Shiba Inu (SHIB) Price Drops But News Hints at Incoming Rally: Should You Buy?
Shiba Inu (SHIB) is down over 14% today, but that might not be the whole story for crypto traders. Here's a quick look at what you need to
Arslan Butt•Thursday, March 7, 2024•1 min read
Shiba Inu (SHIB) is down over 14% today, but that might not be the whole story for crypto traders. Here’s a quick look at what you need to know before you trade SHIB.
Shiba Inu Developer Hints at Big News
Shytoshi Kusama, the lead developer for Shiba Inu, recently hinted on social media that a major Shib-themed service launch is on the horizon. This could potentially boost SHIB’s value. Kusama is also capitalizing on the current momentum by launching new products like the Shib Name Service (SNS).
Shiba Inu Eyeing $100 Billion Market Cap?
Kusama recently shared a post predicting a $100 billion market cap for SHIB, although he didn’t necessarily endorse the prediction.
Shiba Inu Outperforms Market
Despite today’s dip, SHIB has had a wild week, surging over 120% and significantly outperforming other major cryptocurrencies.
Technical Analysis of SHIB/USD
- Current resistance sits at $0.000037. If broken, it could signal further gains.
- Buying volume is at bull market levels, indicating strong investor interest.
- Meme coins are currently dominating the market, potentially benefiting SHIB.
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ABOUT THE AUTHOR
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Arslan Butt
Index & Commodity Analyst
Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.
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