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Here’s What’s Blocking Shiba Inu from Reaching a New All-Time High

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Shiba Inu is a dog-themed meme coin that was firstly launched back in 2020 and became momentarily popular and is continuously being one of the 15 biggest cryptocurrencies in the world years later.

The token has been highly volatile, susceptible to trends in social media and on several occasions, endorsements by highly renowned personalities, such as Elon Musk.

Can Shiba Inu Survive the Crypto Winter?

Although traditional investment experts advise against the adoption of meme coins, their popularity among crypto investors is admittedly quite strong. It’s good to know expert opinions weighed against pros and cons for a better look at both the bull case and bear case for this leading player within the meme coin space.

In the words of Grzegorz Drozdz, a market analyst at Conotoxia, the story of Shiba Inu is only a classic example of the unpredictability and volatility of meme coins within the digital asset market.

The meme coin has been developed in August 2020 by an anonymous developer going under the name ‘Ryoshi’. It is part of the family of top dog themed cryptocurrency tokens, which also includes Dogecoin, DOGE, and DogWifHat, WIF. As part of the most intriguing sub-section of the crypto market to have garnered considerable investor attention, SHIB came out of a meme.

Drozdz stated:

“The cryptocurrency quickly gained popularity mainly due to the support of celebrities such as Tesla founder Elon Musk. Its success has led to the creation of many copies, but Shiba Inu remains the most recognisable of these cryptocurrencies.”

This bevy of ups and downs is shown by the price history of SHIB. After endorsement by Elon Musk, its price went full 4,000% in three months to a high of $0.000035. But it was very short-lived as the meme coin fell afterward, erasing 90% of its value.

Of course, after the initial hype, another larger rally occurred six months later when Musk announced that Tesla electric cars could be purchased with Dogecoin. It sent the price of meme coin up to $0.000075, up 1,200%. Shytoshi Kusama, the lead developer of the Shiba Inu (SHIB) has recently even sent an open invitation for a sit-out with Musk.

However, the 2022 bear market sent the coin crashing back to shed about 90% of its peak value.

Is Meme Coin Craze Over?

Crypto assets had a quietly positive year with many doing exceptionally well in 2023 and starting this year on a strong note. There has been much hope for the crypto market, with signals that regulators may take more steps toward recognition.

In December, US regulators approved 11 spot Bitcoin ETFs-a milestone considered a great step in making crypto an officially accepted investment class.

Predicting the future of most cryptocurrencies, including SHIB, is tough. However, its future trajectory might be dictated by several factors.

It’s just that, despite the volatility, a broader bull market for cryptocurrencies would often lift all assets, including  this meme coin. As a matter of fact, the more investors and institutions understand the potential of digital currencies, the better this is for the entire crypto market, let alone for SHIB.

The approval of the spot Bitcoin ETFs drove the price of Shiba Inu over 350% in two weeks at the beginning of the year. Despite the general good performance of the market, the coin has dropped back to just above its price in January.

Another important reason is that meme coins are so incredibly popular that their interests surge in a very sudden manner, based on social media trends and sometimes celebrity endorsements. However, how long this popularity will be maintained or sustained is very hard to predict. Analysts note how unpredictable it is to know how long this interest will last.

Other Side of the Story: Analysts Say New ATH Coming

On the other hand, a well-known personality within the SHIB community, $SHIB KNIGHT, has some highly positive hopes on the ability of SHIB to achieve a new ATH. In a post, $SHIB KNIGHT has noted that the dog-themed token is set for a major price blastoff, which could see it surge past $0.00008616 for a new ATH.

SHIB-USDTSHIB-USDT
Credit: X.com

If $SHIB KNIGHT’s projection is anything to go by, Shiba Inu might blow past the previous ATH of $0.00008845 recorded on October 28, 2021. The strategist hasn’t provided a possible target for SHIB but has maintained that the token is setting up for a new high. Their positive projections for SHIB have been similarly made by other prominent crypto strategists such as Eunice Wong and Javis Marks.

These analysts stay bullish about this meme coin, based on positive news in the SHIB ecosystem. The recent spike in Shibarium TVL is one of the major updates. Shibarium is Shiba Inu’s Layer-2 blockchain. It merely took a week for Shibarium’s TVL to reach $3.64 million after the liquidity staking solution of K9 Finance, the Bonecrusher, was launched.

