Renowned cryptocurrency analyst Michael van de Poppe has presented an optimistic view of the meme-inspired cryptocurrency Shiba Inu ($SHIB), suggesting that its value could experience a notable increase if it maintains a crucial support level. In a tweet shared with his extensive following of over 660,000 users on the microblogging platform X (formerly Twitter), van de Poppe outlined that, contingent on specific support levels holding, SHIB might ascend to trade at $0.000013 per token, surpassing its current valuation of $0.0000096.
However, Shiba Inu’s price trajectory hasn’t been entirely promising in recent times. Over the past 24-hour span, the value of this meme-inspired cryptocurrency has dipped by 5%, reversing previous gains and leading to a period of relative stagnation over the preceding days, coinciding with a broader sell-off across the cryptocurrency market.
Notably, reports have surfaced indicating that the cryptocurrency lending entity Voyager Digital, which is facing bankruptcy, has been offloading a substantial quantity of cryptocurrency on the Nasdaq-listed cryptocurrency exchange Coinbase. The tokens in question include over 1.4 trillion Shiba Inu ($SHIB), 781 BTC, and 9,570 ETH, which have been “burned” on the platform. This influx of supply into the market could be exerting downward pressure on SHIB’s price.
Voyager Digital had previously executed sizable transfers of SHIB tokens to Coinbase, alongside other tokens like Ethereum’s ether. The firm’s recent actions also include the sale of 400 billion SHIB on the platform earlier in the month, which were exchanged for USDC stablecoins. These activities have occurred against the backdrop of a noteworthy trend in July, as approximately 3.3 trillion SHIB tokens were withdrawn from centralized cryptocurrency exchanges. This substantial reduction in available supply has garnered attention from analysts, potentially contributing to the evolving market dynamics of SHIB.
While Shiba Inu’s value remains influenced by a combination of market forces, investor sentiment, and broader cryptocurrency trends, van de Poppe’s insight offers a perspective on the potential impact of maintaining key support levels on the token’s future trajectory. As the cryptocurrency landscape continues to evolve, enthusiasts and market participants will closely monitor the developments surrounding Shiba Inu and similar digital assets.