SHIB has surged by 19% in the past 24 hours, with the Shiba Inu price reaching $0.00001337 as the crypto market recovers by 6% today.
The meme token remains down by 20% in a week, after yesterday amounted to on of the worst days in years for the cryptocurrency market.
SHIB is also down by 18% in a month, although the coin keeps a 39% gain in a year, despite the recent carnage.
And yesterday’s dip has led to a spike in large transactions, with whales seemingly taking advantage of heavily discounted prices to push SHIB back up.
Shiba Inu Price Explodes: Whale Activity Up 588% with 9 Trillion SHIB Transacted
After yesterday’s drama, SHIB’s indicators reveal that the coin is regaining strength after hitting a hard bottom.
Its RSI (purple) has bounced from 20 yesterday to just over 50 today, and while it has lost some recovery momentum it continues to look promising.
At the same time, its 30-period moving average (orange) is now ascending towards the 200-period average (blue), another sign of recovery.
It also seems that some traders have taken the opportunity to buy the dip, with data showing that large transactions – worth $100,000 or higher – have risen from a volume of 1.53 trillion SHIB yesterday to roughly 9 trillion SHIB today.
Some of these transactions likely relate to sales, yet they represent a big increase, and would indicate that some whales are now accumulating SHIB again.
This could help the meme token recover in the coming days and weeks, although we would need a wider macroeconomic recovery for things to improve in a more sustainable way.
#Bitcoin trades at $58,601, down over 14% for the week, as softer-than-expected US jobs and ISM data stoked fears of a US recession. The sell off provides another reminder that #BTC and #CRYPTO are risk assets that sit at the pointy end of the risk spectrum.
The rejection from… pic.twitter.com/H6BXaUEjUw
— Tony Sycamore_IG (@Tony_Sycamore) August 4, 2024
At the moment, concern over the US economy and its ability to create jobs has dragged down sentiment.
However, such fears may make it likelier that the Federal Reserve cuts its rates at the next available opportunity.
This would help confidence and bullishness to improve, lifting cryptocurrency prices across the board.
And SHIB itself is one of the fundamentally stronger meme tokens, given its wider ecosystem.
It has its own DEX, ShibaSwap, as well as its own layer-two network and popular P2E card-trading game, Shiba Eternity.
Together, these may help to boost demand for SHIB over the longer term, with the Shiba Inu price rising in the next few months.
It could reach $0.00002 by Q4, and then $0.00004 by the end of the year.
New SHIB Meme Token Could Have Bigger Rally
While SHIB waits to recover properly, traders may prefer to diversify into newer tokens, with presale coins having the potential to rally big once they list.
One token likely to do this is Shiba Shootout (SHIBASHOOT), a new Ethereum-based coin that has raised $800,000 in its increasingly popular sale.
BOOM!!! 🎉
Another huge achievement for #SHIBASHOOT 🐶
We’ve successfully raised over $800,000! 💵
The excitement with #SHIBASHOOT keeps growing, stay tuned for more updates! 🚀 pic.twitter.com/l6hZyaHhjk
— shibashootout (@shibashootout) July 29, 2024
Shiba Shootout is gaining followers by virtue of its unique mixture of familiar Shiba Inu memes with Wild West tropes and stylings.
This isn’t only window dressing, however, with Shiba Shootout using the Wild West as the basis for building an online community centred around participation in mini-games and contests.
These will comprise poker tournaments, lotteries, special staking rewards and virtual treasure hunts.
All of these activities will provide added incentive to buy and hold SHIBASHOOT, which will have a max supply of 2.2 billion.
35% of this supply will go to its presale, with another 20% allocated to staking.
Holders will also be able to participate in governance votes, providing even further incentive to hold the token.
As such, it could experience considerable demand once it goes live, given that it will hold considerable utility.
Newcomers can join the coin’s sale by visiting the official Shiba Shootout website, where 1 SHIBASHOOT token costs $0.0198.
This price will rise to $0.0199 very soon, while its early popularity may help rocket when it lists.
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