Crypto expert Oscar Ramos also believes the coin is in a strong buying zone despite recent drops, with potential for an uptrend, recalling its 400% surge earlier this year to $0.0000356, the highest level since its all-time high of $0.00008845.

Following the launch of Bonecrusher on Shibarium, the daily transaction volume of the network surged by a whopping 82% to 7,060 transactions. Increased Shibarium transaction volumes may significantly reduce the circulating supply of the SHIB cryptocurrency.

There are even rumors that the Shiba Inu team will disclose “something big” during the fourth quarter of this year, adding more drive to SHIB’s adoption. These promising development may lead this meme coin to where it should be: its rise to a new all-time high.

Shiba Inu: Navigating the Volatile World of Meme Coins

Of late, the crypto markets have seen a meme coin mania, where a lot of meme coins are shooting up in price and new ones keep cropping out of nowhere. Great as that excitement might sound, investors should not forget that highly speculative and usually lacking inherent utility are properties that characterize meme coins.

Events that are less predictable, such as tweets by Elon Musk, have been known to create volatility in cryptocurrency markets in the past. As such, analysts do warn that investment in this coin comes with considerable risk, and predictions of its price are way more difficult to make than for other more established cryptocurrencies like Bitcoin.

While Bitcoin has more historical data and further extended analysis on the market to base predictions upon, Shiba Inu is relatively new, under highly volatile conditions, which makes it difficult to give any performance forecast.

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Teuta

Teuta is a seasoned writer and editor with over 15 years of experience in macroeconomics, technology, and the cryptocurrency and blockchain industries. Starting her career in 2005 as a lifestyle writer for Cosmopolitan in Croatia, she expanded into covering business and economy for several esteemed publications like Forbes and Bloomberg. Influenced by figures like Don Tapscott and Bruce Dickinson, Teuta embraced the blockchain revolution, believing crypto to be one of humanity’s most crucial inventions. Her fintech involvement began in 2014, focusing on crypto, blockchain, NFTs, and Web3. Known for her excellent teamwork and communication skills, Teuta holds a double MA in Political Science and Law, enjoys punk rock, chablis, and has a passion for shoes.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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XRP Price to $27? Expert Predicts Exact Timeline for the Next Massive Surge

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Crypto expert Egrag Crypto has again predicted that the XRP price could rally to as high as $27. The analyst has also revealed the exact timeline for when the altcoin could record this massive price surge.

Expert Reveals Time For XRP Price To Hit $27

In an X post, Egrag Crypto asserted that the XRP price can hit $27 in 60 days. The expert remarked that historical patterns indicate that the altcoin can reach this target within this timeframe.

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Based on this price prediction, XRP could reach this $27 target by June, marking a 1,250% gain for Ripple’s native crypto. The expert’s accompanying chart showed that he was alluding to the 2017 bull run as to why the altcoin could record such a parabolic rally.

In 2017, XRP recorded a historic gain of over 60,000% as it rallied to its current all-time high (ATH) of $3.8 the following year. As such, based on history, a 1,250% increase is nothing for the altcoin.

In the meantime, the XRP price still boasts a bearish outlook thanks to the sentiment in the broader crypto market. As CoinGape reported, Ripple’s coin could drop to the next major support levels at $1.79 and $1.56 if it fails to hold above $2.03.

Decision Time For The Altcoin

In an X post, crypto analyst CasiTrades stated that it is decision time for the XRP price. She noted that the altcoin is showing strength with a bounce right back to the first key test at $2.17. She added that this is the resistance level she wants to see flip into support, as it might be the “most important price of the week.”

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The analyst stated that XRP must reclaim this level to build momentum. She added that the $2 level remains a valid target if the $2.17 level rejects. Meanwhile, CasiTrades revealed that $2.70, $3.05, and $3.80 are the major resistance zones once the upward trend is confirmed.

The analyst also mentioned that the XRP price is now fully inside the Fibonacci Time Zone 3, which spans most of April. She affirmed that this is the breakout window market participants have been preparing for and that all signs point to a macro wave.

CasiTrades affirmed that the structure is clean. The RSI divergence has confirmed the bottom, while the subwaves are aligning well with the larger targets. If the next leg pushes XRP back above $2.17 with momentum, she claimed that market participants may finally see obvious signs of Wave 3. Interestingly, the analyst added that if the altcoin clears $2.70 this week, it may break the $1,000 price extension.

