NewsletterWill Shiba Inu Price Soar Amid Fiat-on-Ramp Services Launch?
Highlights
- Shiba Inu price is at a crossroads despite fundamental developments.
- Shiba Inu has launched a fiat on-ramp service.
- Large holders increased their SHIB stack while exchange reserves decreased.
Shiba Inu price has been making strides in the crypto world, with the aim of remaining relevant. Recently, SHIB has shown signs of making new monthly highs as its adoption increases. Over the last day, SHIB has trended upward, adding 1.7% to its value. Despite Bitcoin dominating the markets, the recent increase in SHIB exchange outflows suggests that the asset may be due for a price increase soon.
On Tuesday 13th, at the 2024 Blockchain Futuristic Conference (BFC), the SHIB team highlighted the impressive 25,000,000% increase in the SHIB price since its launch, showcasing the project’s progress and future roadmap.
Kusama Teases Shiba Inu Price Mooning
During the conference, they also announced a partnership with Wert, a Web2-to-Web3 fintech company, to launch a SHIB fiat on-ramp service, allowing users to buy BONE and USDC with Visa or MasterCard. This initiative aims to make it easier for the masses to purchase SHIB and its related products, driving increased demand.
⏪ 2024 Recap of Shiba
Shiba grows bigger, gets stronger, and never slows…
Be part of the future!
Be part of the Shiba!!!!!!! pic.twitter.com/LZ9kssdTpJ— Shib (@Shibtoken) August 13, 2024
Shortly after this presentation, the Shiba Inu lead, Shytoshi Kusama, playfully responded to a question from one of the leading crypto exchanges, HTX about which asset is “going to the moon” with a “WOOF,” a popular term in the Shiba Inu community on X. This lighthearted response was seen as a nod to the potential for SHIB and its ecosystem tokens, BONE and LEASH, to experience significant gains.
— Shytoshi Kusama™ (@ShytoshiKusama) August 13, 2024
Data from CryptoQuant shows that the Shiba Inu exchange netflow was negative for the second day in a row on August 13, with SHIB outflow increasing by 9.53%. This indicates that investors plan to hold onto their tokens in anticipation of a Shiba Inu price rise.
In the last 48 hours, Shiba Inu large holders, commonly known as whales, have significantly increased their SHIB inflows. According to data from IntoTheBlock, the SHIB large holder netflow was positive, with 161.15 billion tokens added, signaling that whales are strategically accumulating SHIB, driving up demand.
Currently, SHIB buyers who purchased at prices between $0.000013 and $0.000014 are breaking even but face the risk of losses if the market turns bearish. However, if the bulls prevail, nearly $800 million worth of SHIB tokens could be protected from losses.
SHIB Price Is At Crossroads
Shiba Inu price is in a downward trend overall, but the price is currently moving within an ascending channel, suggesting potential short-term bullish momentum within this broader bearish trend.
The meme coin sports resistance at $0.00001394, $0.00001553, and $0.00001700. Conversely, if bears prevail, the SHIB price may have support around $0.00001300 near the lower boundary of the ascending channel and at $0.00001100.
Low volume suggests a lack of strong conviction from both bulls and bears. However, an increase in volume will likely accompany a breakout to the upside from the current ascending channel. Shiba Inu buy pressure is low but rising gradually, as indicated by increasing open interest (OI) from Coinalyze analytics.
The Relative Strength Index (RSI) is neutral at 50.96, indicating balanced momentum. However, the market could move in either direction depending on upcoming price action.
If the Shiba Inu coin price breaks out above $0.00001553, it would signal market strength and could lead to an extended rally toward the next significant resistance level at $0.00001700.
Current Shiba Inu price prediction indicate that while Shiba Inu is poised for a potential rally, it must first overcome this critical resistance before any substantial upward movement can occur.
Frequently Asked Questions (FAQs)
1. What is the significance of SHIB's exchange outflows?
2. What could signal a potential breakout for SHIB's price?
3. What impact could the new fiat on-ramp service have on SHIB's price?
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