Shiba Inu Presents Compelling Reversal Indicators – Crypto News – Crypto News
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Shiba Inu Presents Compelling Reversal Indicators – Crypto News

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2 years ago

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Shiba Inu (SHIB) has recently been on the radar of cryptocurrency enthusiasts as data suggests a potential comeback for this meme-inspired digital asset.

The SHIB community had reason to celebrate with the successful relaunch of the Shibarium Layer 2 solution, akin to a tech company unveiling a highly anticipated software update. 

This event not only breathed new life into the ecosystem but also injected a sense of optimism among SHIB holders. The Shibarium relaunch has elevated SHIB beyond its meme coin status, adding a layer of credibility and utility.

SHIB Price Analysis Indicates Hope

Over the past weeks, SHIB has seen a decline in its price, accompanied by a decrease in trading volume. However, recent price analysis hints at a potential change in the trend. The descending trading volume, coupled with the declining price, often serves as a signal that the downward momentum might be losing its steam. 

It appears that the market may be running out of compelling reasons to continue pushing the asset lower, providing a glimmer of hope for SHIB enthusiasts.

Surprising Popularity Among American Investors

In a surprising turn of events, Shiba Inu emerged as the sixth most popular cryptocurrency asset among American investors, according to a recent survey conducted by ConsenSys. Interestingly, 17% of respondents had allocated their funds to this $4.5 billion market-capped asset, placing SHIB ahead of larger and more established cryptocurrencies like Tether and Cardano.

Source: ConsenSys

The survey also unveiled a prevailing sentiment among respondents regarding the cryptocurrency landscape. Many felt that this asset class needed “heavy regulation” to protect investors due to the prevailing uncertainty.

While Bitcoin and Ethereum still held the top positions in terms of popularity among American investors, SHIB’s unexpected rise in popularity signifies a growing interest in alternative cryptocurrencies.

SHIB market cap currently at $4.4 billion. Chart: TradingView.com

Current State Of SHIB

As of now, SHIB is trading at $0.00000745, according to CoinGecko. Over the past 24 hours, the asset has experienced a 3.3% decline, while the seven-day performance shows a 9.3% slump. These figures reflect the ongoing volatility in the cryptocurrency market but also underline the potential for a turnaround as SHIB aims to regain its footing.

Shiba Inu’s recent Shibarium relaunch and its surprising popularity among American investors suggest that this meme-inspired cryptocurrency might be poised for a resurgence. 

Despite recent price declines, the signs of optimism, coupled with a shifting sentiment in the cryptocurrency landscape, could pave the way for a potential comeback for SHIB. However, as with all cryptocurrencies, investors should exercise caution and conduct thorough research before making any investment decisions.

(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).

Featured image from CarSwitch

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