The Shiba Inu (SHIB) market did not lag during the recent rally. The meme coin entered the top ten and even managed to witness a major surge. Over the past week, the asset rose by over 20% and reached a high of $0.00003004. While the meme coin is currently in a downtrend, read on to find out if SHIB could witness a rise on Thanksgiving day.
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Shiba Inu’s Roadblock
Following its recent hot streak, SHIB dipped by nearly 10% over the past 24 hours. The asset, at press time, was trading at $0.00002373. This could be part of the overall correction that the market has been experiencing. Amidst this, SHIB’s daily volume took a major hit as well. The asset dropped by nearly 50% and currently sits at a 24-hour volume of $1.79 billion.
In addition to this, the cryptocurrency community was sparked by a significant movement of 4 trillion SHIB tokens. This was worth around $99 million and occurred between two unidentified wallets. This is notable as they may indicate a desire to sell or change positions and cause market turbulence. Smaller investors often become anxious when whales shift large quantities of tokens. This is because they worry that these transactions might lead to a sell-off.
Also Read: Crypto Analyst Predicts Dogecoin to $3 and XRP to $5 in Bold 12-Month Forecast
Thanksgiving Prediction
It looks like the market is going to enjoy a bullish Thanksgiving. According to data from CoinCodex, Shiba Inu will trade at $ 0.00002924 on Thanksgiving day which is on November 28, 2024.
It seems like the asset will record an uptick in the coming weeks. While this isn’t a major jump from its current price level, Shiba Inu could continue to rise if the overall market recovers and a new rally starts again. More pro-crypto regulations or moves by the government could also aid in this potential growth.
Also Read: Top 3 Cryptocurrencies To Watch This Weekend
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