Shiba Inu price is yet to escape the tight bearish grip amid the ongoing FTX drama. The dog-themed meme coin remains range bound, along with the wider crypto markets.
For now, eyes are fixated on Shiba Inu’s ability to defend the support at $0.00000830, a move likely to pave the way for a 50% northbound rally.
Binance Announces Industry Recovery Fund
Binance, the largest exchange by daily traded volume, believes that despite the negative attention the crypto industry has been getting recently, there is hope for a bright future if stakeholders commit to building and protecting its reputation.
For that reason, Changpeng Zhao (CZ), Binance CEO, renewed hope for the industry by launching a recovery fund that could be tapped by crypto businesses affected by the FTX saga.
According to CZ, the move will help “reduce further cascading negative effects of FTX.” The fund will focus on helping “projects that are otherwise strong but in a liquidity crisis.” Binance opened the fund to other strong companies with sufficient capital to join hands and boost struggling businesses in an already dilapidated market.
Following the announcement, the market briefly flipped green, with Bitcoin jumping to $17,109 on Monday, although it has since retreated and is exchanging hands at $16,969 on Tuesday. The second-largest crypto asset, Ethereum, rebounded to $1,284, bolstered by CZ’s positive gesture. ETH now trades at $1,260 at the time of writing.
Shiba Inu Price End year Rally Could Be in The Offing
Shiba Inu’s price appears to be nearing the tail end of the FTX-triggered self-off from highs around $0.00001512. The meme coin is consolidating around $0.00000918 after bouncing off the critical support at $0.00000830 – tested for the first time since June 2022.
The Directional Movement Index (DMI) reveals that bearish pressure is still present despite the Shiba Inu price recoiling to $0.00000918. The indicator’s -DI (in blue) below the +DI (in brown) means that prices may fall lower.
Notably, however, the Stochastic oscillator is highly oversold at 16.76. As such, a short-term rebound is expected – and this explains the current move from support to SHIB’s current market value at $0.00000918.
Moreover, insight from on-chain data reveals that Shiba Inu is in the buy zone, with the push for investors to buy the dip likely to gain traction this week. The Market Value Realized Value (MVRV) profit/loss model by Santiment holds at -12.15, which is significantly lower than the mean line at 1.
The MVRV tracks the profit or loss ratio of SHIB holders by comparing the price at which the tokens they hold last moved with their current market value. Typically, investors don’t close positions in losses; they prefer to wait until at least the breakeven point.
If the current momentum holds, the bulls may eventually boost Shiba Inu price north, with profit taking anticipated at $0.00001000 (TP-1), $0.00001400 (TP-2), and $0.00001800 (TP-3).
Shiba Inu’s network activity has remained at the roof despite the downtrend in its price. From the chart below, the number of daily active addresses transacting on the protocol rose to a monthly high of 14,363 on November 13, up from 4,056 on November 2.
Shiba Inu price tends to trend higher as its network activity rises. Spikes in this on-chain metric imply that speculation for a bullish move in price is high among market participants interested in SHIB.
Whales Back a Shiba Inu Price Rally
A report by Whalestats, a platform tracking crypto whales’ activity, shows that large-volume investors are extremely bullish on Shiba Inu. The top 5,000 whales own $75 million worth of SHIB tokens. Furthermore, SHIB was among the most active smart contracts among the top 1,000 ETH holders over the last 24 hours.
This indicates that investor interest is growing despite the market crash. Investors are possibly taking advantage of a lower-priced SHIB to fill their bags ahead of an imminent move above $0.00001000 and further before the end of the year.
Shiba Inu Alternatives Promising Massive Gains
The collapse of FTX has had far-reaching effects on the crypto industry. Some say it has revealed regulatory gaps that must be ironed out for a bright, sustainable future. Recovery is anticipated not only for Shiba Inu but for the entire market. However, as Binance’s CZ said on Monday, this could be a long crypto winter.
The next projects in line and currently in the presale stage are Dash 2 Trade, RobotEra and Calvaria.
Dash 2 Trade (D2T)
Dash 2 Trade is a world-class crypto analytics and social trading platform that makes it easier for investors to make informed decisions using actionable market data. At the center of the Dash 2 Trade ecosystem is D2T – an ERC-20 token built on the Ethereum blockchain.
Think of Dash 2 Trade as an all-in-one terminal where investors have access to accurate and timely market data to test trading strategies, allowing them to take advantage of unique opportunities in the market.
D2T currently sells for 0.0513 USDT, but this price will go up to 0.0533 USDT in the next presale stage.
RobotEra is a Metaverse-centered project that will host various assets, forming part of its world. TARO is the ERC-20 powering this massive ecosystem. The project’s team is focusing on selling TARO to run the in-world economy, and users will soon be able to buy land parcels, robot characters and more in the form of NFTs.
TARO’s use cases range from in-world transactions to other purchases like event tickets and game entries. The user’s avatar in the world will be the robot NFT, and users will be able to build assets on their properties.
Additionally, there is a game where players can earn elements of the world; thus, there will be many chances to earn TARO, such as carrying out different tasks in the RobotEra metaverse.
Built on the Ethereum PoS blockchain is IMPT, a carbon credit marketplace where users can earn and trade NFT-based carbon offsets, which can also be obtained by shopping with a wide range of eco-friendly retailers. Since carbon credits are now tokenized as NFTs, it is possible to track them more transparently, which helps to address several issues that have previously plagued the carbon market.