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Shiba Inu (SHIB) Retains Greed Sentiment as Price Hits Weekly Lows

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Thu, 1/02/2024 - 12:40
Shiba Inu (SHIB) Retains Greed Sentiment as Price Hits Weekly Lows
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Shiba Inu (SHIB) has managed to maintain a sense of Greed on the market despite experiencing a decline in its price all week long. As of the latest market data, SHIB is priced at $0.000008903, reflecting a market cap of $5.25 billion. While the price has seen a decrease of 0.83% in the last 24 hours, the trading volume has surged to $113 million, indicating a 13% increase in the past day and 12.76% in the past month.

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SHIB's recent price movement

According to data from CoinCodex, the current cycle low for SHIB is $0.000005603, while the highest price since the last cycle low reached $0.00001179. These figures showcase the volatility in Shiba Inu's price movements and the potential for both short-term fluctuations and long-term growth.

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One possible catalyst for the recent greed sentiment in the Shiba Inu community could be attributed to developments related to Shibarium. A recent announcement by LucieSHIB, a Shiba Inu team member, outlined Shibarium's ambitious plans for the future. 

Lucie expressed the goal of onboarding 1,000 projects through numerous partnerships, emphasizing that supporting new projects does not mean canceling existing ones. This commitment to expansion and development may have contributed to the current positive sentiment among SHIB holders.

Another factor fueling the greed is the intriguing revelation by Shiba Inu's lead developer, Shytoshi Kusama. In a recent post, Kusama hinted at upcoming artificial intelligence (AI) projects in collaboration with the Bad Idea AI team. 

While the exact nature of these projects remains undisclosed, Kusama's acknowledgment of "secret and not-so-secret AI initiatives for Shib" has generated speculation and curiosity within the SHIB community. The prospect of technological advancements may be contributing to the overall positive outlook.

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Whale activity and Shiba Inu network dynamics

The current greed sentiment coincides with a notable spike in whale activity on the Shiba Inu network. On Jan. 31, an astonishing 600 billion SHIB tokens were transferred in three separate transactions.  

This increased whale activity complicates Shiba Inu market dynamics, potentially influencing both short-term price swings and long-term market trends. Overall, Shiba Inu remains an attractive meme coin to watch out for, a sentiment that is not clear from its community irrespective of price outlook.

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