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Shiba Inu (SHIB) has recently seen a decline of 7% within the last hour, with its price dropping to $0.00002594. This downturn is part of a broader correction in the cryptocurrency market, which has been experiencing significant gains following the recent elections.
SHIB Makes Waves in Trading Volume
Despite the recent dip, Shiba Inu has managed to break into the top ten cryptocurrencies by trading volume. Today’s volume for SHIB has surged past $8 billion, showcasing the growing interest among traders. Over the past week, the bullish sentiment surrounding SHIB has led to a remarkable increase of 47%, and it has witnessed an impressive 200% rise over the past year.
The Challenge of Overtaking Dogecoin
The idea of Shiba Inu potentially overtaking Dogecoin remains a hot topic. While it may seem like a daunting task given Dogecoin’s strong position within the top 100 tokens, the current momentum for SHIB could position it well if trends continue towards the end of the year.
Market Dynamics and Profit-Taking
The recent market correction has prompted many traders to capitalize on profits. As a result, SHIB’s relative strength index (RSI) has fallen from 70 to 50, indicating a stabilization after touching support levels. On a positive note, SHIB’s 30-period moving average is still above the 200-period average, signaling continued growth for the token. This surge in trading volume has increased by over 800% in a short period, suggesting a significant shift in market dynamics.
Whale Activity and Profit-Taking
Following the spike in SHIB’s price, some large investors, known as whales, have begun to take profits. Recently, a notable whale sold 100 billion SHIB tokens for $2.85 million, demonstrating the potential for profit within this volatile market. This particular investor has profited approximately $123 million since initially acquiring their SHIB tokens in 2020.
Dogecoin’s Continued Dominance
While Shiba Inu enthusiasts hope for a potential lead over Dogecoin, the latter has experienced substantial boosts in trading volume, currently sitting at $59 billion. Furthermore, Dogecoin continues to attract significant investments from whales. Given these factors, it might be unrealistic to expect SHIB to surpass Dogecoin in the near future, despite its strong fundamentals.
Shiba Inu’s Recent Developments
Shiba Inu has made substantial progress over the last couple of years, launching major updates including its layer-two network, Shibarium, and various games based on the token. Recent statistics show that Shibarium is witnessing over 2.1 million transactions daily, which positions SHIB favorably in the rising bull market.
Future Price Predictions
While immediate overtaking of Dogecoin by Shiba Inu may not be on the horizon, analysts speculate that SHIB could reach $0.000030 within the next week and potentially touch $0.000040 by the end of December. These predictions hinge on the ongoing market trends and the overall sentiment of cryptocurrency investors.
Emerging Meme Tokens to Watch
While Shiba Inu continues to gain traction, newer meme tokens are emerging that may challenge established players like Dogecoin. Some of these tokens are in the presale phase, gaining momentum ahead of their initial listings. One notable token in this category is Flockerz (FLOCK), an ERC-20 token that has already raised over $1.6 million in its presale.
Introduction to Flockerz
Flockerz is touted as the first vote-to-earn token in the crypto space, offering rewards to users for participating in governance decisions. Besides governance rewards, holders can also stake FLOCK for additional returns, creating dual income streams. The total supply is capped at 12 billion tokens, with allocations designated for staking, governance rewards, and the presale.
Get Involved with Flockerz
Investors have the opportunity to participate in the Flockerz presale, currently priced at $0.006049. As the presale progresses through its 50 stages, early investors are positioned favorably for potential returns as prices are set to increase before the sale concludes.
For those interested in new opportunities within the meme token landscape, exploring Flockerz may be a wise move.
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