Shiba Inu (SHIB) Price Prediction: Should You Sell or Hold?

One of the leading meme coins, Shiba Inu, now faces a continuous price dip, sparking discussions in the market about whether investors should sell or hold.

Meme coin investors are faced with a difficult decision as the market experiences a continuous price dip. One cryptocurrency that has seen a significant decrease is Shiba Inu (SHIB).

After some positive news, SHIB price has decreased by 4% in the past 24 hours. However, for the week, the meme coin has declined by 10%, leaving investors unsure about its next price move.

The Fear and Greed Index shows a fear level of 44, indicating that sentiment may worsen. Bitcoin and Ethereum have declined significantly, with Bitcoin dropping to below $20,000 and Ethereum falling below the crucial support of $3,500. Binance has also dipped below the round number of $600.

Despite the negative technical indicators, sell-offs in the market present a buying opportunity. Shiba Inu’s 31% decline over the past month offers a potential entry point for investors.

Interestingly, large investors (whales) have been making significant moves in the market. In the past 24 hours, two whales deposited a substantial amount of Shiba Inu and Pepe into Binance. This activity could be a sign of bearish sentiment among large holders towards Ethereum and meme coins. However, if whales start re-entering the market, a strong reversal could be on the horizon.

Shiba Inu remains a dominant player in the meme coin sector, with a market cap of $10 billion, trailing Dogecoin by $8 billion. There’s potential for Shiba Inu to surpass Dogecoin, which would be a monumental event in the cryptocurrency world.

Recent reports indicate that Shiba Inu’s burn rate has surged by 6,000%, sparking optimism for a price rally. As the supply of Shiba Inu decreases, market sentiment is turning positive, suggesting potential price increases.

The anticipation of Donald Trump speaking at the Bitcoin July 2023 conference in Nashville adds another layer of bullish sentiment to the market. Despite market uncertainty, Shiba Inu remains upbeat. Welly’s fast-food chain is opening a new location in Italy, inspired by Shiba Inu.

Moreover, the Badbrigade’s $BAD token secured a listing on CoinEx through community support, highlighting crypto collaboration. Shiba Inu’s golden sponsorship for IVS Crypto 2024 underscores its expanding influence in the crypto community.