Shiba Inu Price Records a 5% uptick as Shibarium’s Negative Market Sentiment Gradually Fades
Shiba Inu took a heavy blow following network glitches on Shibarium shortly after its launch. As a result, the token lost virtually all gains accumulated during the wait for the Shibarium mainnet launch.
However, SHIB has posted notable upticks as the negative sentiment triggered by Shibarium's setback diminishes. This price increase suggests a potential recovery for Shiba Inu and has renewed optimism among investors and community members. Shiba Inu is up by 5% and is trading at $0.000008268.
Price Trends of Shiba InuSince reaching its lowest price point in June, Shiba Inu (SHIB) price has surged by 50%, retaining the $0.0000080 range.
Nonetheless, the price experienced a significant drop in the past week, obscuring its previous gains. But today's market movements suggest the asset is gearing up for massive gains in the coming days. Also, the trading volume has surpassed $218.8m, indicating a 53% increase in the last 24 hours.
Technical indicators insinuate incoming bullish activities
Source: TradingviewThe chart shows that SHIB is trading below the 50-day and 200-day Simple Moving Averages SMA, which suggests long-term bearish momentum. Also, the moving average convergence/Divergence also sits below the signal line with red histogram bars, indicating a short-term bearish price movement.
The Relative Strength Index of 44.14 denotes that SHIB buyers and sellers have attained equilibrium.However, a bullish candle has emerged on the daily chart, signifying the presence of buyers in the market. This increasing buying activity could trigger more price surges.
Shiba Inu Bulls are Pushing for a Price Rally on The Daily Chart
Chart Source: TradingviewAs illustrated in the chart, the price of Shiba Inu is showing momentum for a possible rally into its previous resistance zone of $0.00001157. This position would represent a 37% price gain for investors who buy at this level.
Also, Shiba Inu could face a possible price rejection if it trades into its previous resistance level. A quick retracement for the asset could follow this price rejection.
But with the prevailing negative market sentiment on Shibarium's failed launch gradually wearing off, investors and market observers are optimistic about a bullish outlook for Shiba Inu in the coming weeks.
New Shiba Inu Burn to Boost Token's Value?Shibburn, a known wallet tracker, on August 23, reported that 109 million Shiba Inu were burnt in the last 24 hours at the selling price of $0.00000823 and a total supply of 589 trillion.
HOURLY SHIB UPDATE$SHIB Price: $0.00000823 (1hr 0.68% | 24hr 3.22% )
Market Cap: $4,862,021,363 (3.56% )
Total Supply: 589,343,179,003,499TOKENS BURNT
Past 24Hrs: 102,973,224 (-90% )
Past 7 Days: 1,984,511,125 (-50.98% )- Shibburn (@shibburn) August 23, 2023
It also reported that 1.9 trillion were burnt in the past week. This token burn could create scarcity, boosting Shiba Inu's price in the long run.
Whale Moves Shiba Inu Tokens, Implying a Price UptickA reputable on-chain tracker, Whale Alert, reported that 4.6 trillion Shiba inu tokens worth $36.9 million were transferred between two crypto wallets. According to reports, the receiving crypto wallet is newly created, implying that a new large investor has joined the SHIB community.
- Whale Alert (@whale_alert) August 22, 2023
Furthermore, the report shows that multiple Shiba tokens of nearly the same quantity were transferred to new wallets last week. These whale accumulations could improve investor sentiment on SHIB, potentially pushing the token's price.
Enhanced All-in-One Web3 Project, Launchpad XYZ Makes WavesLaunchpad XYZ ($LPX) is a revolutionary crypto project on Web3, created to provide everything for users to navigate the Web3 space.
>>>Visit the Launchpad Presale Now
The project garnered attention from investors with remarkable and tremendous presale performance. As of August 8, 2023, the projects team via the X platform reported that its presale has raised over $1.3 million, reflecting an increased adoption rate.
What Makes Launchpad XYZ Unique?
HUGE NEWS! We've just crossed the $1.2 million mark in our #Presale!
A heartfelt thank you to our incredible community. The journey has only begun
Join the $LPX presale today!
https://t.co/6qHqqRBG7F#LaunchpadXYZ #Crypto #Web3 #Trade #Alts pic.twitter.com/fZpXciMLVp
- Launchpad.xyz (@launchpadlpx) August 8, 2023
Launchpad XYZ utilizes the power of artificial intelligence (AI) to provide users with relevant market data from over 400 data sources. Some of these sources include financial, market, and social data points.
Launchpad XYZ aims to increase the rate of Web3 adoption by new participants. The founders incorporated features that make the project an all-in-one Web3 solution provider.
>>>Visit the Launchpad Presale Now
The project's features cut across educational materials, trading tools, play-to-earn decentralized games, NFTs, fractionalized assets, utility tokens, a presale watch list, and many more.
These features will foster seamless user engagement within Web3 and ensure its ecosystem's sustainability.
Launchpad XYZ Surpassed $1.3 MillionInterestingly, Launchpad XYZ has raised more than $1.3 million today at the selling price of $0.0445 for 1 $LPX. Additionally, information from the project's website reveals that the presale will end in less than seven days.
Currently, the team offers a 20% bonus to all investors who buy the token during the presale session. Launchpad XYZ allows token holders to stake $LPX and enjoy some benefits supporting the platform.
>>>Visit the Launchpad Presale Now
Investors can stake 10,000 $LPX tokens for over three months and access a Guaranteed presale watch list that can give 10X on ROI, NFT allowlists, trading fee discounts, etc.
So, to join now, visit the presale website, connect a wallet, and use either bank credit/debit card, ETH, or USDT to acquire $LPX.
The post Shiba Inu Price Records a 5% uptick as Shibarium's Negative Market Sentiment Gradually Fades appeared first on The Tech Report.