Shiba Inu (SHIB) Presents Compelling Reversal Indicators – Could This Be It?
September 05 2023 - 3:58AM
NEWSBTC
Shiba Inu (SHIB) has recently been on the radar of cryptocurrency
enthusiasts as data suggests a potential comeback for this
meme-inspired digital asset. The SHIB community had reason to
celebrate with the successful relaunch of the Shibarium Layer 2
solution, akin to a tech company unveiling a highly anticipated
software update. This event not only breathed new life into
the ecosystem but also injected a sense of optimism among SHIB
holders. The Shibarium relaunch has elevated SHIB beyond its meme
coin status, adding a layer of credibility and utility. Related
Reading: Stellar Tough Spot: Will XLM Prices See A Dip Amid
Mid-Range Struggles? SHIB Price Analysis Indicates Hope Over the
past weeks, SHIB has seen a decline in its price, accompanied by a
decrease in trading volume. However, recent price analysis hints at
a potential change in the trend. The descending trading volume,
coupled with the declining price, often serves as a signal that the
downward momentum might be losing its steam. It appears that
the market may be running out of compelling reasons to continue
pushing the asset lower, providing a glimmer of hope for SHIB
enthusiasts. Surprising Popularity Among American Investors In a
surprising turn of events, Shiba Inu emerged as the sixth most
popular cryptocurrency asset among American investors, according to
a recent survey conducted by ConsenSys. Interestingly, 17% of
respondents had allocated their funds to this $4.5 billion
market-capped asset, placing SHIB ahead of larger and more
established cryptocurrencies like Tether and Cardano. Source:
ConsenSys The survey also unveiled a prevailing sentiment among
respondents regarding the cryptocurrency landscape. Many felt that
this asset class needed “heavy regulation” to protect investors due
to the prevailing uncertainty. While Bitcoin and Ethereum still
held the top positions in terms of popularity among American
investors, SHIB’s unexpected rise in popularity signifies a growing
interest in alternative cryptocurrencies. SHIB market cap currently
at $4.4 billion. Chart: TradingView.com Current State Of SHIB As of
now, SHIB is trading at $0.00000745, according to CoinGecko. Over
the past 24 hours, the asset has experienced a 3.3% decline, while
the seven-day performance shows a 9.3% slump. These figures reflect
the ongoing volatility in the cryptocurrency market but also
underline the potential for a turnaround as SHIB aims to regain its
footing. Related Reading: Pepe Coin September Challenge: Can It
Reach $0.000001 Again? Shiba Inu’s recent Shibarium relaunch and
its surprising popularity among American investors suggest that
this meme-inspired cryptocurrency might be poised for a
resurgence. Despite recent price declines, the signs of
optimism, coupled with a shifting sentiment in the cryptocurrency
landscape, could pave the way for a potential comeback for SHIB.
However, as with all cryptocurrencies, investors should exercise
caution and conduct thorough research before making any investment
decisions. (This site’s content should not be construed as
investment advice. Investing involves risk. When you invest, your
capital is subject to risk). Featured image from CarSwitch
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SHIBA INU (COIN:SHIBUSD)
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