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Cryptocurrencies: 12,870
Markets: 940
Marketcap: $ 2.06 T(0.18%)
24h Vol: $ 77.17 B
BTC Dominance: 48.69%

Shiba Inu Selloff Deepens in Sluggish Market Renewal

Shiba Inu (SHIB) experienced a sharp reversal after attempts to rise above the upper $0.000010s.

SHIB Selloff

SHIB was down by over 1.5% after a brief climb of 2.5% earlier in the day. 24-hour trading volumes for SHIB reached $175 million on Tuesday, the highest in nearly a week. However, this volume increase is still lower compared to the average in early to mid-December.

SHIB is currently positioned just above its 21-day moving average (21DMA). A potential break below the uptrend could lead to a short-term dip, possibly testing support in the $0.000009-0.0000095 range where the 50-day moving average (50DMA) is located.

If the broader crypto market continues an uptrend, SHIB could see buying interest at sub-$0.000010 levels.

Long-Term Outlook

Long-term SHIB price predictions remain generally bullish. However, SHIB has underperformed compared to Bitcoin (BTC) and Ether (ETH) in the past 12 months, with SHIB up around 27%, while BTC and ETH are up 169% and 94%, respectively.

Shibarium and Ecosystem Growth

Shiba Inu’s price could be influenced by increased on-chain activity on its Shibarium layer-2 Ethereum scaling solution, aimed at supporting the Shiba Inu web3 ecosystem. Shibarium adoption saw a brief spike in new accounts, active accounts, and transactions in early December. Shibarium stats

Alternative Plays like Meme Kombat

Meme Kombat, an alternative investment opportunity, is mentioned for those interested in high-risk/high-reward crypto pre-sales. Meme Kombat has raised close to $5.75 million shortly after launching and offers a platform for betting on battles between characters based on popular meme coins. Meme Kombat

The information provided here does not constitute investment advice. Investing in cryptocurrency is highly speculative and the market is largely unregulated. You should not make any investment decisions based on this content.

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