The past 24-hours have been very excruciating for the entire cryptocurrency industry. The situation has been the same for Shiba Inu (SHIB) as the rest of the cryptocurrencies.
The demise of Shiba Inu
A great demise was witnessed in the entire cryptocurrency industry due to the demise of the Silvergate Bank. Shiba Inu found itself facing the worst situation as its value plummeted by 9% in a 24-hour period.
Prior to the Silvergate Bank’s demise, it was the Federal Reserve that raised many concerns after it announced that it would continue hiking the interest rates.
Since then, the situation has not recovered for the cryptocurrency industry as the decline still persists.
The data shows that due to the recent developments, the trading price of SHIB has continued to decline over the past 30 days.
A look at the chart shows that the value of SHIB declined by 17% in the past 7 days. The decline was higher for SHIB in the past 30 days as its value declined by 30%.
Due to the constant dips, the trading price of SHIB fell to a lower trading level of $0.0000099. From year to date, the trading price of the asset has declined by 10%.
SHIB Ranks among the Most Traded Assets
Although the price of the token has continued declining, an inverse effect has taken place with the trading volume of the asset.
Amidst the huge sell-off activity, the trading volume of the SHIB token has earned the rank of being among the top traded assets.
The CoinGecko report confirms that SHIB currently ranks as the 14th largest most traded asset in the cryptocurrency market. This also includes a great amount of SHIB being purchased by investors.
The surge in activity started to take shape yesterday and it has continued expanding even to this day. The volume is still rising and the whales are not losing their determination.
They are eager to acquire as many SHIB as they can and this is what has made the activity more aggressive in the past 24-hours.
Despite the recent achievement, the meme coin is behind the largest tokens in the entire crypto-verse by market capitalization. These tokens include USDT, USDC, and ETH, and surprisingly, the list doesn’t include Bitcoin.
Still, it can be said that although the token has faced a downtrend, it is still among the most favorite and most traded assets in the market.
The investors are not losing their faith in the token and the whales are even more excited about the latest opportunity. They are always eager to gather as many tokens as they can when the price of a token is low.
The whales may continue increasing their portfolios in SHIB for as long as the asset’s price is low. Their goal would be to HODL as many tokens as possible so they can generate more profits once the asset price recovers.
Shibarium is coming
The asset’s price may be trading at a lower level but it may experience a surge once the upgrade for the meme coin is implemented.
As per the Shiba Inu developers, they are finally done with the development of the Shibarium upgrade. Once it is complete, they will implement the upgrade bringing more utility in favor of the platform.
The integration of the new upgrade would eventually help recover the trading price of the asset. The analysts are hoping that the value of the asset may continue recovering and moving higher as more utility comes in favor of the token.
Data Shared by Changelly
Changelly has recently shared useful data about the future price of the Shiba Inu token. According to the data, the price of the token may move to a high of $0.0000154485.
Despite the bullish prediction, the analysts seem to have taken the current market circumstances into consideration. A week back, the analysts had predicted that the asset price of SHIB would rise to $0.0000162484.