SHIB Pump Coming? Shiba Inu Price Predicted as Most-Traded Coin in 24 Hours

• SHIB’s price has dropped by 9% in the past 24 hours, bringing its gains for the year-to-date down to 10%.
• Despite this, SHIB remains one of the most widely held tokens among whales and is the 13th-most purchased token among them today.
• The imminent launch of the layer-two network Shibarium could help SHIB mount a recovery soon.

Shiba Inu Price Drop

The price of Shiba Inu (SHIB) has fallen significantly in the past 24 hours, dropping by 9%. This was largely due to news of Silvergate Bank’s liquidation and a more hawkish stance from the Federal Reserve concerning further rate hikes. At $0.0000099, SHIB is now down 17% in a week and 30% in the last 30 days, resulting in its gains for the year-to-date being reduced to 10%.

Shiba Inu Popularity Among Whales

Despite this sell-off, SHIB remains one of the most widely held cryptocurrencies among whales (apart from ETH, USDC and USDT), indicating that it still enjoys strong support from big investors. It is also currently the 13th-most purchased token among whales today according to CoinGecko – an impressive feat given its recent losses.

Shibarium Layer 2 Network Launch

The upcoming launch of layer-two network Shibarium could be what helps turn things around for SHIB. By offering faster and cheaper transactions within its ecosystem, Shibarium will make interacting with Shiba Inu much more convenient for users. This could lead to increased adoption which may drive up prices over time.

Technical Indicators Point Towards Recovery

SHIB’s technical indicators also 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 its price has dropped below both its 30-day (red) and 200-day (blue) moving averages – all signs that it’s now being oversold at a discount price point.

Conclusion

In conclusion, SHIB’s immediate future looks promising despite its current losses as it continues to enjoy strong support from whales and looks set to benefit from Shibarium’s imminent launch later this month. Technical indicators also point towards an eventual recovery which could occur sooner rather than later if conditions remain favourable for cryptocurrencies in general over the next few weeks.