Shiba Inu Volume Jumps by 16% – What’s Next For the Meme Coin?

The 16% increase in trading volume for Shiba Inu (SHIB) today, September 4, has sparked curiosity among investors and enthusiasts, leading to anticipation about its price trajectory.

SHIB is down by a slight 1% and is trading at $0.000007648 with a 24-hour trading volume of over $92 million.

Shiba Inu SHIB Faces High Selling Pressure

Due to the increased selling within the crypto space, SHIB has been on a downward movement for the past seven days. The price dropped from the last high of $0.0000086 on August 29 to its current price of $0.000007648.

This represents over a 9.55% decline from the previous high.

Also, on August 31, the bulls tried to take back control but failed as the bearish momentum outweighed them, causing the SHIB market to close on a red candle. Looking at the bigger time frame, the asset is still in the hands of the bears, dropping by 11% in the last 30 days.

However, the trading chart shows the possibility of a bullish retracement in the market.

Technical Indicators Suggest Bearish Price Momentum

Source: Tradingview

As depicted on the chart, SHIB is trading below the 50 and 200-day Simple Moving Average,, indicating a short and long-term bearish price movement for the asset. Also, the price of RPL is currently encountering resistance from the 50-day Simple Moving Average (SMA).

If the price breaks above this level, it could trigger a potential short-term rally for the asset. The Moving Average Convergence Divergence MACD is below the signal line with red histogram bars suggesting a bearish price momentum for SHIBA.

Additionally, the Relative Strength Index of 37.55 denotes that SHIBA is relatively bearish and the market is approaching the oversold zone.

The combination of the following technical indicators indicates a short-term bearish price momentum for SHIBA and an overall possible bullish price movement for the asset.

However, traders and investors need to exercise caution and not solely depend on these indicators, given the cryptocurrency market's tendency for extreme price volatility and frequent market fluctuations.

Key price levels on the Daily Chart

Source: Tradingview

As shown on the chart, SHIB is trading into its support zone of $0.00000827, indicating a bearish price movement for the asset. If SHIBA trades into this level and successfully rebounds, this could signal a temporary bullish momentum for the asset.

As such, a price rally back into its previous resistance zone of $0.00001157 could follow. This rally will denote a 56% price gain for investors who buy at this level.

Huge SHIB Transfers Could Affect the Price of the Asset

In a recent development that has caught the interest of Shiba Inu token enthusiasts, the WhaleAlert tracker detected another substantial movement of trillions of SHIB tokens.This is a significant withdrawal of SHIB tokens from the Bitvavo exchange within the past 24 hours.

In this latest transaction, 4.62 trillion SHIB tokens, valued at around $35.7 million, were transferred. It's worth noting that the transfer took place from Bitvavo to a wallet whose ownership was initially unknown.

Nevertheless, an analysis of explorer data indicates that this wallet is, in fact, a newly generated address linked to the exchange.

What makes this situation more interesting is that these vast amounts of SHIB tokens are within these recently generated addresses without any indications of being transferred to other exchanges for selling purposes.

This conduct has triggered speculation within the community, with some proposing that these actions are linked to storage and distribution rather than imminent sales. Generally, large movements and holdings of SHIB tokens can significantly affect the asset's price.

These actions can create market speculation, impacting trading activity and sentiment. If tokens are moved for selling, increased supply can lead to price declines.

Conversely, if viewed positively, it can boost confidence. Generally, whales' activities and influence on retail traders can lead to rapid price swings.

Shibarium Crosses Over 1 Million in Transaction

On September 2, the total count of wallets engaging with Shiba Inu's layer 2 network, known as Shibarium, surpassed 1 million. The network achieved this milestone in under a week since the mainnet bridge started operating efficiently.

Prior to its relaunch on August 28, the Shibarium bridge experienced issues, including transaction delays and temporary unavailability of funds. Nevertheless, the lead developer, Shytoshi Kusama, reassured the community that their funds remained secure.

Data from Shibarium Scan shows that the bridge has attracted interaction from more than 1 million wallets, resulting in a combined total of 1,002,126 transactions.On average, approximately 99,000 transactions occur daily. It's worth mentioning that Shibarium has now reached a total block count of 457,824.

The increasing engagement with Shibarium and the growing number of users and transactions could potentially impact the price of Shiba Inu (SHIB) in several ways.A rising number of users may indicate growing interest and adoption, potentially boosting demand for Shiba Inu.

However, increased network activity could also lead to higher transaction fees and congestion, which may affect user experience and sentiment.Additionally, the price may be influenced by the community's perception of Shibarium's functionality and reliability.

But while speculations surround SHIB's price moves, investors could join the topmost presale of 2023 WSM at the lowest price before its upcoming listing.

Wall Street Memes crosses over $25m In Presale

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The presale of the Wall Street Memes ($WSM) token has generated over $25 million in funding, drawing significant investor interest as it nears its conclusion.

Through effective marketing and a dedicated online community, Wall Street Memes has surpassed initial expectations, paving the way for an eagerly awaited exchange launch in the coming weeks.

As the $WSM presale approaches its last phase, numerous community members are foreseeing the token as the next potential breakout meme coin within the cryptocurrency market.

Passive Income For Holders

The Wall Street Memes team has introduced a fresh staking system that enables $WSM holders to earn yields of up to 134% by locking their tokens.

This staking program is experiencing rapid growth, with nearly 274million $WSM tokens already committed, as reported by Wall Street Memes' staking dashboard.

Staking holds considerable importance for Wall Street Memes as it encourages users to retain $WSM for passive income generation.

Crucially, Wall Street Memes' staking yield is projected to remain near 100% APY in the future, distinguishing it from other projects that offer lower rates.

Predictably, $WSM holders have enthusiastically embraced the introduction of this staking protocol, fulfilling their desire for a meaningful token use case.With a well-defined use case, $WSM stands out from the numerous meme coins that lack genuine functionality or utility.

Major Goals In The Working

In the future, the Wall Street Memes team has outlined an extensive roadmap with ambitious goals, including creating an exclusive gated community" and aiming for a $1 billion market capitalization for $WSM.

These ambitious objectives underscore the team's confidence in the Wall Street Memes project and their dedication to establishing a sustainable ecosystem.

Furthermore, the Wall Street Memes team intends to partner with meme creators, influencers, and content platforms to enhance the exposure of $WSM.

$WSM token is still available for purchase as the countdown to the official exchange listing draws near. Interested users can make purchases by visiting this website.

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