The
Shiba
Inu
price
has
risen
by
50%
from
its
low
point
in
December
and
its
daily
trading
volume
has
seen
an
increase
to
$300
million.
SHIB’s
growth
in
volume
and
price
has
been
reflected
in
its
market
cap,
which
stands
at
$6.8
billion.
The
meme
coin
is
now
the
13th
largest
crypto
after
toppling
Litecoin
(LTC).
Shiba
Inu
has
549
trillion
tokens
in
circulation,
but
a
total
supply
of
589
billion.
Other
SHIB
tokens
have
been
locked
in
smart
contracts
for
staking
purposes.
Shiba
Inu
market
cap
chart
Is
The
Shiba
Inu
Price
Uptrend
Intact
–
Evaluating
Support
from
Whales
Shina
Inu
has
always
been
a
darling
among
large-volume
crypto
holders,
especially
Ethereum
whales.
According
to
WhaleStats,
Shiba
Inu
is
of
the
top
ten
most
used
smart
contracts
for
the
top
1,000
biggest
Ethereum
whales
on
Friday.
Shiba
Inu
WhaleStats
chart
The
story
gets
juicer,
with
Shiba
Inu
appearing
among
the
most
used
smart
contracts
for
the
top
100
Ethereum
whales
in
24
hours.
Alongside
SHIB
is
Numeraire
(NMR),
Maker
(MKR),
Decentraland
(MANA),
and
Biconomy
(BICO).
In
other
news,
an
opulent
whale
has
moved
a
colossal
amount
of
SHIB
tokens,
possibly
in
preparation
for
the
launch
of
the
new
protocol,
Shibarium.
Data
released
by
Whale
Alert,
a
platform
monitoring
whale
transactions
in
the
crypto
market,
the
investor
transferred
slightly
over
3
trillion
SHIB,
worth
approximately
$38
million
at
the
time
of
writing.
The
transfer
originated
from
an
unknown
wallet
and
still
ended
up
in
another
unknown
wallet.
Interestingly,
the
wallet
received
roughly
the
same
number
of
tokens
a
fortnight
ago
from
an
unidentified
wallet
which
at
the
moment
has
a
zero
balance,
based
on
data
from
Etherscan.
Where
Is
Shiba
Inu
Price
Headed
to
Ahead
of
Shibarium’s
Launch
Shiba
Inu
price
is
trading
within
the
boundaries
of
a
falling
trend
channel,
as
shown
on
the
daily
time
frame
chart.
Following
the
rejection
SHIB
suffered
from
January
highs
at
$0.00001292,
the
token
has
retreated
to
trade
at
$0.00001149,
with
the
200-day
Exponential
Moving
Average
(EMA)
(in
purple)
capping
movement
at
$0.00001181.
SHIB/USD
daily
chart
The
technical
outlook
from
the
Moving
Average
Convergence
Divergence
(MACD)
indicator’s
perspective
is
bearish,
although
this
retracement
could
be
temporary.
Short
positions
in
Shiba
Inu
price
could
ideally
be
triggered
after
the
MACD
line
in
blue
crosses
below
the
signal
line
in
red,
thus
confirming
a
sell
signal.
If
declines
continue
unabated
over
the
weekend,
Shiba
Inu
may
be
forced
to
seek
refuge
at
the
trend
channel’s
lower
boundary
support,
or
if
you’d
like,
the
buyer
congestion
at
$0.00001.
On
the
flip
side,
traders
could
comfortably
hold
onto
their
long
positions
on
the
whim
of
the
50-day
EMA
(in
red)
crossing
above
the
100-day
EMA
(in
blue).
While
this
pattern
is
not
an
ideal
golden
cross
(which
occurs
when
the
50-day
EMA
crosses
above
the
200-day
EMA),
it
suggests
Shiba
Inu’s
upside
momentum
is
in
place
and
has
the
potential
to
hold
in
position
in
the
coming
sessions,
possibly
for
days.
