- The crypto market saw brutal liquidations, with over $350 million in assets liquidated in just one hour, driven by stock market turmoil and recession fears.
- Shiba Inu (SHIB) was trading at $0.00001172, down 16.5% in the past 24 hours.
- Jump Trading has unstaked $500 million worth of Ethereum over the past two weeks and transferred a small amount of Shiba Inu ($5,240) to Coinbase.
Shiba Inu’s lead developer, Shytoshi Kusama, has echoed the sentiment of prominent crypto analyst Oscar Ramos of HODLing amidst the recent market crash. “They want your cheap crypto. Are you going to sell to them?” he stated, indicating that the ongoing bearish sentiment could be a buying opportunity for some. Kusama’s support to hold onto one crypto comes in the aftermath of the sharpest single-day drop for cryptocurrencies in 2024, with Bitcoin and Ethereum plummeting in the late hours of the weekend.
The cryptomarket’s brutal liquidations followed the turmoil in the stock market amidst recession fears and troubling geopolitical scenarios. Over $350 million in liquidations were recorded in just one hour. At the time of writing, SHIB was trading at $0.00001172, falling 16.5% in the last 24 hours, according to data from Coinmarketcap.
Adding to the market downturn is crypto AUM Jump Trading’s frantic offloading of various assets. Per Lookonchain, Jump Trading’s portfolio, once boasting a significant holding, has unstaked $500 million worth of Ethereum over the past two weeks. Notably, the firm even transferred a modest $5,240 worth of Shiba Inu to Coinbase.
Despite the market volatility, analysts remain bullish on SHIB, predicting a potential 10x pump in the near term. The technical analysis specifically focuses on a potential breakout from an accumulation zone after a prolonged period of price consolidation.
Shiba Inu Breakout Imminent: Analyst Predicts 1000x Pump
The subsequent price pullback is seen as a healthy retest confirmation of the broken resistance level, strengthening the bullish case. The analyst suggests buying SHIB within the price range of $0.0000198 to $0.00000685. Shiba Inu was among the few altcoins that were thrust into the limelight after the approval of multiple Ethereum spot exchange-traded funds (ETFs), which had investors buzzing.
Ava Monaro, a well-known crypto enthusiast, believes the popular meme coin could surge between 1,000% (10x) and 10,000% (100x). Her predictions came close on the heels of Shiba Inu’s P2E game Shiba Eternity’s recent launch teaser of its Web3 version on the Shibarium network. Angel, who is leading the Shiba Games team, announced that the closed beta is expected to be released “this week.”
