As of 2017, there is always a general sale of cryptocurrencies at this time of year. This counts for Bitcoin and all other altcoins and tokens. This mainly has to do with taxes, as many traders and investors plan to reap tax losses just before the end of the fiscal year.
The sharp price drop we’re seeing with Shiba Inu is likely related to the sale of cryptos at the end of the year for tax reasons. Like every year, we expect almost all cryptocurrencies, including Shiba Inu, to bounce back and resume their upward momentum. At the time of writing, Shiba Inu was trading at 0.00003427 $, with an 11% drop over the past week. Currencies like Dogecoin have also fallen significantly this week.
Another new crypto cited as the next Shiba inu by analysts due to its breakthrough tokenomics is making big strides this week. EverGrow (EGC) crypto, launched in September 2021, is considered the fastest growing cryptocurrency of its kind, automatically rewarding holders with 8% of every Binance Pegged USD ($ BUSD) transaction. According to BSCscan, the crypto launched 12 weeks ago is already over 119K token holders. With the team’s recent announcement regarding the beta launch of utilities including the NFT lending platform, content subscription platform, and play-to-earn games, crypto could experience a big uplift. .
Considering the price of the Shiba Inu, when we factor in on-chain metrics, we find that 54% of all SHIB holders are currently in the money and 78% of all Shiba Inu token holders should be considered. like great holders. Depending on the composition of holders by length of detention, 87% of them hold between 1 and 12 months. So what we can conclude is that the selling we are seeing right now is just a matter of seasonal trading and the bulls will most likely start showing up in early 2022 or when Shib drops even lower to buy. additional tokens at a reduced price.
It should not be forgotten either that by Shiba Inu market capitalization, although being a huge $ 17.25 billion in size, is much smaller than the Ethereum or Bitcoin market cap. This means that Shiba Inu is more likely to have higher volatility, which could explain why we have seen Shiba Inu lose so much value over the past two weeks. For Shiba Inu bulls, the bright spot here is that the upside potential is also much greater, and those who invest in Shiba Inu can expect a higher return on their investment than other (major) altcoin bulls.
Turning to today’s SHIB trading, we are already seeing Shiba Inu gearing up for a big ascent as it nears a significant resistance line at $ 0.00003902. If Shib could find solid support at this level, we can expect a rise of over 40%, testing it high of November 30 of $ 0.00005435.
Although there will most likely be bumps in the road at his 50 day SMA of $ 0.00004099, for example, enough buying pressure could easily break this and send Shiba Inu to the top, from 2022 into the green for most SHIB investors and traders.
Solana, The next potential Ethereum, achieved growth of over 45,000% in 2021. Solana’s blockchain technology means faster and cheaper transactions, and this project poses a direct threat to Ethereum.
Although www.fxstreet.com has a late 2022 price prediction of only $ 200 For Solana (a 15% return from current levels), many analysts can see Solana closing the gap with Ethereum, the world’s second largest cryptocurrency by market cap. This could mean over 700% returns for Solana in 2022 to achieve their lofty ambitions. Subscribe to the News Reportz newsletter and update on the latest crypto trends.
Company: News Reportz
E-mail: [emailÂ protected]
SOURCE News Reportz