Shiba Inu Price Prediction as $300 Million Trading Volume Comes, But Crypto Whales Have Their Eyes on This Other Project
The price of Shiba Inu has dropped by 3% in the past 24 hours, with the meme token falling to $0.00001085 as the wider cryptocurrency market barely moves.
SHIB has dipped by 5% in the past 30 days, although the coin remains up by about 34% in the year to date, with its 24-hour trading volume also slightly elevated at just over $300 million.
Such volume could indicate an imminent movement, with the incoming public launch of Shibarium potentially serving as a catalyst for a significant rally this month.
However, while SHIB has been oversold and is due a recovery rally, it seems that many investors have been flocking to Love Hate Inu (LHINU) in recent weeks, with the new polling platform raising a total $2.5 million in its presale.
Based on its indicators, it doesn't seem that SHIB's recent downturn has finished bottoming out just yet.
Most notably, the coin's 30-day moving average (red) still hasn't fallen underneath its 200-day average (blue), and neither has its price.
On a purely technical basis, it's only when the shorter term average has fallen substantially below the longer term average that traders can expect a bounce.
That said, the development of layer-two network Shibarium -- which is due a full public launch in the coming weeks -- could instigate a SHIB rally in the not-too distant future.
The L2 is already live in beta form, with its transaction count showing that testers and contributors have been joining its testnet in recent days.
At the same time, Shibarium's launchpad has revealed that it's receiving thousands of applications from porjects to launch apps on the layer-two network, indicating the rising interest in the project.
This suggests that the launch of Shibarium could be big for Shiba Inu, in that it
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