Shiba Inu Price Prediction as SHIB Becomes Top 20 Most Traded Coin in 24 Hours – Is a SHIB Pump Coming?

cryptonews.com:

The price of Shiba Inu has fallen by 9% in the past 24 hours, brought down by the news of Silvergate Bank's liquidation, as well as a more hawkish stance from the Federal Reserve concerning further rate hikes.

At $0.0000099, SHIB is also down by 17% in a week and by 30% in the last 30 days, with today's losses reducing its gains for the year-to-date to 10%.

It's in the midst of this sell-off that SHIB has become one of the most-traded coins in the past 24 hours, with WhaleStats putting it 14th among "top purchased tokens" today.

The meme token also remains the most widely held cryptocurrency among whales (apart from ETH, USDC and USDT), indicating that it still remains a favorite with big investors.

As such, with the launch of layer-two network Shibarium imminent, SHIB could easily mount a recovery in the next few days, with the launch of SHIB: The Metaverse later in the year potentially pushing it further in the long-term.

SHIB's indicators suggest that it won't be long before it reaches a bottom and invites a big rebound.

Its relative strength index (purple) has just dropped below 30, while its price has dropped below its 30-day (red) and 200-day (blue) moving averages, indicating that it's now being oversold.

As such, SHIB is arguably selling at a big discount and should rise again in the not-too distant future.

Of course, with Silvergate's downfall still reverberating throughout the industry, and with the Fed still indicating that it's likelier to raise interest rates than lower them, it could still be a few weeks before SHIB and the market see a meaningful recovery.

Despite this, there are plenty of reasons to be optimistic about SHIB.

As noted above, it remains the fourth-most widely held ERC-20 token among whales in dollar