• Shiba Inu (SHIB) has dropped by 9% in the past 24 hours, due to news of Silvergate Bank’s liquidation and a more hawkish stance from the Federal Reserve.
• SHIB is the 13th-most purchased ERC-20 token among whales today and remains a favorite with big investors.
• The beta launch of Shibarium is imminent, which may cause SHIB to rebound in the near future.
SHIB Price Drop
Shiba Inu (SHIB) has dropped by 9% in the past 24 hours, brought down by news of Silvergate Bank’s liquidation and a more hawkish stance from the Federal Reserve concerning further rate hikes. At $0.0000099, SHIB is also down by 17% in a week and by 30% in the last 30 days, with today’s losses reducing its gains for the year-to-date to 10%.
Big Investors Remain Bullish on SHIB
Despite this sell-off, SHIB remains one of the most traded coins in the past 24 hours according to CoinGecko, with it being 14th among “top purchased tokens” today. It also remains the fourth most widely held cryptocurrency among whales (apart from ETH, USDC and USDT), indicating that it still remains a favorite with big investors.
Launch of Shibarium Imminent
The launch of layer-two network Shibarium is imminent, which could potentially push up SHIB prices as it allows faster and cheaper transactions for the Shiba Inu ecosystem. As such, with this launch coming soon there are plenty of reasons to be optimistic about SHIB’s future performance.
Indicators Suggest Bottom Is Near
The relative strength index (purple) has just dropped below 30 while its price has dropped below its 30-day (red) and 200-day (blue) moving averages – both indicators suggesting that now could be an opportune time to buy into SHIB before its likely rebound.
Conclusion
Given its positioning within whale holdings as well as its RSI levels dropping into oversold territory combined with its upcoming layer two network launch – all signs point towards an imminent pump for Shiba Inu when conditions become favourable once more.