For now, investors may remain cautious, especially seeing how XRP fell after the PMI and JOLTS data release earlier today. Donald Trump is also set to announce reciprocal tariffs tomorrow, which could spark a massive price crash.

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Boluwatife Adeyemi

Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across several topics and niches. Boluwatife has a knack for simplifying the most technical concepts and making it easy for crypto newbies to understand. Away from writing, He is an avid basketball lover, a traveler and a part-time degen.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Binance Update Sparks 50% Decline For Solana Meme Coin ACT: Details

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A recent Binance update has triggered massive liquidations while sending Solana memecoin ACT into a steep correction. At first, pundits blamed market maker Wintermute for the jarring declines but Binance’s update to leverage and margin tiers appears to be the culprit.

Several Altcoins on Binance Suffer Massive Corrections

According to an X post, several altcoins listed on Binance took a major hit, dropping by double-digit percentages. The hardest hit of the lot was Solana memecoin ACT, experiencing a sudden drop of over 50% in 30 minutes.

Other altcoins including DEXE and DF equally recorded steep declines of 23% and 16% respectively in the same window. The price slump left traders scratching their heads but a consensus formed that sizable sell orders were behind the declines.

“The sudden dips were triggered by large sell orders executed in a short time frame, leading to a significant surge in spot trading volume,” said one pundit.

Others turned to market maker Wintermute as the trigger for the selloff. However, Wintermute CEO Evgeny Gaevoy denied responsibility while noting that the market maker reacted “post move.”

The decline comes amid a broader market recovery with several cryptocurrencies including Compound (COMP) gaining 70%.

What Triggered The 50% Decline For Solana Meme Coin

A Binance update on leverage and margin tiers on specific tokens like ACT triggered the massive declines. According to an April 1 announcement, the top exchange has updated the margin tiers of several perpetual contracts, noting that existing positions will be affected.

Following the move, one ACT whale got liquidated for $3.79 million at $0.1877, triggering a broad selloff. Former FTX community manager Benson Sun noted that traders had less than 3 hours to respond to the change, criticizing Binance for the move.

“Before changing the rules, Binance should have evaluated how many positions would be closed,” said Sun. “If there are market makers with large positions, they should have notified them in advance.”

Within hours of MUBARAK’s listing, the memecoin tumbled by 40% with Binance CEO Changpeng Zhao downplaying the impact of a listing on prices. Binance has drawn criticism in recent days following its exclusion of Pi Network from its Vote To List initiative.

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Aliyu Pokima

Aliyu Pokima is a seasoned cryptocurrency and emerging technologies journalist with a knack for covering needle-moving stories in the space. Aliyu delivers breaking news stories, regulatory updates, and insightful analysis with depth and precision. When he’s not poring over charts or following leads, Aliyu enjoys playing the bass guitar, lifting weights and running marathons.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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BTC, ETH, XRP, DOGE Fall Following Weak PMI, JOLTS Data

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A crypto market crash looks imminent, with Bitcoin, Ethereum, XRP, and Dogecoin witnessing notable declines. This price crash happened following the release of weak manufacturing PMI and JOLTS data, which provides a bearish outlook for the market.

Crypto Market Crash: BTC, ETH, XRP, & DOGE Decline

CoinMarketCap data shows that a crypto market crash could be on the horizon, with the Bitcoin price sharply dropping below $83,000 from a daily high of around $84,400. Altcoins such as Ethereum, XRP, and DOGE also witnessed sharp declines.

This market crash occurred following the release of weak ISM manufacturing PMI and JOLTS data. The March PMI data dropped to 49, below expectations of 49.5 and lower than the 50 recorded in February.

The US JOLTS job openings for February came in at 7.568 million, below the expected 7.690 million and lower than the 7.762 million recorded in January. These data add to several macro fundamentals that paint a bearish outlook for the market.

This crypto market crash could persist, with China, Japan, and South Korea agreeing to respond to Donald Trump’s proposed tariffs. Trump is set to announce a number of reciprocal tariffs tomorrow, which could significantly harm the market as it sets off a trade war between the US and other nations.

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Boluwatife Adeyemi

Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across several topics and niches. Boluwatife has a knack for simplifying the most technical concepts and making it easy for crypto newbies to understand. Away from writing, He is an avid basketball lover, a traveler and a part-time degen.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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