Shiba Inu Price Prediction as Shibarium Daily Transactions Hit Record Highs – Is SHIB Set for a Major Rally?
The Shiba Inu price has dropped by 3% in the past 24 hours, slipping to $0.00000895 on a day when the market has pared back some of its gains from earlier in the week.
Yet this loss comes at a time when transactions on Shibarium have reached a record high, topping 32 million only a couple of months after the layer-two network launched.
Shibarium has helped feed demand for SHIB, which is now up by 10% in a week and by 8% in the last 30 days.
And with the layer-two network likely to continue driving demand for the meme token, and with the wider market set to have an end-of-year really, it will continue to rally in the coming weeks.
SHIB’s chart is currently painting a mixed picture, with its two main indicators pointing in opposing directions.
For one, its RSI (purple) has just dropped to 60 and looks like it could fall further, meaning that SHIB may suffer further losses before correcting itself.
On the other hand, the coin’s 30-day average (yellow) is still rising beyond its 200-day average (blue), and even if its rise isn’t quite as steep as it was a few days ago, it’s still pointing upwards.
It’s also encouraging that SHIB’s support level (green) continues to rise and hold up, indicating that any incoming losses are likely to be slight.
Not only that, but the meme token’s trading volume now stands at around $400 million, which is much higher than the levels – between $50 million and $100 million – recorded in September and early October.
Much of this extra volume has arisen because larger traders have returned to SHIB, with the past couple of days seeing one whale withdraw around $5.7 million of the token off Binance.
A fresh whale wallet withdrew 600B $SHIB($5.7M) from #Binance in the past 30 minutes.
Another wallet of this
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