Therefore,
bulls
only
need
to
give
Shiba
Inu
price
a
minor
push
to
deal
with
two
critical
hurdles:
The
200-day
EMA
and
the
upper
boundary
of
the
trend
channel.
Realize
that
a
clear
break
and
hold
above
this
chart
pattern
would
open
the
door
to
gains
eyeing
$0.00001520
(SHIB’s
October
high)
and
$0.000018
–
Shiba
Inu’s
November
peak.
The
IOMAP
model
by
IntoTheBlock
corroborates
the
above
bullish
narrative
by
highlighting
a
solid
buyer
congestion
zone
at
$0.000011.
Approximately
20.5k
addresses
that
purchased
100.6
trillion
SHIB
around
this
area
would
be
willing
to
back
a
positive
outcome
in
Shiba
Inu
price.
Shiba
Inu
IOMAP
chart
At
least
137.37
trillion
SHIB
tokens
are
in
the
money
(unrealized
profit),
representing
69.65%
of
the
protocol’s
total
supply.
The
tokens
that
are
out
of
the
money
(unrealized
loss)
account
for
27.15%
of
the
supply,
approximately
53.54
trillion
SHIB.
There
are
6.32
trillion
tokens
at
the
breakeven
point,
representing
3.20%
of
the
supply.
The
data
above
shows
that
there
are
more
SHIB
tokens
with
unrealized
profit
than
those
experiencing
unrealized
losses
and
at
the
break-even
point
combined.
This
shows
that
investors
would
be
willing
to
back
a
Shiba
Inu
price
rally
as
opposed
to
selling
the
token,
especially
with
the
launch
of
the
Shibarium
protocol
on
the
horizon.
Atomic
Wallet
to
Support
Shibarium
Layer
2
Protocol
The
ShibArmy,
an
online
community
of
Shiba
Inu’s
supporters,
is
celebrating
news
of
early
support
from
Atomic
Wallet.
This
gesture
from
Atomic
Wallet
would
see
the
new
protocol
exposed
to
more
than
3
million
global
users
immediately
after
its
debut.
Core
developers
of
the
Shiba
Inu
ecosystem
assured
investors
on
January
16
that
the
Shibarium
beta
“is
about
to
be
launched.”
However,
the
team
insisted
that
it
is
focusing
on
building
the
Layer
2
protocol
“correctly
and
introducing
it
responsibly.”
The
community
has
been
asked
to
stop
asking
when
the
launch
will
be,
but
then,
the
finish
line
is
nigh.
What
Is
Shibarium
Shibarium
is
a
powerful
layer
2
blockchain
designed
to
revolutionize
the
Shiba
Ecosystem.
Its
main
goal
is
to
scale
transactions
on
Shiba
Inu
without
compromising
on
security
and
decentralization.
The
layer
2
protocol
maintains
its
anchor
to
the
Ethereum
blockchain
used
by
all
the
tokens
in
the
ecosystem
like
SHIB,
LEASH,
and
BONE.
Layer
2
blockchains
like
Shibarium
and
Polygon
provide
the
benefits
of
scalability
and
faster
transaction
times
while
keeping
the
fees
low.
The
launch
of
Shibarium
is
expected
to
be
a
catalyst
for
Shiba
Inu
price,
which
hit
an
all-time
high
of
$0.00008616.
However,
no
one
knows
when
it
will
go
live,
but
investors
expect
to
see
it
released
in
Q1
2023.
Buy
Shiba
Inu
Now
Shiba
Inu
Alternatives
to
Buy
Today
If
you’re
looking
for
other
high-potential
crypto
projects
alongside
SHIB,
we’ve
reviewed
the
15
top
cryptocurrencies
for
2023,
as
analyzed
by
the
CryptoNews
Industry
Talk
team.The
list
is
updated
weekly
with
new
altcoins
and
ICO
projects.
Disclaimer:
The
Industry
Talk
section
features
insights
by
crypto
industry
players
and
is
not
a
part
of
the
editorial
content
of
Cryptonews.com.
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