Shiba Inu Bulls Tired Out, Even with Shibarium Launch Around the Corner
The Shiba Inu (SHIB) network has obtained crypto traders’ attention due to its return on investment ratio compared to other digital assets. According to the latest crypto price oracles, Shiba Inu has gained over 220k X from its all-time low in November 2020.
The Ethereum-based meme coin is preparing to launch its layer 2 scaling solution dubbed the Shibarium network. With the expected launch date, the Shiba Inu lead developer Shytoshi Kusama recently announced a new website and intake system.
Nonetheless, Kusama warned crypto traders to stay away from Shibarium tokens as they are currently meant for testing until the mainnet is announced.
The second largest meme coin has over 1.3 million holders, according to on-chain data, having facilitated over 9,788,287 transfers. Approximately 41 percent of Shiba Inu tokens have been transferred to the burn address, with the Shibarium launch expected to increase the burn rate.
Shiba Inu Price Action
The Shiba Inu ecosystem takes pride in a market capitalization of approximately 6,824,637,958 and a 24-hour trading volume of about $190 million. According to market data provided by TradingView, Shiba Inu’s price has gained roughly 53 percent YTD to trade around $ 0.000012430 on Tuesday.
The Shiba Inu bulls have experienced significant resistance around the current prices. With possible head and shoulder formation, coupled with a falling divergence on the daily RSI indicator, the SHIB price is more bearish than bullish.
Moreover, Shiba Inu will face more sell pressure from troubled Voyager Digital, which intends to sell approximately $77 million in the coming weeks.
As such, the Shiba Inu bulls must outperform the whales’ sell pressure and incoming crypto regulations to maintain a bullish sentiment.
Is Market Bottom Around The Corner ?
The overall crypto market has lost its stability after the global crypto market cap has lost the $1 trillion mark. However, today the market seems to be slightly recovering after Bitcoin is trading $16K range pushing the market towards green. However, the cryptocurrencies are still far away from their crucial trading level.
While the crypto market tries to find some stability, the recession speculations still hover around the market. On the other hand, one of the most popular crypto analysts Michael van de Poppe in his new video tries to give us a brief picture of the current scenario and how evident is the recession.
Michael Van De Poppe : Recession Soon
Michael van de Poppe informs his 164K Youtube subscribers that how unhappy the citizens around the globe are, especially Europe, with a surging food prices. He gives an example of the Netherlands where there is the largest rate of change ever witnessed in terms of food which has led to decreased grocery shopping. He claims that the FAO or Food Price Index has plunged nearly 15% which has increased pressure on the end consumer and he expects it to grow even more.
Next, Van de Poppe points towards 2021 supply chain crisis and asserts that as per the recent data a few indicators are expected to give out pce number. The PCE number is nothing but the figure which shows how Americans are spending their money altogether on a monthly basis. This is the number which helps the Fed to know the inflation rate. The analyst gives out a chart which suggests that the domestic Freight rates are moving downwards.
The next sector that the analyst talks about is wages which is considered to be one of the weakest in the economy that can stand against increasing inflation. However, as per the chart he claims that the salary rate is dropping and inturn reducing the purchasing power. This scenario might further cause a decline in demand for goods and services along with food.
Lastly, Van de Poppe notes that though goods price is surging along with food price, there aren’t that good numbers made in sales. By this he means that inflation is about to see a massive drop giving rise to deflation. Hence he stresses how important it is to keep an eye on both inflation and deflation rates.
As the strategist concludes, he claims that for the economy to recover it is important for transportation of goods and services to rally. He also says that though inflation rates are decreasing, the Fed is continuing its hawkish stance. This is affecting the companies leading to decreased job openings.
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Bitcoin Bottom Is Just Around The Corner
Bitcoin has been incessantly fluctuating between the $19,000-$20,000 price levels, which has kept the entire crypto market under bearish control.
Meanwhile, a well-known crypto analyst and trader, anonymously known as Rekt Capital, has provided a time frame when Bitcoin (BTC) will finally find its bottom.
Rekt Capital took to Twitter to inform its 328,000 followers that the Bitcoin bottom is just around the corner and may form in a year once it reaches the bull market height.
As per analysts once Bitcoin attains its bull market peak, the currency usually reaches its complete bottom in the next 365 days. So if history is repeated it’s been 300 days since the time when Bitcoin had its bull market peak and hence it’s around two months away.
Bitcoin Price At New Lows
Next, the expert says that Bitcoin is nearing the bottom of its bearish trend, which is a moment when market participants should seize the chance; conversely, investors’ sentiment toward bitcoin (BTC) is low.
Furthermore, Rekt Capital says that it’s crucial for investors to maintain a strategic approach instead of a submissive investing attitude.
He tries to encourage traders by quoting that the traders should approach trading with the question that what will they do if there are new Bitcoin lows.
Bitcoin is changing hands at $20,046 after a drop of 0.18% in the last 24hrs.