Token

Shiba Inu

Shiba Inu (SHIB) remains the #1 trending cryptocurrency on CoinMarketCap, even as its price continues on a downward trajectory for weeks now. 
<figure class="wp-block-image size-large is-resized"> 
 <img decoding="async" loading="lazy" src="https://captainaltcoin.com/wp-content/uploads/2023/09/shiba-trending-cmc-1024x584.png" alt="" class="wp-image-328835" style="width: 100%;height:365px" width="641" height="365" srcset="https://captainaltcoin.com/wp-content/uploads/2023/09/shiba-trending-cmc-1024x584.png 1024w, https://captainaltcoin.com/wp-content/uploads/2023/09/shiba-trending-cmc-300x171.png 300w, https://captainaltcoin.com/wp-content/uploads/2023/09/shiba-trending-cmc-767x437.png 767w, https://captainaltcoin.com/wp-content/uploads/2023/09/shiba-trending-cmc-1536x876.png 1536w, https://captainaltcoin.com/wp-content/uploads/2023/09/shiba-trending-cmc-2048x1167.png 2048w, https://captainaltcoin.com/wp-content/uploads/2023/09/shiba-trending-cmc-263x150.png 263w, https://captainaltcoin.com/wp-content/uploads/2023/09/shiba-trending-cmc-100x57.png 100w, https://captainaltcoin.com/wp-content/uploads/2023/09/shiba-trending-cmc-614x350.png 614w, https://captainaltcoin.com/wp-content/uploads/2023/09/shiba-trending-cmc-788x449.png 788w, https://captainaltcoin.com/wp-content/uploads/2023/09/shiba-trending-cmc.png 600w" sizes="(max-width: 641px) 100vw, 641px"> 
</figure> 
The token recently lost crucial support at $0.000008 and is currently trading around the $0.0000075 level. One positive sign for SHIB is an increase in daily active addresses, according to on-chain data provider Santiment. Higher active addresses suggest more network activity and interest in the token. 
<figure class="wp-block-image size-large"> 
 <img decoding="async" loading="lazy" width="1024" height="347" src="https://captainaltcoin.com/wp-content/uploads/2023/09/Shiba-Daily-Active-Addresses-1024x347.png" alt="" class="wp-image-328844" srcset="https://captainaltcoin.com/wp-content/uploads/2023/09/Shiba-Daily-Active-Addresses-1024x347.png 1024w, https://captainaltcoin.com/wp-content/uploads/2023/09/Shiba-Daily-Active-Addresses-300x102.png 300w, https://captainaltcoin.com/wp-content/uploads/2023/09/Shiba-Daily-Active-Addresses-768x260.png 768w, https://captainaltcoin.com/wp-content/uploads/2023/09/Shiba-Daily-Active-Addresses-1536x520.png 1536w, https://captainaltcoin.com/wp-content/uploads/2023/09/Shiba-Daily-Active-Addresses-2048x693.png 2048w, https://captainaltcoin.com/wp-content/uploads/2023/09/Shiba-Daily-Active-Addresses-443x150.png 443w, https://captainaltcoin.com/wp-content/uploads/2023/09/Shiba-Daily-Active-Addresses-100x34.png 100w, https://captainaltcoin.com/wp-content/uploads/2023/09/Shiba-Daily-Active-Addresses-1034x350.png 1034w, https://captainaltcoin.com/wp-content/uploads/2023/09/Shiba-Daily-Active-Addresses-788x266.png 788w" sizes="(max-width: 1024px) 100vw, 1024px"> 
</figure> 
Source: <a class="thirstylink" rel="noopener noreferrer nofollow" target="_blank" title="Santiment" href="https://captainaltcoin.com/go/santiment/" data-shortcode="true">Santiment – Start using it today</a> 
Generally, when the number of active wallet addresses for a cryptocurrency increases, it indicates growing adoption and usage. The last time SHIB saw active addresses at these levels was before the broader crypto market crash in mid-August 2023. 
Santiment data also shows an uptick in whale activity for SHIB, again the highest levels since mid-August. Increased whale activity typically means larger players are accumulating the token in anticipation of a price increase. 
<figure class="wp-block-image size-large"> 
