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A popular cryptocurrency analyst has suggested that the meme-inspired cryptocurrency Shiba Inu ($SHIB) may be seeing its price rally lose some steam after it surged, along with that of numerous other meme tokens.
In a tweet shared with their over 185,000 followers on the microblogging platform, pseudonymous crypto analyst Altcoin Sherpa noted that Shiba Inu’s price rally is lagging that of rival meme coin Dogecoin ($DOGE), with SHIB’s 200-day exponential moving average (EMA) acting as a resistance.
$SHIB: Lagging to $DOGE rn, this current 200d EMA is acting as resistance and price is pulling back. I'd like to see acceptance above 1400 (you know what I mean for price) before calling for higher. Some notes on chart. pic.twitter.com/CIqWgn5ilI
— Altcoin Sherpa (@AltcoinSherpa) October 29, 2022
Shiba Inu has notably recently seen a mysterious whale suddenly move 3.9 trillion tokens on the Ethereum blockchain for just $0.95 in transaction fees in a move that some in the crypto space are admiring, as a similar transaction via traditional financial institutions would have large costs.
As CryptoGlobe reported, the median time that users on Coinbase hold onto the meme-inspired cryptocurrency before either selling it or moving it to an external address is now reaching the 200-day mark.
According to data from Coinbase’s price pages, the typical hold time for Shiba Inu investors on the platform is now 198 days, above the typical hold time of other major cryptocurrencies including Bitcoin ($BTC), Ethereum ($ETH), Cardano ($ADA), and Solana ($SOL).
The cryptocurrency exchange notes on its page that a long hold time “signals an accumulation trend” while a short hold time “indicates increased movement of tokens.” Shiba Inu’s typical hold time on the exchange has notably kept on rising since the feature was added.
Altcoin Sherpa also looked at Dogecoin itself, and noted that he believes the cryptocurrency’s price could still reach $0.16 in its ongoing rally, while noting he does not have a position on the cryptocurrency.
Per the analyst, shorting DOGE during its significant price rise would be like “stepping in front of a speeding train.”
$DOGE .16 next up IMO. I'm not long or shorting this. Shorting stuff like this is like stepping in front of a speeding train; wait for the lower high to come. Missed this one but love to see it. https://t.co/RQZL4XcGdR pic.twitter.com/TBu01aqi0E
— Altcoin Sherpa (@AltcoinSherpa) October 29, 2022
As CryptoGlobe reported, the trading volume of the popular meme-based cryptocurrency exploded to over $500 million in the past 24-hour period as the coin surged over 65% to become the 8th most valuable cryptoasset by market cap.
Dogecoin’s price pumped as many Dogecoin fans expect Musk to introduce new use cases for $DOGE within the Twitter app and/or the mysterious upcoming “everything app” codenamed X.
The expectation comes after Elon Musk finalized his acquisition of the microblogging platform and has started to manage it.
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