Shiba Inu Price to Tumble? Projecting 35% SHIB Decrease Soon

Updated: 15 August 2023

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Despite rapid ecosystem development and robust community, Shiba Inu faces bias amongst investors due to massive declines over the past weeks.

While the community excitedly anticipates unveiling the Shibarium layer-2 network at the ETH Toronto event this week, SHIB remains on a downward trajectory.

Contrary to investors’ expectations, SHIB has lost over 2.76% in the last 24 hours, reducing its weekly gains to 14.5%. Today’s performance plants need clarification within the community about whether SHIB will continue in this course or witness a bullish rebound.

Shiba Inu Holders Increase Amid Heightened Interest Following Shibarium Teasers

Although Shiba Inu met some setbacks in price, its community continues to enlarge. The latest data by the on-chain analytical firm, IntoTheBlock, shows Shiba Inu broke records, achieving a new all-time high number of unique addresses.

#Shibarium is expected to launch next week.

Are you pawsitive for for $SHIB? 🐾

— KuCoin (@kucoincom) August 12, 2023

According to the data, the leading meme coin now boasts 3.54 million addresses from 3.2 million recorded in May. Shiba Inu has also experienced a significant surge in activity. And the 14.18% increase in talks over the past seven days confirms this.

Shiba Inu observed a notable spike in several addresses in July, representing a 115% growth within one week. In addition, the number of active wallets bearing non-zero balances hit a peak of 1.24 million.

Most interestingly, there was an uptick in addresses holding between 100 billion to 1 trillion Shiba Inu tokens. Investors holding 100 billion to 1 trillion SHIB tokens increased their portfolios by 52.65%. This category of investors now has SHIB tokens worth between $1 million and $10 million.

The increased number of addresses could be hinged on the hype around the upcoming launch of the Shiba Inu community’s layer-2 network, Shibarium. The Shibarium launch has attracted massive anticipation within the crypto community since the announcement by the developers.

Shiba Inu Price Performance Amid Heightened Ecosystem Activity

Although SHIB’s ecosystem remains abuzz with activities, the meme token remains down by 2.34% at 6:39 am EST today, August 14. Shiba Inu currently trades at $0.00001026.

However, despite this decline, Shiba Inu retains nearly 15% of its past week’s gains, and its value is 27% higher than the price recorded 30 days ago.

Meanwhile, Shiba Inu’s trading volume contradicts the increased number of addresses recorded. According to CoinMarketCap data, Shiba Inu’s 24-hour trading volume is down nearly 28%. This raises questions about whether SHIB would live up to expectations after the Shibarium launch.

SHIB Market Outlook; More Downturn Underway?

The chart above shows Shiba Inu trades between the 50 and 200-day Simple Moving Averages (SMA). While Shiba Inu’s price is below the 50 SMA, it’s still above the 200 SMA, indicating that the current downturn will be short-lived.

Moreover, the bulls have formed a green candlestick-ready break above the resistance at the 50 SMA.

The Moving Average Convergence/Divergence sits above the signal line with green candlesticks, demonstrating a bullish trend in SHIB’s market. The RSI has moved from 64, showing increasing buying strength.

If the bulls increase their buying strength slightly, SHIB could hit $0.00001048 in the coming days, negating projections of a downtrend. While the crypto community anticipates the next bull run, Launchpad XYZ has emerged to drive mass adoption for Web3.

Best SHIB Alternative: Launchpad XYZ

Launchpad XYZ fosters the adoption of crypto and web3 by developing a portal with tools that empower investors to make guided decisions about investing in new projects.

Launchpad is a platform built on the Ethereum blockchain that provides tools to help investors navigate the complex web3 and crypto investment landscape.

Launchpad XYZ will have attractive features, including a fractionalized assets marketplace, educational materials, and an NFT decentralized exchange.

Launchpad XYZ provides an all-in-one ecosystem for Web3 and crypto players. An ERC-20 token LPX serves as a utility token for all activities in the Launchpad XYZ ecosystem. Launchpad will allow users to buy and stake LPX tokens.

Investors are Grabbing LPX Tokens in Millions

The ongoing presale has raised over $1.2 million of its $1.55 million hard cap. Although the presale is a few inches from winding down, investors can seize this chance to join before it ends.

Interested investors can visit this website to purchase the token using USDT, ETH, or a bank card.