Shiba Inu (SHIB) has experienced an over 10% price dip according to its 7-day chart, showing some signs of recovery today.
The Shiba Inu price was stable for most of the last week, only seeing a drop in the early hours of Monday, April 1. At the time, the second-largest meme coin by market cap dropped from around $0.000030 to a support at $0.000026.
Interestingly, while this coincides with an industry-wide correction and Bitcoin’s pullback, there might be a different reason for Shiba Inu’s correction. On March 31, reports stated that a whale sold over 533 billion SHIB coins in exchange for 15.99 million DAI at approximately $0.00003.
Around 16 hours ago, 11 wallets (probably one person) jointly sold 533.6B $SHIB for 15.99M $DAI at ~$0.00003, realizing a joint profit of $8.24M (+106%) in less than a month!Currently, these 11 wallets still hold the newly acquired $DAI. Which token will they buy next?Follow… pic.twitter.com/y0mhsMQQn4
— Spot On Chain (@spotonchain) March 31, 2024
The move allowed the unknown whale, who dumped the coins from 11 different wallets, to collect a profit of $8.24 million in under a month.
Mere hours after the move was reported, the SHIB price started seeing a sharp correction that took it down by 10%. However, Shiba Inu may be ready to bounce, as its price went up from $0.0000256 to $0.0000275 earlier today, and there are signs that the price increase might continue.
Shiba Inu Price Prediction
While SHIB has a long way to go to recover what was lost in the first three days of this week, traders have observed technical indicators that suggest that its price recovery has only started.
Technical indicators such as Bollinger bands confirm this, as Shiba Inu’s bands recently started seeing a sharp widening after growing tighter since the start of the week. There were several instances where the bands widened sharply, especially after sudden price drops, as traders moved in to buy cheap coins, which was always followed by a sudden narrowing.
This time, the bands are seeing a much steadier widening, which is encouraging for the future of the Shiba Inu price.
TradingView: SHIB/USDT 30-Minute Chart
Meanwhile, Shiba Inu’s Relative Strength Index (RSI) value has been in the oversold or neutral zone since the weekend. Now, for the first time this week, it is starting to climb further up, which indicates that traders are increasing SHIB-related activities.
Coupled with what was already observed regarding Shiba Inu’s price behavior, this suggests a severe recovery might occur.
As mentioned, SHIB has a long way to go to recover what it lost earlier this week, and the first step will be to breach the resistance at $0.000028. This level briefly acted as a strong support when the coin’s price fell on Monday, but it will likely act as a barrier preventing Shiba Inu from going further up.
If this level breaks, however, SHIB might get a new foothold above it, which could boost it back to its former highs.
Solana’s Newest Meme Coin Presale
While Shiba Inu is struggling to recover, a new meme coin recently emerged on Solana. The project emerged last week, known as Slothana (SLOTH), only to see massive and sudden growth.
It raised approximately $7 million in under a week, offering 10,000 SLOTH tokens per 1 SOL. This puts the price of SLOTH at $0.019, based on SOL’s current value.
So far, Slothana has not shared too much about its plans and goals, and it is simply a sloth-based meme coin that does everything slowly, impersonating the sloth meme.
What is known, however, is that SLOTH tokens will be airdropped to the users soon after the presale is concluded. However, the project did not specify when this will happen, so the community has to wait for further updates.
🌿🦥 Attention, fellow sloths! Poll time. Should we launch on DEX only, embracing the true spirit of decentralization and lazy trading? Or should we go full throttle, hitting up both CEX and DEX like the overachieving sloths we could be? Cast your vote below #slothana #memecoin
— Slothana (@SlothanaCoin) March 29, 2024
It is also worth noting that Slothana’s community is growing extremely quickly. The project has amassed over 9.5k followers on X in under a week, following the new meme coin being featured on CryptoSlate.
With Slothana coming to the market, Solana’s network gains yet another very strong meme coin that will further strengthen this sector of the crypto industry.
More than that, Slothana represents another project that is distancing itself from dog-based meme coins, and so far, this has allowed it to stand out.
Disclaimer: This is a sponsored article and is for informational purposes only. It does not reflect the views of Crypto Daily, nor is it intended to be used as legal, tax, investment, or financial advice.
