Memecoin $SHIB could be poised for a take-off, prints 1.6% gains in 24 hours SHIB SHIBArmy
As the metaverse is to be a crucial part of the SHIB ecosystem and will also give more utility to SHIB, as well as BONE and LEASH — the two other SHIB ecosystem tokens — announcements around the project have often elicited price rallies.While SHIB looks ready to take off, danger still lurks in the market for the token. For one, on-chain data noted byshows that a mysterious whale wallet sent over 1 trillion SHIB tokens — worth around $12.15 million at the time of writing — to Coinbase.
Meanwhile, the SHIB rally has been part of a broader crypto market rally. Bitcoin , the benchmark cryptocurrency — along with others of the top 10 cryptocurrencies by market cap — have been trading in the green on the day. SHIB's lingering correlation with BTC makes the possibility of the memecoin sustaining its current gains unlikely if the crypto market turns negative.
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