Shiba Inu Faces Downturn, But Potential Recovery is on the Horizon
Shiba Inu (SHIB) has experienced a downturn, with a 4% drop in price over 24 hours. However, there are indications that the cryptocurrency may recover due to upcoming positive news about the relaunch of Shibarium. The trading volume has also decreased by 16% in the last 24 hours, reflecting reduced investor interest. Despite the recent negative price movement, SHIB has seen a 4% increase in the previous 30 days.
Key Points:
- Shiba Inu is trading below the 50 and 200-day Simple Moving Average (SMA), indicating a short and long-term bearish price movement.
- The Moving Average Convergence Divergence (MACD) trades below the signal line with red histogram bars, denoting bearish market momentum.
- The Relative Strength Index (RSI) of 42.10 supports the prevailing bearish sentiment.
- The rollout of positive news on the Shibarium relaunch and notable whale movements may lead to a positive price trajectory for SHIB.
- Investors should consider other metrics and not rely solely on technical indicators.
Developer Clarifies Shibarium Status
Shiba Inu developer Kaal Dhairya has clarified that the unavailability of the Shibarium explorer does not impact the functionality of the Shibarium network. Dhairya stated that the platform is functioning seamlessly and is awaiting its public unveiling. An official announcement regarding the public relaunch of Shibarium is anticipated.
Burn Rate Surge and Integration with DEXTools
Approximately 85.2 million SHIB tokens have been intentionally sent to inactive wallets, intensifying the meme coin’s deflationary strategy. Token burning can create scarcity, potentially raising demand and boosting prices. DEXTools has integrated Shibarium, allowing users to conduct token exchanges on the network. The integration follows Shibarium’s refinement period after extensive testing.
Sonik Coin Looking Promising in the Meme Coin Sector
Sonik ($SONIK) is a community-driven meme token that has gained significant traction in its presale, raising over $400,000. The coin offers staking rewards and has seen over 16.5 billion tokens staked out of a total supply of 299.8 billion. With its initial market capitalization of $2 million, Sonik Coin has the potential for significant growth. Its appeal to Sonic the Hedgehog fans and marketing efforts may contribute to a notable price increase.
Hot Take:
Despite the recent downturn in Shiba Inu’s price, there are positive indicators that the cryptocurrency may recover. The upcoming relaunch of Shibarium and the surge in token burning could contribute to a positive price trajectory. Additionally, Sonik Coin shows promise in the meme coin sector, with its staking rewards and potential for virality. However, it’s important for investors to consider other metrics and conduct their own research before making investment decisions.
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