• Shiba Inu (SHIB) has fallen 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.
• SHIB has become one of the most-traded coins in the past 24 hours and remains popular with big investors.
• With Shibarium launch imminent and SHIB: The Metaverse later this year, SHIB could easily mount a recovery in the coming weeks.
Shiba Inu Price Drop
The price of Shiba Inu 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 brings its gains for the year-to-date to 10%, while its losses over a week stand at 17%, and 30% over 30 days.
SHIB Among Most Traded Coins
Despite these losses, SHIB is now among the most traded coins in the last 24 hours according to CoinGecko, with it being 14th among „top purchased tokens“ today. It also remains highly popular with whale investors, who have made it their fourth-most widely held cryptocurrency (apart from ETH, USDC and USDT).
Shibarium Launch Imminent
With Shibarium launching soon and SHIB: The Metaverse later this year, there’s plenty of potential for SHIB to make a big comeback soon. Its indicators are already pointing to an upcoming recovery – its relative strength index (RSI) has just dropped below 30 while its price is below both its 30-day and 200-day moving averages – suggesting that it’s now being heavily oversold.
Big Investors Remain Faithful
Big investors remain faithful in the long-term future of SHIB as evidenced by it being 13th among most purchased ERC20 tokens today despite losses. As such, there are good reasons to be optimistic about SHIB’s prospects going forward.
SHIB Pump Coming?
Overall then, given that bigger investors continue to have faith in SHIB plus with new developments on the horizon, it wouldn’t be surprising if we see a big pump for this meme token soon enough.
