by Changelly, projections indicate a floor of $0.00000777, while the upper price threshold could reach $0.00000929. The anticipated average trading value is approximately $0.0000108.
What Will Influence the SHIB Price?According to Shibburn's official X account, 97,037,885 SHIB has been transferred to inferno" wallets in the last 24 hours.These tokens will be permanently locked, effectively reducing their circulation. As per Shibburn's assessment, this translates to a substantial 70.58% decrease in the overall burn rate.
The largest transfers within the past day amounted to 21,228,414 SHIB and 17,627,505 SHIB, as reported by Shibburn. Over the last week, the community has effectively removed 2,369,625,213 Shiba Inu meme coins from circulation.
The constant Token burns reduce supply, potentially creating scarcity that may increase demand and positively impact the price of Shiba, which will lead to Positive sentiment, investor confidence, and community engagement.
As reported earlier, Shibarium faced a massive traffic halt upon launch.
#SHIBARMY Check out our latest blog post here:https://t.co/tQEZQEWerW
- Shib (@Shibtoken) August 17, 2023
Today, major developer Shytoshi Kusama revealed the main reason for this is that the manner faced a massive inflow of users, which was too much even by the expectations of the Shiba Inu team.
In a recent announcement Ringoshi Titsu, a key figure at Unification Fund and a validator for the organization, has announced on the X platform that the Shibarium main net is now fully operational.
Attention #ShibArmy
Blocks are being produced and #Shibarium is back online!
Thank you @UnificationUND, @Shibtoken, & anyone else who helped!
https://t.co/f2S6fFLMHG pic.twitter.com/hwva1G1uG7
- Ringoshi Titsu (@RingoshiToitsu) August 18, 2023
He highlighted that the extensive efforts to rectify all glitches and address technical challenges were successfully carried out through collaborative endeavours involving Unification and Shiba Inu teams. As a result, the main net is now actively producing new blocks.
The news has raised hope among the Shiba community and could restore investors' confidence, enabling transactions, and driving increased adoption, fostering token value and ecosystem growth.
Sonik - A Potential Contender To Hit 100 Million Market Cap TokenEmerging crypto project Sonik Coin (SONIK) approaches the $150,000 milestone just 48 hours after its launch. Despite the recent crypto market downturn, interest in novel meme coins with the potential for viral popularity persists.
Drawing inspiration from SEGA's lucrative Sonic, the Hedgehog franchise, Sonik Coin derives its concept but maintains independence from it.
According to the whitepaper, Sonik Coin is as swift as lightning, potentially propelling its market cap from zero to $100 million at an astonishing pace.
Features and Tokenomics
$SONIK, an ERC-20 token operating on the Ethereum blockchain, boasts a total token supply of 299,792,458,000-symbolizing the speed of light in meters per second, mirroring the rapid pace of Sonic the Hedgehog's iconic speed.
Sonik Coin strives to maintain longevity by introducing an innovative staking mechanism tailored to incentivize its community.
A substantial 40% of the $SONIK token supply rewards those in token staking. Investors need to stake their tokens to initiate passive income generation. The staking dashboard of Sonik Coin will enable easy monitoring of the available yields.
10% of the token supply is allocated to Decentralized Exchange (DEX) liquidity to facilitate smooth and efficient trading activities.Sonik Coin commits to locking this liquidity, assuring investors against any potential rug pull scenarios.
Presale Update50% of the total supply is allocated for the $SONIK presale, which has a hard cap of $2,098,547. The $SONIK presale comprises a single stage, already achieving sales surpassing over $150k.
SONIK is priced at $0.000014 per token, presenting an easy entry for early investors. Interested users can get more information by visiting this website.
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