Shiba Inu Price Prediction: SHIB Faces a 4% Decline

Join Our Telegram channel to stay up to date on breaking news coverage

Shiba Inu SHIB faces a downturn, prompting speculation about a potential price recovery. At 6:50 EST on August 25, Shiba Inu traded at $0.000008089, representing a 4% 24-hour price drop.

The trading volume has declined 16% in the last 24 hours, reflecting reduced investor interest and low buying demand. Despite the negative price movement, SHIB might recover due to upcoming bullish news concerning the relaunch of Shibarium.

Shiba Inu’s Price Action Indicates Adverse Market Condition

Following the network challenges witnessed after the Shibarium mainnet launch on August 15, Shiba Inu has recorded a 32% price decline. Shiba Inu is down by 4.5% in the last seven days despite its bearish price movement; the asset is up by 4% in the previous 30 days.

Shiba Inu Analysis – Bears Having Upper Hands, Will SHIB Rebound?

As illustrated in the chart, Shiba is trading below the 50 and 200-day Simple Moving Average SMA, which indicates a short and long-term bearish price movement for the asset.

The 50-day Moving Average is acting as a resistance to Shiba’s price, and a rally above this level could signify an increase in buying activity in the market.

Additionally, the Moving Average Convergence Divergence MACD trades below the signal line with red histogram bars, which denotes bearish market momentum.

The Relative Strength Index of 42.10 further supports the prevailing bearish market sentiment as the price of Shiba could reach the oversold zone.

However, a possible trend reversal could follow if the asset traders into this zone. Combining the following technical indicators suggests a short-term bearish price action for Shiba Inu.

But with the rollout of some positive news on the Shibarium relaunch and notable whale movements, market observers are optimistic about a positive price trajectory for the asset in the coming weeks.

Nevertheless, traders should consider other metrics and rely only on technical indicators before making investment decisions.

Developer Shares Critical Insights on Shibarium

With Shibarium’s imminent public launch, Shiba Inu developer Kaal Dhairya has offered a crucial clarification.

I want to make sure people understand that if https://t.co/K6OGCE01iv is down just the block explorer is down not the network, this is because we use an opensource version of Blockscout and don’t use big servers for it and they are working on getting hosted version up soon.…

— Kaal (@kaaldhairya) August 24, 2023

In response to earlier information from team member Lucie about Shibarium being operational in private mode, Dhairya stated that the platform merely awaits its public unveiling and functions seamlessly. As per Kaal, the status of the Shibarium explorer, whether available or not, does not impact the functionality of the Shibarium network.

He clarified that the unavailability of the Shibarium explorer “ShibariumScan” doesn’t indicate any issues with the operation of the Shibarium network itself.

Anticipation is growing, with an imminent official announcement anticipated regarding the public relaunch of Shibarium.

A smooth launch will undoubtedly be positive for the price of Shiba Inu in the long run and could quickly wear off the negative sentiment surrounding the first failed launch.

The surge in Burn Rate Could be Beneficial for Shiba Inu’s Price

As per present data, approximately 85.2 million SHIB tokens have been intentionally sent to inactive wallets, intensifying the meme coin’s deflationary strategy.

Notably, a prominent address has exhibited substantial dedication to this burning process within the last day, immolating significant token portions.

Token burning, as seen with SHIB’s 85 million burnt tokens, affects the asset’s price in multiple ways. Supply reduction through burning can create scarcity, potentially raising demand and boosting prices. Reduced supply deflation might lead to higher perceived value, attracting investors.

Dextools Integrates Shibarium

DEXTools, recognized for its analytical solutions within DeFi, has revealed the incorporation of Shibarium, a fresh Shiba Inu-related blockchain.

Hi $DEXT Community!

🆕⛓️ #Shibarium is here! 🔥🔥

🔍 We have just integrated this new blockchain, so you can now trade shibarium tokens at @DEXToolsApp.
High volatility is expected, #DYOR and trade safe! 🛡️🎢

▶️▶️ https://t.co/iQqXLVZa14 #SHIBARMY #SummerOfShibarium #SHIB pic.twitter.com/HhkDLnXr1n

— DEXTools (@DEXToolsApp) August 24, 2023

This integration empowers users to seamlessly conduct token exchanges on the Shibarium network using the DEXTools platform.

In a recent Twitter update, DEXTools recommended users brace for substantial market fluctuations and emphasized the importance of conducting personal research (DYOR) before trading.

This integration closely follows Shibarium’s refinement period after two-day rigorous testing. Shytoshi Kusama, the lead developer behind Shibarium, has shared recent advancements in the project’s scalability initiatives.

Kusama highlighted the integration of heightened security protocols such as RPC level rate limiting and automated server resets to handle heightened network activity.

These refinements aim to read Shibarium for a prospective public launch, positioning it as a potential avenue for scaling the Shiba Inu cryptocurrency.

However, despite the previous challenges, Shibarium received a warm welcome from community members, evident in the massive adoption rate. The SHIB community members believe Shibarium could expand the Shiba Inu ecosystem, positively impacting the meme coin’s price.

Best Meme Coin in the Game

Sonik Coin ($SONIK), a community-driven meme token, has emerged, seeking to establish itself as a prominent player within the meme coin sector.

Sonik has recorded tremendous success within the few days of starting its presale, with over $400,000 raised.

Impressive Stake to Earn Feature And Potential To Hit $100 Million Cap

$SONIK is a meme coin and a source of concrete staking rewards for its holders. Sonik has gained rapid traction in the ongoing presale by allowing investors to earn staking yields by depositing their tokens into a staking smart contract.

Many early investors are promptly staking their acquired tokens, even before the presale concludes.

Sonik’s staking dashboard shows that over 16,564,202,900 tokens have been staked from the total supply of 299,792,458,000.

Given its initial market capitalization of $2,098,547, Sonik Coin holds substantial room for upward potential. Achieving a transition from $2 million to $100 million implies a 4,665% increase, a possible scenario for a meme coin such as $SONIK.

With Sonic the Hedgehog’s widespread appeal, especially in Japan and across Asia, Sonik Coin’s creativity will facilitate its potential for virality, attracting a vast community of meme coin enthusiasts.

The token’s meager presale value will lure those seeking promising low-cap investments, while the staking system appeals to passive income seekers.

Furthermore, a proficient team’s marketing drive ensures that the cryptocurrency community on Twitter will soon take notice, considerably enhancing the prospects of a notable price increase.

$SONIK has raised over $474k in its presale round, with the token available for $0.000014. Users can join the ongoing sale by visiting this website.