Can Shiba Inu Whales Defy The Market Instability? Here’s What You Should Know.
The post Can Shiba Inu Whales Defy The Market Instability? Here’s What You Should Know. appeared first on Coinpedia Fintech News
The growth of the Shiba Inu (SHIB) ecosystem has mostly been bolstered by the development surrounding its layer-two scaling solution Shibarium. Furthermore, the Shibarmy anticipates the SHIB burn rate will significantly spike after the Shibarium mainnet launch. However, the emergence of more volatile low-cap meme coins like Pepe and WOJAK has significantly reduced Shiba Inu’s market dominance.
Shiba Inu’s Market Performance
As of Wednesday, Shiba Inu recorded a daily trading volume of about $97,910,669 compared to Pepe coin which posted a 24-hour trading volume of approximately $258,796,560. Nevertheless, Shiba Inu whales have continued to hold on despite the bear market. According to a recent on-chain analysis by Lookonchain, the fifth-largest holder of Shiba Inu is likely the fifth-largest holder of Dogecoin.
Shiba Inu Price Analysis
The Shiba Inu market has been on a falling trend in the past three months following a spike fueled by the crypto relief rally in January. Interestingly, Shiba Inu’s price seems to be consolidating horizontally since the asset hit the lows of last year’s bear market at around $0.0000079. Having retested and rejected at last August’s high back in February this year, Shiba Inu’s price has been trapped in a falling trend.
The Shiba Inu falling trend on the lower time frame is well observed on the four-hour derivatives chart.
Additionally, the daily time frame on the Shiba Inu Tether USD derivatives shows the digital asset is under the influence of a death cross between the 50 and 200 MAs.
Dogecoin Gaining Prominence
The Dogecoin (DOGE) network has recorded a sharp uptick in on-chain metrics. For instance, Dogecoin’s daily transactions have hit a new ATH, outpacing Bitcoin and Litecoin simultaneously for the first time in their history. The development of DRC-20 similar to ERC-20 on Dogecoin has led to a significant demand for DOGE coins.
