Shiba Inu (SHIB) price is approaching $0.00001, a 25.5% increase from its current price.
SHIB is experiencing a decline in trading volume, which could be a bullish hint as it suggests reduced selling pressure.
Several factors are powering SHIB’s rise, including mounting interest from retail investors.
Could Shiba Inu (SHIB) be on the verge of another major price surge? It certainly seems so!
The SHIB community is certainly excited about the possibility, as SHIB is currently trading just below the $0.00001 threshold. A 25.5% increase would be all that is needed for SHIB to shed another zero and reach this coveted price point.
Winning the Market!
The last time SHIB’s price exceeded $0.000001 was in August. During that period, SHIB experienced a significant price surge, capturing the attention of both regular investors and the broader crypto community.
As previously forecasted by Coinpedia, there was an indication that Shiba Inu (SHIB) might reach $0.00001 by the fourth quarter of 2023. Recent developments suggest that SHIB is moving steadily in that direction, requiring a roughly 25.5% increase from its current price to attain this goal.
However, it’s important to note that SHIB’s current price is down over 90% from its all-time high.
Also Read: Shiba Inu Price Prediction: SHIB Price Might Skyrocket to $0.00001140
SHIB’s Volume Drop: Bullish Hint?
In recent days, SHIB has witnessed a decline in trading volume, which some interpret as a promising development. Reduced trading volume often implies a decrease in selling pressure. With fewer sellers in the market, SHIB stands strong with substantial support.
When a majority of orders are for buying, even with reduced overall volume, it signals a net positive buying sentiment. This can lead to higher prices, as demand outpaces supply.
Another interesting thing is that even though fewer people are trading SHIB, the price hasn’t dropped. Instead, it’s been going up, showing that more people want to buy than sell.
What’s Powering SHIB’s Rise?
Several factors have propelled SHIB’s rise, including mounting interest from retail investors, increased media coverage, and speculative trading.
Moreover, the broader crypto market is displaying signs of revival, partially attributed to the approval of a Bitcoin ETF. Bitcoin itself is inching closer to the $35,000 level.
Nonetheless, much of the excitement surrounding SHIB revolves around the imminent announcements from its development team. Shytoshi Kusama, a prominent figure in the SHIB community, has hinted at “significant changes” on the horizon.
The official Shiba Inu X (Twitter) account has echoed this sentiment, with full details set to be unveiled on October 31.
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