Shiba Inu makes a recovery after hitting a near-term low

Shiba Inu was near its lower point in this term, with the value hitting $0.000007195 on September 21, 2023. The token appears to be back on track with a high of $0.00000757 after its buying activity drew $123,205,529 to mark an 80% improvement in the last 24 hours. The token value mentioned is above 3.6%.

That has slipped down again at the time of drafting this article to $0.000007282, a fall of 0.78% (approximately) in the last 24 hours. Nevertheless, it is an improvement, with hopes that the value will only rise in the time to come. It could be difficult to put a pin on that thought, considering the volatility rate is still dancing around 33% for SHIB.

The rise is largely credited to an increase in whale activities. The same has helped the community shrug off the image of a bearish trend. Whale activities have reportedly seen a movement of 4.6 trillion SHIB tokens worth nearly $33.38 million. They have been moved from a single wallet to another unknown wallet. The source has been traced back to a crypto exchange that is based in Amsterdam. The destination wallet is unknown.

Coinglass has shed some light on the fact that there could be a short liquidation of the native token. Positions worth $110,000 have been liquidated, with the development dating back to September 23, 2023.

The price of SHIB is being talked about in the industry for two core reasons:

  • First, the launch of Shibarium was expected to give a push to the token at its best value. That has not happened, for the bearish trend is only making its home despite the aggressive launch and promotion of its layer-2 network.
  • Second, new tokens are gaining traction faster than those that have spent some time in the market. New tokens include Bad Idea AI and HarryPotterObamaSonicInu, with gains of 9.5% and 5.9%, respectively. Other established tokens that have lost value are FLOKI and PEPE, in the range of 1.2% and 5.2%.

There is a strong possibility that the community is looking to explore alternatives for a while before making a comeback to those tokens that have been in the market longer.

Shiba Inu’s previous recuperation was announced on August 30, 2023, after the team claimed to have repaired Shibarium to the best of its ability. Other initiatives will always pose a threat, regardless of how much development and maintenance is performed. InQubeta is QUBE, for example. This contest is strictly limited to a network-on-network basis.

People are exploring InQubeta also to find QUBE an interesting fact of the ecosystem. InQubeta is being talked about for its mechanism of connecting AI startups with investors through an AI portal. All of them combined facilitate the adoption of its native token at an accelerated speed.

David Cox

David is a finance graduate and crypto enthusiast. He projects his expertise in subjects like crypto and Blockchain while writing for CryptoNewsZ. Being from Finance background, he efficiently writes Price Analysis. Apart from writing, he actively nurtures hobbies like sports and movies.

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