Welcome DT News

  • CONTACT
  • ABOUT US
Deythere
  • Home
  • News
    image 372
    NewsCryptoMarketSponsored Article

    Brett Already Took Off – MoonBull Might Be the 100x Crypto Everyone’s Watching

    Struggling to beat rising rent, keep up with sky-high grocery bills, or…

    By
    Benedikt Krüger
    July 18, 2025
    image 365
    NewsCryptoMarketSponsored Article
    SLERF Regret Setting In? Here’s Why Bulls Are Eyeing MoonBull’s 1000x Crypto Potential
    July 18, 2025
    image 358
    NewsCryptoMarketSponsored Article
    You’ll See It Again – On the Moon: MoonBull Is the New Meme Coin to Watch as Dogs Surges 17% and AI Companions Recovers
    July 18, 2025
    Cardano Surges Toward $1 But Can the Momentum Last?
    NewsCryptoMarket
    Cardano Surges Toward $1 But Can the Momentum Last?
    July 18, 2025
    IMF Flags El Salvador for Breaching Bitcoin Deal
    NewsBitcoinCrypto
    IMF Flags El Salvador for Breaching Bitcoin Deal
    July 18, 2025
  • Cryptocurrency
    image 372
    Brett Already Took Off – MoonBull Might Be the 100x Crypto Everyone’s Watching
    9 Min Read
    image 365
    SLERF Regret Setting In? Here’s Why Bulls Are Eyeing MoonBull’s 1000x Crypto Potential
    6 Min Read
    image 358
    You’ll See It Again – On the Moon: MoonBull Is the New Meme Coin to Watch as Dogs Surges 17% and AI Companions Recovers
    7 Min Read
    Cardano Surges Toward $1 But Can the Momentum Last?
    Cardano Surges Toward $1 But Can the Momentum Last?
    7 Min Read
    IMF Flags El Salvador for Breaching Bitcoin Deal
    IMF Flags El Salvador for Breaching Bitcoin Deal
    7 Min Read
    image 354
    Neiro Got the Hype, But MoonBull Might Deliver – Is This the Best Upcoming Crypto for 2025?
    8 Min Read
    Previous Next
  • Pages
    • Contact Us
    • Customize Interests
    • My Bookmarks
Reading: Shiba Inu Poised for Potential Recovery with Launch of Fiat Conversion Service
Share

[ccpw id=”7831″]

DeythereDeythere
Font ResizerAa
  • Home
  • Crypto
  • Market
  • News
  • Blockchain
  • Contact
Search
  • Home
  • News
  • Cryptocurrency
  • Pages
    • Contact Us
    • Customize Interests
    • My Bookmarks
Have an existing account? Sign In
Follow US
© DT News. All Rights Reserved.
Deythere > News > News > Shiba Inu Poised for Potential Recovery with Launch of Fiat Conversion Service
News

Shiba Inu Poised for Potential Recovery with Launch of Fiat Conversion Service

Shiba Inu Poised for Potential Recovery with Launch of Fiat Conversion Service
Shiba Inu Poised for Potential Recovery with Launch of Fiat Conversion Service
Ezeudo Nwosu
Last updated: August 16, 2024 11:12 pm
By
Ezeudo Nwosu
Published August 19, 2024
6 Min Read
Share

The celebration of Shiba Inu’s anniversary on August 1 did not evoke the excitement that many in the cryptocurrency community had anticipated. Despite several attempts, SHIB, the token associated with the Shiba Inu project, is finding it challenging to regain its footing. However, technical metrics show the possibility of an upcoming rebound. 

Contents
Shiba Inu: Signs of Strength Amidst Challenges Shiba Inu Faces Critical Challenges AheadShiba Inu Price Dynamics 

 

Recent developments, including the introduction of a new service that converts traditional currencies into SHIB, along with massive accumulation by large crypto investors, present some optimistic prospects for this meme-based cryptocurrency.

Shiba Inu price dynamics
Shiba Inu price dynamics

Shiba Inu: Signs of Strength Amidst Challenges 

Despite being within a generally bearish market—having suffered a staggering 72% decline since its peak in July—Shiba Inu seems to exhibit some resilience. The recent launch of a service that facilitates the conversion of fiat currencies into SHIB, developed in collaboration with fintech partner Wert, could provide the cryptocurrency with a much-needed boost. This initiative simplifies the purchase process for tokens like BONE and USDC through Visa and MasterCard, making the Shiba Inu ecosystem more accessible to new users.

 

In a positive turn, SHIB experienced a slight increase of 1.7% in just one day, signaling some potential for recovery. The Shibu Inu development team also pointed to a stunning 25000000% rise for SHIB since its creation, which is sure to grab the attention of investors. Meanwhile, large holders, often referred to as “whales,” have recently begun accumulating more SHIB, acquiring an impressive total of 161.15 billion tokens over the past 48 hours, suggesting an increase in demand that could hint at future upward potential.

Shiba Inu Faces Critical Challenges Ahead

Despite these encouraging events, Shiba Inu finds itself at a crucial juncture. Analysis shows that SHIB is tracing an ascending channel pattern, which could signify a potential rebound within a predominantly bearish context. However, for this rebound to gain traction, SHIB must first navigate through formidable resistance levels, particularly at $0.00001394 and $0.00001553.

