Whale Buys 583 Billion SHIB as Shiba Inu Hits $0.000015: Price Prediction
The price of Shiba Inu has dropped by 8% in the past 24 hours, slumping to $0.00001528 as the entire crypto market suffers a bearish selloff today.
SHIB has now lost 10% in a week and 36% in the last 30 days, with the meme token just about holding onto a 100% gain in a year.
Today’s downturn appears to have provided investors with a prime opportunity to buy the dip, with one whale purchasing 583 billion SHIB – worth nearly $10 million – in the past 24 hours.
And given how much the market has now oversold Shiba Inu in recent weeks, now may be a great time to buy the token before it rebounds.
Whale Buys 583 Billion SHIB as Shiba Inu Hits $0.000015: Price Prediction
Shiba Inu’s chart shows that the meme coin has more or less hit rock bottom, with its indicators all in positions that usually precede a rebound.
Most notably, its relative strength index (purple) has fallen to 25 this morning, putting it firmly in oversold territory.
Source: TradingViewMuch the same goes for its 30-day moving average (orange), which has fallen to a new low relative to the 200-day (blue).
As with the RSI, the 30-day’s plunge to such a level normally comes right before a rise, so anyone looking to buy the dip would probably do well to buy it now.
Of course, there’s a possibility that the Shiba Inu price could fall a little further before correcting itself, in light of the factor’s involved in today’s market-wide crash.
Mt Gox activating their wallets finally for repayments. Stay safe $BTC pic.twitter.com/SjST18kgoP
— Block_Diversity v.8 (@i_bot404) July 4, 2024
The German government has moved as much as $175 million in BTC to addresses in the past few hours, preparing for a likely sale.
On top of this, wallets belonging to Mt. Gox trustees have also activated in the past day, which again appears to be a prelude to a big BTC selloff.
This is why prices are down across the board, and also why SHIB could come into some more harm over the next few days, before things stabilize.
A fresh wallet withdrew more than $120M worth of assets from #Binance 2 hours ago.
Including:
40.7M $USDT
9,425 $ETH($30.15M)
957.77B $PEPE($9.84M)
583.78B $SHIB($9.68M)
16,192 $BNB($9M)
58.15M $DOGE($6.95M)
438,721 $RNDR($3.17M)
5.18M $MATIC($2.81M)
3M $FTM($1.59M)
9.49B… pic.twitter.com/lOrROZzVYl
— Lookonchain (@lookonchain) July 3, 2024
Yet some traders are already taking the opportunity to buy SHIB at a discount, with one whale buying upwards of $120 million in various altcoins yesterday, including SHIB.
There’s therefore a growing expectation that the meme token will rebound sooner or later, and also rise well beyond its current level.
It could potently return to $0.000020 in the next month, before reaching $0.000040 by Q4.
Newer Meme Tokens Show More Promise
SHIB has taken such a battering in recent weeks that many traders may prefer to turn to newer tokens, which can in certain circumstances outperform the market quite dramatically.
One way of identifying the most promising new coins is to look for the most popular and heavily subscribed presales, which tend to indicate strong market interest.
One coin attracting plenty of attention right now is new layer-two project Pepe Unchained (PEPU), which has raised over $2.2 million in its presale.
Pepe has broken his chains with his own layer 2 blockchain solution:
Instant bridging between ETH and Pepe Chain
Lowest transaction fees
100x faster transaction speeds compared to ETH
Dedicated Block Explorer
Join the future with Pepe Unchained! pic.twitter.com/hluCsuV1Xz
— Pepe Unchained (@pepe_unchained) July 1, 2024
Pepe Unchained is a rare example of a meme token with strong fundamentals, which come from the fact that its launching its own L2 platform for Ethereum.
Its L2 network will provide users with offering near-instant transactions and extremely low fees, with its team boasting transaction times around 100x faster than Ethereum’s.
Such performance should help it cut into the market share of existing layer-twos such as Base, Optimism and Polygon.
Another bullish feature is that its greater efficiency will provide for bigger staking rewards, encouraging more traders to hold PEPU tokens for the longer term.
PEPU comes with a capped supply of 8 billion PEPU, which in the long term could help make it deflationary.
It has allocated 30% of its supply to staking, as well as 20% to the sale, making it a strongly decentralized token.
Investors can participate in its sale at the coin’s official website, where they can buy PEPU using either ETH, BNB, USDT or fiat currency.
They will receive their PEPU tokens via an airdrop once the sale ends, at which point the coin will list and potentially moon.
The post Whale Buys 583 Billion SHIB as Shiba Inu Hits $0.000015: Price Prediction appeared first on Cryptonews.
