• Shiba Inu (SHIB) has fallen by 9% in the past 24 hours due to news of Silvergate Bank’s liquidation and a more hawkish stance from the Federal Reserve concerning further rate hikes.
• SHIB is now one of the most-traded coins in the past 24 hours and remains a favorite with big investors, with its year-to-date gains reduced to 10%.
• With Shibarium’s launch imminent and SHIB still being widely held among whales, there is potential for a rebound in price.
Shiba Inu Price Drops
Shiba Inu (SHIB) has fallen by 9% in the past 24 hours due to news of Silvergate Bank’s liquidation and a more hawkish stance from the Federal Reserve concerning further rate hikes. This has resulted in a 17% drop within the week, and 30% over 30 days, leaving its year-to-date gains at 10%.
Most Traded Coin
Despite this sell-off, SHIB has become one of the most traded coins over 24 hours according to CoinGecko, ranking 14th among „top purchased tokens“. Moreover, it is still one of the most widely held cryptocurrencies among whales (apart from ETH, USDC and USDT), indicating that it still remains popular with large investors.
Possible Pump Coming?
With Shibarium’s layer-two network about to be launched soon and SHIB: The Metaverse later this year, there could be potential for an upward price movement. This is supported by technical indicators such as RSI dropping below 30 while price drops below its 30 day (red) and 200 day (blue) moving averages – suggesting that it may have been oversold.
Big Investors Faith Remains
The large number of whale investors holding onto their SHIB tokens also indicates faith in its future prospects despite recent losses. This sentiment is echoed by WhaleStats who rank SHIB as 13th amongst ERC-20 tokens purchased by whales today.
All factors point towards possible recovery for Shiba Inu as Shibarium launches soon and investor faith continues even through drops in price. However, with Silvergate’s demise still impacting markets and Fed interest rates set to rise further down the line – short term prospects remain uncertain until these issues are resolved.