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Shiba Inu coin is offering a redemption chance for investors who missed the last rally. With the coin trading at its lowest since October, this is a chance for investors to buy at lower prices.
There is no doubt Shiba coin has been one of the most successful cryptocurrencies in the market this year. It rose from a small token earlier in the year to hit a 35-billion-dollar valuation at its peak. This made it the 8th largest cryptocurrency in the market joining the likes of Ethereum and Bitcoin.
Since achieving this milestone, the coin has fallen back to the red zone after losing over 60% in value. However, the coin looks set for a reversal that could see it regaining its previous highs and probably exceeding it.
Market Technical Indicators
With the coin trading in an oversold position on the higher timeframes, a reversal could be imminent. The stochastic indicator shows a loss in momentum by the sellers. Simultaneously, the buyers are starting to get in.
As an investor, this is the right chance for you to get into the market. Although investing in cryptocurrencies remains risky and there is no guarantee a reversal will occur, it is a necessary risk.
Investors always carry an amount of risk in such markets. However, it is key to ensure the probability is in your favor. This is the position Shiba coin is in right now. All the indicators support a probable reversal creating a chance for redemption if you missed the previous rally.
Shiba is a token that rallies 500% within a week. Hence, the rewards are significant if you get the trend right.
Increasing Whale Buyers Activity
Increasing token buying by whales is a sign the market momentum is shifting. Recently, reports two big Shiba investors both Gimli and Hulk buying a huge number of tokens are exiting the market. It all started with Gimli making three large purchases worth millions of dollars within a few weeks.
Hulk also recently grew his investment in the token to 450 million dollars after buying 8 trillion tokens worth over 290 Million dollars.
This signifies a change in the market sentiment indicating the trend could be changing. Whale transactions are significant and affect the price. In case retail investors join in on the buying spree, the price of Shiba coin could soon reverse.
As an investor, these are key signs that should help in making that buy decision.
Shiba Coin Burning
The burning of Shiba tokens continues at an increasing pace. Coin burning is a strategy used to control supply in the market. With over 500 trillion Shiba tokens in circulation, coin burning is necessary to boost the price.
Although some investors are raising their concerns regarding the burning process and its effectiveness, the process continues and could be key in triggering the rally.
News of a significant number of tokens burning could trigger a trend reversal putting the coin in green again.
Future of Shiba Inu Token price
Some of these factors such as technical indicators, increasing whale activity, and Shiba coin burning are key for a Shiba token price trend change.
Currently, they are in support of a bullish reversal presenting a Shiba Inu Coin redemption opportunity for the investors who missed the last rally.
From the previous Shiba huge rallies, the reward of buying the token now outweighs the risk. Take this chance to grow your token basket.