Bittime – Shiba Inu (SHIB) pricehas been on a rollercoaster over the past few weeks, surging to a three-year peak of $0.00004 on March 9 before dropping back to $0.00003 on March 14. The rally was fueled by various factors, including the launch of the Shiba Inu metaverse, Shibaverse, and the listing of SHIB on major crypto exchange Coinbase.
However, the initial enthusiasm appears to be waning, as a sell-off from long-term investors and a decline in network activity raise concerns about SHIB's near-term prospects.
Alan Shiba Inu SHIB/USDT Price Correction
One of the main factors behind the SHIB price correction is the selling action from long-term investors. On-chain data from IntoTheBlock shows that the number of SHIB addresses that have held the token for a year or more has fallen from 1.03 million on February 29 to 1.01 million on March 13. This drop indicates that 20,000 long-term SHIB investors have dumped their tokens in March.
This sell-off can be attributed to several factors, including the significant gains investors made during the recent rally and concerns about the sustainability of SHIB's price rise.
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Another bearish factor putting pressure on the Shiba Inu SHIB/USDT price is the decline in network activity. Data from CryptoQuant shows that the number of daily transactions on the Shiba Inu network has fallen drastically from 87,054 on March 5 to 16,335 on March 12. This decline signals reduced demand for products and services hosted on the Shiba Inu network.
A decrease in network activity could be an indicator that investor interest in SHIB is starting to wane. This may result in a decrease in the price of SHIB in the future.
Tether (USDT) Plays an Important Role in the Crypto Market
Amidst the SHIB price volatility, Tether (USDT), a USD-pegged stablecoin, plays an important role in the crypto market. USDT is the most widely traded stablecoin in the world, and is often used as a trading pair for other crypto assets, including SHIB.
USDT's stability helps maintain liquidity in the crypto market and facilitates trading of crypto assets. This is important for SHIB, as it allows investors to easily convert their SHIB to USDT and vice versa without having to look for direct buyers or sellers.
Shiba Inu Price SHIB/USDT Today
Source: Bittime.com
On March 14, 2024, the price of Shiba Inu SHIB/USDT was at $0.00003356 per coin, up 1.79% in 24 hours.
Also Read How to Buy Crypto:
The Future of Shiba Inu SHIB/USDT
The future of Shiba Inu is still shrouded in uncertainty. On the one hand, the launch of Shibaverse and listing on Coinbase could provide a long-term boost to the SHIB price. On the other hand, the sell-off by long-term investors and a decline in network activity raise concerns about its short-term prospects.
SHIB investors need to carefully consider these factors before making an investment decision. It is important to do your own research and understand the risks before investing in any crypto asset .
Conclusion
Shiba Inu SHIB/USDT price has undergone a correction after an impressive rally. A sell-off from long-term investors and a decline in network activity are the main bearish factors that could impact the SHIB price in the near term.
While Shibaverse and listing on Coinbase offer long-term potential, investors should remain aware of the risks and do their research before investing.
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How to Buy Tether (USDT) on Bittime
You can buy and sell Tether (USDT) in an easy and safe way via Bittime . Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.
Tether (USDT) is available on Bittime with the USDT/IDR market pair . To be able to buy USDT/IDR at Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.
Learn the complete guide on how to buy Tether (USDT) on Bittime .
Monitor price chart movements of Tether (USDT) , Ethereum (ETH) , Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
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DISCLAIMER: This article is informational in nature and is not an offer or solicitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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