Shiba Inu Price Prediction – Can SHIB Reach $1 Before Dogecoin?
Shiba Inu suffered a dramatic sell-off on Monday evening, with the mint dropping about 10 % in barely two hours. SHIB fell from $ 0.00001074 to a 24hr first gear of $ 0.000009976 in the early hours before a minor recovery. presently trading at $ 0.00001031, SHIB is hush more than 4 % down on the 24hr chart and more than 8 % on the weeklong chart.
however, the rash of sales and buybacks saw volume inject astir by 120 % to just $ 280 million .
SHIB Holders at the Mercy of Whales?
As CryptoNews revealed on Monday, SHIB remains a favorite agree for crypto whales. According to WhaleStats, which tracks the exceed 5,000 Ethereum whales, SHIB is their biggest hold away from ETH, with a blend prize of $ 135 million. The site besides revealed that SHIB had flipped Locus Chain ( LOCUS ) after a period of collection to become their top holding – although that was before Monday ‘s late sell-off. Etherscan data shows one wallet has sold more than 620 billion tokens in less than a calendar month – but bought rear about double that amount. The wallet, which has a balance of about 400,000 ETH ( approx. $ 512 million ), has acquired more than 1 trillion SHIB at lower prices in the lapp period. Another whale took more than 1.72 trillion SHIB off of Huobi last week but has so far to do anything with the coins, it appears. With such massive amounts of SHIB being held, even small fluctuations in price can see whales make huge gains, given the massive size of their bags. interestingly, the SHIB Relative Strength Index ( RSI ) sits at 28, meaning it is highly oversold, but the bearish opinion remains attached to the coin .
Price Prediction: SHIB $1 before DOGE?
Dogecoin and Shiba Inu will forever be linked with Dogecoin, the original meme coin, and Shiba Inu, the largest and most popular ‘DOGE Killer ‘. Both meme coins have strengths and weaknesses that have seen them opposed in more ways than one. In late months, Shiba Inu has been building its ecosystem to attach long-run utility and use cases to the ecosystem. While SHIB started with the sole purpose of flipping DOGE, the project has continued to build utility in the hope of raising the price.
Read more : What Are Coins Made Of?
last week the Shiba Eternity game was released and became the top card crippled download on both Android and io and even made the top 15 in all of the download charts. however, it did little to improve the price of the coin or build momentum. Shibarium, a much-hyped layer 2 solution, besides remains in development, although there is no clear date on when it will be released. originally slated for Q3 2022, it appears that the deadline will be missed and may well not release until following year. Dogecoin has besides struggled to regain momentum after its incredible rise in early 2021 and is presently trading at $ 0.06 – a price it has hovered around for months. DOGE has identical limited utility, although Elon Musk ‘s $ 44 billion takeover of Twitter – which is now back on – could signal a price addition when it is completed. Musk is predicted to include a lean serve on the social media web site, and given he is a boastfully holder of DOGE and helped pump the price stopping point year, the coin is expected to be the beneficiary. While both coins have massive circulations, the sheer size of SHIB ‘s current supply – more than 550 trillion, makes DOGE the more probably coin to reach $ 1. however, neither coin looks like it will go to $ 1 any time soon .
Meme Coin Alternative – Tamadoge
One meme coin that is much more likely to reach $ 1 is Tamadoge ( TAMA ) which had an incredible pump after listing at the end of September. After reaching an all-time high gear of $ 0.1940, TAMA has since retracted, but Etherscan datum shows the number of holders has not fluctuated that a lot . At the point price, there were around 28,000 holders, and there are presently about 26,000 – indicate that many holders have taken profits but kept a position with the project continuing to build. Tamadoge includes a play-to-earn game and NFT ownership in its ecosystem, offering more utility than either DOGE or SHIB and, crucially, has a a lot smaller supply. There will be a soap add of just 2 billion TAMA – 275,000 times smaller than SHIB – and the project besides has a 5 % tan mechanism for the Tamadoge play-to-earn game.
Buy TAMA on OKX CEX
Buy TAMA on OKX DEX