 <img decoding="async" loading="lazy" width="1024" height="347" src="https://captainaltcoin.com/wp-content/uploads/2023/09/Shiba-whales-activity-1024x347.png" alt="" class="wp-image-328852" srcset="https://captainaltcoin.com/wp-content/uploads/2023/09/Shiba-whales-activity-1024x347.png 1024w, https://captainaltcoin.com/wp-content/uploads/2023/09/Shiba-whales-activity-300x102.png 300w, https://captainaltcoin.com/wp-content/uploads/2023/09/Shiba-whales-activity-768x260.png 768w, https://captainaltcoin.com/wp-content/uploads/2023/09/Shiba-whales-activity-1536x520.png 1536w, https://captainaltcoin.com/wp-content/uploads/2023/09/Shiba-whales-activity-2048x693.png 2048w, https://captainaltcoin.com/wp-content/uploads/2023/09/Shiba-whales-activity-443x150.png 443w, https://captainaltcoin.com/wp-content/uploads/2023/09/Shiba-whales-activity-100x34.png 100w, https://captainaltcoin.com/wp-content/uploads/2023/09/Shiba-whales-activity-1034x350.png 1034w, https://captainaltcoin.com/wp-content/uploads/2023/09/Shiba-whales-activity-788x266.png 788w" sizes="(max-width: 1024px) 100vw, 1024px"> 
</figure> 
Source: <a class="thirstylink" rel="noopener noreferrer nofollow" target="_blank" title="Santiment" href="https://captainaltcoin.com/go/santiment/" data-shortcode="true">Santiment – Start using it today</a> 
For SHIB to recover, it needs to hold support at $0.0000075 before eventually making an upward move to the major resistance level around the $0.00001 mark. However, technical indicators still show SHIB in an oversold state, meaning significant upward moves may not occur until this phase completes. 
<h2 class="wp-block-heading" id="the-millionaire-dream-shib-s-low-entry-price">The Millionaire Dream: SHIB’s Low Entry Price</h2> 
One appealing aspect of SHIB is its accessibility for average investors. With the token trading around $0.000008, it has a very low entry price. An investment of just $8 could acquire 1 million SHIB tokens. 
If SHIB ever reaches $0.01, that $8 investment would turn into a staggering $10,000 profit – a return on investment of nearly 100,000%. While these numbers seem small, they can quickly add up. An $800 investment today could potentially become $1 million if SHIB hits that $0.01 target. 
While it’s a long shot, the potential for high investment returns exists due to SHIB’s low entry price and large token supply. For investors willing to take the risk, SHIB offers the dream of turning a small investment into a future fortune. 
Join us on <a href="https://twitter.com/intent/follow?screen_name=captainaltcoin" data-type="link" data-id="https://twitter.com/intent/follow?screen_name=captainaltcoin" target="_blank" rel="noopener noreferrer nofollow">Twitter</a> and <a rel="noopener noreferrer nofollow" href="https://www.facebook.com/captainaltcoin" target="_blank">Facebook</a> for the latest insights and discussions in the world of crypto. 
Explore our <a href="https://captainaltcoin.com/tag/news/" target="_blank" rel="noopener noreferrer nofollow">news section</a> and stay ahead of the curve with our expert <a href="https://captainaltcoin.com/predictions/" data-type="link" data-id="https://captainaltcoin.com/predictions/" target="_blank" rel="noopener noreferrer nofollow">price predictions</a>. 
The post <a rel="noopener noreferrer nofollow" href="https://captainaltcoin.com/shiba-inu-remains-coinmarketcaps-top-trending-token-despite-ongoing-price-slump-are-whales-accumulating-shib/">Shiba Inu Remains CoinMarketCap’s Top Trending Token Despite Ongoing Price Slump – Are Whales Accumulating SHIB?</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://captainaltcoin.com">CaptainAltcoin</a>.

Shiba Inu Remains CoinMarketCap’s Top Trending Token Despite Ongoing Price Slump – Are Whales Accumulating SHIB?

Table of Contents

CaptainAltcoin

Other articles published on Sep 5, 2023

Wirex Partners with Polygon CDK to Revolutionize Crypto Payments

India’s G20 Presidency Propels Global Crypto Regulation

Meme Coin Social Showdown: PEPE Leads While SHIB & Doge Follow

Swing trading in crypto: what it is, how it works, tips, and strategies

Visa Giant Expands Stablecoin Settlement Capabilities Through USDC and Solana Chain

Ethereum Fails to Gain Momentum as Whales Move 300K ETH to Coinbase

Join our free newsletter for daily crypto updates!