SHIB Price Prediction As Wallet Holders Crossed 10 Million Amid Shibarium Launch
Shiba Inu SHIB faced stiff pressure from the bears following the long-awaited Shibarium mainnet launch. The ecosystem recorded massive selling activities due to the high spread of negative sentiment caused by network glitches encountered after the layer-2 solution's launch.
As a result, SHIB slipped off the $0.00001022 price level attained on August 11 to $0.00000811 on August 17. Following this significant dip, efforts by the bulls to push above $0.000008 and reclaim the $0.00001 level went down the drain.
The bears persisted and pushed the meme token of the support level to $0.0000079. However, today's market condition suggests a bullish recovery for the meme coin as it has pressed above $0.000008 to $0.00000817.
But Shiba Inu remains down by over 3% during the same timeframe, casting doubts amongst investors about the token's ability to soar.
Whale Spotted Moving Huge SHIB - Time to Sell More?
Despite the challenges, crypto whales are still active as they accumulate massive tokens. Whale Alert reported that almost 710 billion SHIB tokens worth over $5.9 million were moved from Gemini to an unidentified wallet address on August 23.
708,416,119,061 #SHIB (5,991,429 USD) transferred from #Gemini to unknown wallethttps://t.co/WNGQrs2RLw
- Whale Alert (@whale_alert) August 23, 2023
Also, another unknown wallet moved 4.6 trillion to an unidentified wallet on August 22.
- Whale Alert (@whale_alert) August 22, 2023
These conspicuous transactions cast uncertainties amongst investors who wonder whether they represent sell or buy signals. This movement affected Shiba Inu's price trajectory today.
SHIB Active Holders Increase Amid Recent CrisesWhile the SHIB ecosystem battles to ward off bearish sentiments, new investors keep trooping in. CryptEye Analytics reported that nearly 1,000 active holders have joined the SHIB community in the last 24 hours.
According to the analytical site, the total number of SHIB owners now exceeds 2,400. This shows the massive community support for the project despite its negative performance since last week.
SHIB Burn Rate Surges, Time for the Bulls to Soar?Shibburn data shows that more than 1.046 billion tokens were burned on August 22, reflecting an over 1,100% increase in burn rate. The burn tracker reported that most burn transactions came from a single address tagged 0x4be2.
A closer look at the blockchain data revealed that this address is connected to the MARSWAP (MSWAP) token contract. Before this, around 100 million tokens were burned.
According to Shibburn, as of August 23, over 51 million SHIB tokens were sent out of circulation.
13,598,853 $SHIB -> transferred to dead wallet. https://t.co/MQUAGFQc1d
- Shibburn (@shibburn) August 24, 2023
In addition, today, the account recorded that over 13 million SHIB tokens have already been burnt, which will increase before the day runs out. Unfortunately, the price of the popular meme coin has remained stagnant despite the marked increase in the SHIB burn rate.
SHIB Price Analysis - Will Price Rebound?The market outlook reflects a considerable decline in Shiba Inu price since August 17 amid a downturn in the broader crypto market.
This condition reflects increased selling pressure, potentially dragging down prices. But the bulls have formed bullish candlesticks, intent on facilitating a rebound for the top meme token.
Source: TradingView
SHIB is positioned above the lower Bollinger Band indicator, suggesting potential bullish momentum.Traders might interpret this as indicating that the asset is relatively undervalued and could experience an upward price movement.
Possible resistance zones could be found near the middle or upper bands, where the asset might encounter selling pressure.However, the lower band could act as a support zone to prevent SHIB's price from dropping significantly.
Meanwhile, the fading red bars suggest the bearish momentum is weakening, possibly as new holders enter the market.
This observation supports the Bollinger analysis, suggesting that SHIB may likely witness a positive move soon. However, the Relative Strength Index below 50 (Neutral) shows that buyers and sellers are in equilibrium struggling for supremacy.
But, if the RSI drops below 30, SHIB may enter an undervalued state, triggering a buy action that may push the price toward a notable uptick. Considering the analysis, SHIB is due for a bullish rebound in the coming days.
Moreover, the increasing network activity on Shibarium as the negative sentiment dwindles rekindles hope for a rebound as it could attract more investors to the Shiba Inu ecosystem.
Many believe the Shibarium launch bodes well for the SHIB token and may facilitate positive strides for the meme asset.
Traders should closely monitor how the asset interacts with other technical tools to make informed decisions.
Best SHIB Alternative - yPredict
yPredict.ai is where experts who know much about computers and money work together.The prediction platform uses cutting-edge technology and data to help people make smarter choices when trading. Also, the platform has tools that can predict what might happen with money using special information sources.
The project has caught the attention of many investors because it is doing significantly in its presale activities. The presale has reached a milestone of $3 million, which shows that more people are starting to use the token.
The developers of yPredict want to help people who struggle to analyze how money markets will change. They're using smart computer analysis and other ways to help users predict or analyze the market.
Smart financial experts, AI and Machine Learning pros, and traders can make money by sharing their smart models. This lets these smart people earn money without doing much.
Interestingly, yPredict will give 10% of the money from new subscriptions to users who keep $YPRED tokens in the project's staking pool. Also, users who put their tokens in the pool could get rewards of 5 to 10% interest each year.
The special money called $YPRED helps users get lower prices for predictions and cool stuff on yPredict.
The presale is currently at stage 7, earning more than $3.5 million. It's trying to reach $4.5 million at this stage. Each token costs $0.1 but will increase to $0.12 when the YPRED launches on several crypto exchanges.
Investors who leverage the low presale price could return notable returns after the exchange listing. To purchase YPRED, follow this detailed guide.
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