Shiba Inu Price: Top Reasons Why Shiba Inu Is Tending Today?

Despite the Shiba Inu price drop, the meme coin is trending in the crypto community. It is not just the Shiba Inu fall as the majority of the crypto market is highlighted in red, denoting the bearish trend in the crypto market. 

Analysts have called it a correction period before entering a long run past the Bitcoin halving, which will eventually lift the Shiba Inu price. 

This blog will cover the reasons why Shiba Inu is trending today. 

Shiba Inu Price Analysis 

SHIB, the dog meme coin is trading at $0.0000273 after a 17% loss from its value a month ago. The trading volume is also down by 11%, and the value has decreased to $572,092,599 with a market cap of $16,148,922,107. 

Though Shiba Inu is declining in value, analysts have predicted a bullish push for this meme coin based on its resistance levels. Rekt Capital, a famous crypto analyst on X (previously Twitter), has analyzed the current SHIB price to the 2022 conditions and has predicted a triple-digit surge for the token. 

Also Read: 3 Top Most Profiting Meme Coins Right Now

CryptoQuant has also revealed a major outflow of Shiba Inu, where the SHIB token has been moved from centralized organizations to self-custodial. Usually, such outflows result in bullish conditions as the selling pressure gets reduced. 

Why Shiba Inu Is Trending Despite The Price Fall

Shiba Inu has recently achieved a few milestones, which are responsbile for this hype. Among these, the most important news is Shiba Inu crossing 4 Million in addresses number and sponsoring a Web3 Summit.

Shiba Inu To Sponsor Web3 Summit Dubai 2024

Shiba Inu is going to sponsor the Web3 Summit, hosted by LBank Exchange. It going to happen in Dubai by the middle of April. Here, the top-class web3 leaders, investors, and crypto enthusiasts will be part of this summit to talk about Artificial Intelligence and Web3. 

Also Read: Shiba Inu (SHIB) Price Prediction April 2024, 2025, 2026, 2030, 2040 – 2050

Shiba Inu revealed this information through an X post. The team also mentioned the tickets to be free for this event so that people can register themselves and become a part of the event without any constraints. 

The SHIB team is actively promoting and interacting with the crypto community on various social media platforms to build a better image in the market. Sponsoring such an important event has made Shiba Inu the topic of discussion in the crypto industry. 

Shiba Inu Is Now 4 Million In Addresses

Shiba Inu has hit a remarkable milestone by hitting the 4 million mark in the addresses. This shows the growing demand for the network despite the price fluctuations. This 4 Million is the total number of addresses created on the network till now. However, the number of active addresses number is 1.3 Million, higher than before. 

A different report highlighted that Shiba Inu is responsbile for a 27% share of the meme coin segment worth $59.89 billion.

Conclusion

Shiba Inu has faced another downfall recently, with a 17% price drop. Even with this bearish situation, Shiba Inu has managed to be the trending cryptocurrency in the market. It is all because of its social media presence and marketing strategies. It has to see how the analyst’s predictions of the Shiba Inu bull run will turn out.

Read More Ripple CEO Brad Garlinghouse’s Crypto Prediction For 2024