SHIB Pump Coming? Analyze the Price Prediction of Shiba Inu as it Joins Top 20 Most Traded Coins

• The price of Shiba Inu has fallen recently, brought down by the news of Silvergate Bank’s liquidation and a more hawkish stance from the Federal Reserve.
• Despite this, SHIB remains one of the most-traded coins in the past 24 hours, with big investors continuing to have faith in its long-term future.
• With the launch of layer-two network Shibarium imminent, SHIB could easily mount a recovery in the next few days.

SHIB Price Falls Amid Market Turbulence

The price of Shiba Inu has fallen by 9% in the past 24 hours, brought down by news of Silvergate Bank’s liquidation as well as 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 year-to-date to 10%.

Big Investors Continue To Have Faith In SHIB

It’s amidst this sell-off that SHIB has become one of the most-traded coins over the past 24 hours, with CoinGecko putting it 14th among “top purchased tokens” today. The meme token also remains one of the most widely held cryptocurrencies among whales (apart from ETH, USDC and USDT), indicating that it still remains favored among big investors.

Shibarium Beta Launch Imminent

As such, with its layer two network Shibarium soon to be launched imminently ,SHIB could easily mount a recovery over the next few days. This will enable faster and cheaper transactions for its Shiba Inu ecosystem which may push prices up in future months with its Metaverse set to launch later this year too.

RSI Indicates Oversold Status Of SHIB

SHIB’s indicators suggest that it won’t be long before it reaches a bottom and invites a big rebound – its relative strength index (purple) has just dropped below 30 while price has dropped below both its 30 day (red) and 200 day (blue) moving averages indicating it’s now being oversold . As such ,SHIB is selling at quite an attractive discount and should make some upward movements shortly .

Conclusion

Despite economic turbulence caused by Silvergate bank’s bankruptcy coupled with Fed’s hawkish stance on raising interest rates ,SHEB still remains popular amongst whales as evidenced by data taken from WhaleStats showing top ERC20 holdings amongst whale investors . Its indicators pointing to an oversold market coupled with upcoming launches like Shibarium beta should see prices rise soon enough but only time will tell how far they will go .