Shiba Inu Price Prediction: SHIB Drops 2% – What's Causing the Downward Trend?

Shiba Inu Price Prediction: SHIB Drops 2% – What’s Causing the Downward Trend?

Updated: 01 September 2023

Disclosure

Don’t invest unless prepared to lose all the money you invest. This is a high-risk investment, you shouldn’t expect to be protected if something goes wrong.

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Shiba Inu, currently priced at $0.000007932, had a lot of trading activity, about $120.4 million, in the last 24 hours. Trading increased by over 24%, but the Price dropped by over 2%.

Over the past week, the price of SHIB went up by about 2%, but in the last month, it went down by roughly 4%.

Between June 22 and September 1, Shiba Inu Coin (SHIB) held steady at $0.00008000. Traders and investors wonder if this stability is due to market speculation or if significant developments are happening behind the scenes. Keep an eye on the SHIB market. This article will explore what might happen with SHIB in the coming weeks.

Shiba Inu (SHIB) Statistics:

Today’s Price – $0.000007932
Market cap – $4.67 Billion
Circulating supply – 589.35T SHIB
Total supply – 589.35T SHIB
Coinmarketcap ranking – 15

Shiba Inu’s Journey: Examining Resistance and Support Levels

Check out the daily chart for some important information. The price of SHIB might face a challenge at around $0.000009430. The price could go up if it manages to go past this point. But if it doesn’t break through, it might fall to around $0.000007750, a level where it could find support.

Source: TradingView Daily Chart SHIB/USDT

When analyzing the chart, there could be resistance levels around $0.000009430 and $0.00001075, while support zones might be around $0.000007750 and $0.000007350.

Over the next few days, it could rise to $0.00001120 or even higher if the price remains above the 50-day and 100-day moving averages.

SHIB’s RSI is currently around 40, so the price might drop in the short term. A price drop is possible based on the moving averages and RSI. Keep an eye on the RSI-14 indicator and support level S1. The price might rise and break the R2 resistance of $0.00001070 or even more if the price breaks the first resistance level and the RSI-14 rises above 50. You can protect your investment from significant losses by using stop-loss orders.

Alternative to Shiba Inu (SHIB)

Wall Street Memes (WSM) did something exciting on September 27th. They added a feature called staking to their token, and on the same day, they listed the token for trading.

These changes are really good for WSM. Staking could make the WSM token’s price more stable, which could attract different kinds of investors. This could be a big help for the project to do well and stay strong.

Wall Street Memes Token: A Promising Opportunity Built on Solid Ground

In 2023, Wall Street Memes became well-known in meme coins by raising over $25 million in their initial sales.

Now, they’re getting ready for the last round of presales, which has excited people. It’s a good time to check out some other interesting crypto projects.

Traders and investors are excited, and it makes sense. Wall Street Memes is ready to launch on big exchanges in 29 days. This could mean more trading and a livelier market, so the upcoming listing on exchanges could be a big deal.

Surging Meme Coin, Supported by Significant Investment

Something exciting happened recently. WSM (WSM) presale has a $1 million investment from a big cryptocurrency holder. The investor made five transactions and got $WSM tokens worth 460 ETH, or $840,000.

This same person had invested 93 ETH into WSM just two weeks earlier. This shows they believe WSM can make their money.

All this excitement is happening because the project is preparing to launch on big exchanges in 26 days. This might mean more trading and a livelier market, so the upcoming exchange listing is a big deal.

Gaining Attention and Backing: The Surging Meme Coin

In early August, a person with a lot of cryptocurrency, often called a “crypto whale,” put $1 million into Wall Street Memes (WSM). 460 ETH worth of $WSM tokens, worth about $840,000, were traded in five minutes.

The same person had already put in 93 ETH two weeks earlier. It shows investors are serious about WSM.

Notably, famous people like Elon Musk are starting to notice this project, and it’s also getting attention from respected cryptocurrency news sources.

Even well-known personalities in the cryptocurrency community publicly support WSM on places like YouTube. All of this attention shows that the WSM token has great potential.

During the presale phase, Wall Street Memes has remained relatively stable. The project is working hard to ensure token distribution is fair.

So there’s less worry about a small group of investors messing with the price.

Wall Street Memes: Staking, What’s Happening in the Market, and Future Opportunities

Wall Street Memes (WSM) is getting a lot of attention because it will be listed on big exchanges soon, and they have a new feature called staking. Staking means keeping your tokens to make the market more stable.

Winning the lottery isn't what it used to be pic.twitter.com/bol27KXZe7

— Wall Street Memes (@wallstmemes) August 26, 2023

Staking is helpful because it stops the sudden selling of tokens that can harm the market. When people stake their tokens, it shows they believe in the project.

In the latest staking update, more than 212 million WSM tokens have been staked. This could give a 94% return, and the project gives 75 rewards for every block. There are 1.6 billion WSM tokens in total.

Staking helps stabilize things and stops big ups and downs when a project starts.

Wall Street Memes looks like it has good potential for the long term, with a clear plan and a positive market in 2024. Here’s how you can get $WSM tokens.

Smog (SMOG) - Meme Coin With Rewards

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