Bittime - Shiba Inu became one of the first cryptocurrencies to emerge from the crypto market downturn! After days of depression, this token finally showed recovery along with several other meme coins.
However, overall, the crypto market has still not moved from the red zone. Global market capitalization currently stands at $2.35 Trillion, with a decline of 0.49% today.
This article will discuss the Shiba Inu price development and the reasons behind its recent increase.
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Shiba Inu Price Analysis
After days of the price continuing to decline, the price of Shiba Inu finally showed a slight improvement. This token jumped 8% yesterday. Currently, the meme coin is trading at around $0.00002476 with a market capitalization of $14.59 billion.
Also read: Shiba Inu Burn Token Makes Shiba Inu Market Cap Soar Sharply
This market capitalization also jumped 7.14%. Additionally, trading volume also rose 8% to $761,369,172.
Even though the price has increased after previously continuing to fall due to market influences, the Shiba Inu price is still far from its highest point. At the beginning of March, Shiba Inu reached $0.00003592, which was the highest level in the last two and a half years.
So, to get maximum profits, Shiba Inu needs to get back close to that peak point.
Also Read How to Buy Crypto:
Big Whale Bringing Shiba Inu To The Moon?
The Robinhood exchange has just witnessed massive buying of Shiba Inu tokens by "whales" (investors with very large crypto holdings). A “whale” bought up 1.75 trillion SHIB tokens, worth over $40 Million.
Also read: Reasons why Shiba Inu dominates the Indian market
According to the whale activity alert report, the whale made two giant transactions, each taking 875 billion SHIB ($20 Million) from Robinhood to an unknown wallet address.
The large buying activity of these "whales" has clearly contributed to the recent increase in Shiba Inu prices. Additionally, crypto investor Ali Martinez identified a “bull flag” pattern on the Shiba Inu chart, indicating the potential for a better price increase in the coming days.
According to his predictions, the price of Shiba Inu has the opportunity to jump to $0.000072323 if it manages to break through the $0.000018343 level, which has already happened now.
650 Thousand Shiba Inu Wallet Still Profitable
According to On Chain analysis, more than 650,000 Shiba Inu wallets holding 733 trillion SHIB tokens are still profitable. More importantly, these wallets purchased SHIB tokens at a price range of $0.000002 to $0.000022, with an average price of $0.000011.
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Analysts believe that community support for Shiba Inu is still strong. SHIB token holders carry out a HODL (buy and hold) strategy even though the price has fallen.
Shiba Inu investors wait for better returns, while other traders turn to short-term trading to take advantage of price fluctuations on cryptocurrencies under $1.
How to Buy Shiba Inu (SHIB) on Bittime
You can buy and sell Shiba Inu (SHIB) in an easy and safe way via Bittime. Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.
Shiba Inu (SHIB) is available on Bittime with the market pair SHIB/IDR. To be able to buy SHIB 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 Shiba Inu (SHIB) on Bittime.
Monitor price chart movements of Shiba Inu (SHIB), Bitcoin (BTC), Ethereum (ETH), Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
Also read:
Dogecoin Vs Shiba Inu: Catching Each Other's Eyes
Should You Buy Shiba Inu (SHIB) in 2024?
Shiba Inu (SHIB): Getting to Know Competitor Memecoin Dogecoin
Shibarium: Shiba Inu 2 Layer Blockchain Ecosystem and Token
DISCLAIMER: This article is informational in nature and is not an offer or invitation 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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