Recent Binance transfer causes caution among Shiba holders
Shiba Inu (SHIB) is an Ethereum-based meme-coin inspired by Dogecoin, launched in 2020 by the anonymous developer Ryoshi. Unlike Bitcoin, designed to be scarce, SHIB is intentionally abundant with a total supply of one quadrillion. The Shiba Inu Token ecosystem includes projects like an NFT art incubator and the decentralized exchange Shibaswap.
Shiba Inu exhibits significant volatility, characterized by large price fluctuations. The cryptocurrency was buoyed when Bitcoin’s price exceeded $73,000, driven by investments in new U.S. spot bitcoin exchange-traded funds (ETFs).
However, Shiba Inu (SHIB) has since lost over 30% of its value, attributed to profit-taking, market saturation, and speculative trading. In addition, Binance’s recent transfer of 900 billion SHIB tokens has caused concern among the community, further contributing to its caution.
Possible outcomes for Binance transfer
The transfer of such a large amount could indicate liquidity adjustments. Binance, as a major cryptocurrency exchange, often moves assets to maintain wallet liquidity and ensure smooth trading for its users. Another possibility is that Binance is rebalancing its custodial accounts to manage withdrawals or deposits from its clients.
There’s also the chance that Binance is preparing to offer new services related to SHIB, such as staking or other financial products that require large token reserves. These scenarios could all explain the substantial transfer.
Traders are likely to monitor Binance’s next moves closely
Traders will keep a close eye on any additional SHIB movements by Binance, as well as official updates regarding the purpose of the transfer. Analysts warn that similar downturns could occur, with market conditions shifting as participants continue to exit the market. However, the $10.2 million increase in Shiba Inu token acquisitions suggests potential for a price increase beyond the current levels.
According to cryptocurrency analyst Javon Marks, Shiba Inu may see a significant breakout following its ongoing consolidation phase. Marks predicts that SHIB could surge to $0.000081, potentially leading to a further 90% increase to set a new all-time high.
Nonetheless, cryptocurrency markets are volatile, and investors should conduct thorough research and carefully assess their risk tolerance before making any investments.
Technical analysis for Shiba Inu (SHIB)
Shiba Inu (SHIB) has seen a sharp decline since March 5, 2024, dropping from $0.00004575 to a low of $0.00002350. The current price stands at $0.00002944, and as long as it remains below $0.00003500, bearish momentum is likely to continue.
Ključne razine podrške i otpora za Shiba Inu (SHIB)
The important support level is at $0.000025, and if the price drops below this level, it could signal further declines, with a potential target at $0.000020. If the price breaks this key support, the next target could be around $0.000015. On the upside, if SHIB moves above $0.000035, resistance at $0.000040 could be the next hurdle to overcome.
Factors driving Shiba Inu (SHIB) price increase
Despite recent losses, a surge in Shiba Inu transactions on the Shibarium network suggests that there is continued enthusiasm from traders. For a bullish trend to take hold, SHIB needs to break above the $0.000035 level, which would indicate potential for further gains. Additionally, the overall rise in Bitcoin’s value can positively affect SHIB’s price.
Indicators pointing to further decline for Shiba Inu (SHIB)
Shiba Inu remains a highly speculative and risky investment. The coin’s performance is heavily influenced by market sentiment, regulatory developments, technological advancements, and macroeconomic trends. Any negative changes in Bitcoin’s price, especially if it drops below $65,000, could lead to a further downturn in SHIB’s price.
Stručna mišljenja i prognoze
Despite recent price drops, on-chain data shows a notable increase in Shiba Inu acquisitions, with $10.2 million worth of SHIB tokens purchased in the last 24 hours. Analyst Javon Marks believes that Shiba Inu is poised for another breakout, potentially reaching $0.000081 in the near future. However, cryptocurrency markets are known for their volatility, and investors should proceed with caution.
Izjava o odricanju od odgovornosti: Crypto investments are highly volatile and not suitable for everyone. Only invest what you can afford to lose, and conduct thorough research before making any decisions.