Shiba Inu price dynamics
Shiba Inu price dynamics

Current indicators, such as diminishing price volatility, reflect uncertainty among investors. Yet, an increase in trading volume might suggest a forthcoming price movement. According to data from Coinalyze, there has been a gradual rise in open interest (OI) for SHIB, which may be a sign of increasing buying pressure. During a recent conference, developer Shytoshi Kusama playfully referred to a potential price explosion for SHIB, BONE, and LEASH, further stirring excitement in the community.

 

Investors should keenly observe the $0.00001553 resistance level. Should SHIB manage to break through this threshold, it could lead to an ascent toward $0.00001700. Conversely, failing to hold above these crucial levels could potentially bring the price back to vital support areas at $0.00001300 and $0.00001100. The recent positive indicators, combined with innovative new services tied to the Shiba Inu ecosystem, strongly suggest a potential comeback for this notable cryptocurrency.

Shiba Inu Price Dynamics 

On August 15, the Shiba Inu price faced downward pressure, coinciding with a broader market slump that resulted in a 3.1% reduction in the total crypto market capitalization. However, this issue may not solely account for the price shift in SHIB. Bearish sentiment permeating the market among traders and whale investors indicates that the meme coin might be facing further declines in the near term.

 

Recent price data reveals that SHIB has dropped 1.5% over a 24-hour period, trading at $0.00001359. On-chain analytics from IntoTheBlock indicate that whales might be exiting their positions in SHIB. Notably, large holder inflows plunged by 32.29% between August 13 and 14, implying that substantial investors could be offloading their tokens. This trend is corroborated by a positive inflow of 48 billion SHIB (approximately $657,000) into exchanges, according to CryptoQuant.

Shiba Inu price dynamics
Shiba Inu price dynamics

Additionally, a rise in open interest (OI) in SHIB by 3.75% over the past day suggests that more traders are opening contracts, but this is accompanied by a drop in cumulative volume delta (CVD), which fell by 2.2%. This discrepancy—a rising OI amid declining CVD—typically indicates the opening of short positions, aligning with the bearish sentiment currently surrounding SHIB.

 

In-depth analysis from Coinglass reveals a notable imbalance in SHIB’s liquidation map, showcasing a greater cumulative liquidation of short positions compared to long ones. This reflects the prevailing bearish sentiment towards Shiba Inu, driven largely by slow network growth and adverse conditions in the broader market.

 

As the situation unfolds, traders and investors alike are urged to keep a close eye on both market indicators and new developments within the Shiba Inu ecosystem, as they could significantly impact the future trajectory of this popular cryptocurrency.

 

Advertising

For advertising inquiries, please email . [email protected] or Telegram

Ripple’s Big Break: CME Futures Live May 19—Spot ETF Next in Line?

I’ll Sell Unwanted Memecoins! Buterin’s $636K Move Shakes the Crypto World

Solar Panels That Generate Electricity from Raindrops

CZ Is Back — And Now He’s Advising a Country on Blockchain Strategy

BlackRock Secures Go-Ahead! Brings Bitcoin ETP Into European Market

Sign Up For Daily Newsletter

Be keep up! Get the latest breaking news delivered straight to your inbox.
By signing up, you agree to our Terms of Use and acknowledge the data practices in our Privacy Policy. You may unsubscribe at any time.
Share This Article
Facebook Email Copy Link Print
ByEzeudo Nwosu
Ezeudo Nwosu is a blockchain and cryptocurrency professional with over 8 years of experience in the industry. With a background in software engineering, Ezeudo has been at the forefront of developing innovative blockchain solutions that address key challenges in various sectors. His work includes leading blockchain integration projects and advising on the creation of decentralized applications (dApps). Ezeudo is recognized for his deep technical knowledge and his ability to translate complex blockchain concepts into practical applications. At DT NEWS, he offers expert insights into the latest developments in blockchain technology and cryptocurrencies, helping readers stay informed about the future of digital finance.
Previous Article Trump-Based Memecoins Fall Behind as Harris Gains Poll Lead Trump-Based Memecoins Fall Behind as Harris Gains Poll Lead
Next Article Ethereum-Era Whale Moves 5,000 ETH Tokens to OKX, Qubetics ICO Next in the List: Sources Claim Ethereum-Era Whale Moves 5,000 ETH Tokens to OKX, Qubetics ICO Next in the List: Sources Claim
Leave a Comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Follow US

Find US on Socials
FacebookLike
XFollow
YoutubeSubscribe
TelegramFollow
Subscribe to our newslettern

Get Newest Articles Instantly!

- Advertisement -
Ad image
Popular News
crypto 2024
Crypto Derivatives Market Heats Up as Innovative Products Emerge
crypto approval
Blockchain Revolutionizes Energy Markets with Decentralized Trading Platforms
crypto news
Cutting-Edge Mining Technologies Drive Efficiency in Cryptocurrency Production

Follow Us on Socials

We use social media to react to breaking news, update supporters and share information

Twitter Youtube Telegram Linkedin
Deythere

DT News influence 20 million users and is the number one business blockchain and crypto news network on the planet.

Subscribe to our newsletter

You can be the first to find out the latest news and tips about trading, markets...

Menu

  • Home
  • News
  • Sitemap
© DT News. All Rights Reserved.
Banner 1
Banner 2
Welcome Back!

Sign in to your account

Username or Email Address
Password

Lost your password?

  • English