Opinions expressed by Digital Journal contributors are their own.
The cryptocurrency realm is never stagnant. It is always shifting and transforming, with tides turning at the slightest provocation. Just recently, the Shiba Inu token experienced a significant drop of 5 trillion in large transactions. While many might perceive this as a concerning downturn, seasoned investors understand that there’s more to it than meets the eye. According to insights from YouTuber and crypto influencer Avi Lev of the Money Maker-Avi Lev channel, there’s a silver lining seasoned investors should take note of.
Shiba Inu’s slight price ascent is intriguingly intertwined with Bitcoin’s recent performance. Out of the blue, Bitcoin experienced a surge in volume and buying pressure, even without significant news as its catalyst. And while Bitcoin was making its surprise move, Shiba Inu’s price saw a subtle nudge upward.
“It’s as if the entire crypto market is holding its breath, anxiously awaiting two groundbreaking events,” Lev remarked. “The first is the potential approval or dismissal of Bitcoin ETFs. The second, the forthcoming Bitcoin halving event. As this halving draws nearer, whispers in the market suggest that we might see a surge in buying, largely due to the inherent mechanics of the halving process.”
While the uptick in the Shiba Inu coin price hasn’t been that pronounced, Lev is confident the cryptocurrency will rally for one major reason: its community. Despite the current turbulence, there’s something genuinely commendable about the Shiba Inu community’s grit. According to recent statistics, only a mere 9% of Shiba Inu investors remain in profit. Surprisingly, investors are still holding steadfast within the Shiba Inu ecosystem despite being in the red.
“Maybe it’s because they had a small investment that has become even smaller, so it’s not worthwhile even the gas fee to sell,” Lev posits. There’s another perspective to consider: the potential future of the Shiba Inu coin.
“It also could be because of the potential of Shiba Inu and people looking at other cryptocurrencies like Dogecoin,” Lev observes. “Last time around, Dogecoin was one of the few that lasted through the 2017 bull market/2018 bear market and is still here. It’s possible people hope the 1.3 million Shibaba Inu holders will also be part of that kind of movement that Dogecoin saw last time, so they are waiting to see how profitable it could be.”
Back to the puzzling 5 trillion dip. On October 11th, Shiba Inu was riding high with a 7-day peak of 6.48 trillion. Fast forward, and recent data shows a mere 1.14 trillion Shiba Inu being exchanged. But here’s the twist: sometimes, such a lull can be a beacon for potential opportunity.
According to Lev, the market’s seemingly ‘boring’ state may just be the calm before the storm. Big investors, often referred to as ‘whales,’ have a knack for making strategic moves during these quieter periods. During such times, they can get their desired prices without the usual tug-of-war of a volatile market.
Lev thinks perhaps this is what sparked Bitcoin’s recent surge, and if whispers in the alleyways of crypto forums hold any truth, we might be on the cusp of a price spike. This is especially true if news regarding the Bitcoin ETF surfaces or if there’s any significant buzz around the Shiba Inu token.
