Get insights on Shiba’s Shibarium growth, whale investments, and price predictions while exploring Cardano’s bearish trends and upcoming updates.
Shiba Inu and Cardano remain among the two most well-known cryptocurrencies in the market. Ranked 16th and 7th against almost 23,000 competitors, it shows both coins’ popularity.
That is why traders get confused about which coin is the better investment option. While the meme coin beats Cardano in sheer popularity, ADA offers much wider user cases. Here is an overview of both cryptocurrencies based on current market updates and sentiment.
Shibarium Eyeing Massive Increase in Transactions
One of the main reasons why Shiba Inu has been gaining traction recently is its L2 solution, Shibarium. Launched only a couple of weeks ago, Shibarium has been working wonders for SHIB.
The network has already crossed a million transactions and user wallets. Now, Shibarium is witnessing a staggering increase in transactions. The number of transactions on the network has doubled since the previous week.
Shibarium registered a whopping 177,050 transactions recently, taking its weekly transactions to over 420,000. The recent surge has boosted the overall transaction count on Shibarium to 1,74 million.
While the increase is boosting the confidence of Shiba Inu supporters, the community is also being troubled with attacks. Shibarium, being a new blockchain, experienced an attack by unethical parties allegedly affiliated with Pawswap.
The attackers posed as the LAW project to defraud blockchain users. The situation put every Shibarium user on their toes. The increasing number of attacks in the community has become a point of interest among many users.
Shiba Inu Whales Envision Price Explosion
Shibarium is not done driving Shiba Inu’s growth by itself, as the network is boosting SHIB’s performance as well. An anonymous Shiba Inu whale recently purchased over 6 million dollars worth of SHIB tokens.
The investor bought over 708.41 billion SHIB tokens valued at $5.99 million from Gemini. Surprisingly, the purchase was done in one transaction only. The news followed another massive purchase done a week ago by another whale.
The investor moved 4.67 trillion Shiba Inu tokens ($38.7 million) to a new wallet in one transaction. Moreover, SHIB holders have gathered 5 trillion Siba Inu tokens ($44 million) in the past week.
Many expect that Shibarium’s launch is the primary factor boosting SHIB’s demand. Shiba Inu has become the 2nd most trending crypto on CoinGecko already. Another factor that has helped the crypto market is Binance’s new payment platform called Binance Pay.
Since Brazil is the biggest market for crypto users, Binance has launched its platform for the region specifically. WireX, another banking alternative, also recently welcomed SHIB on its platform, holding 5.5 million users.
Such developments have elevated Shiba Inu’s movement in the market. That is why traders are expecting an upcoming price explosion in SHIB’s prices.
Long-Term Outlook for Shiba Inu
Given the recent movement of the SHIB token, traders have been readily following every Shiba Inu forecast.
“In the Money” is a metric that refers to addresses where the SHIB price is over the average price the token was bought at. On the other hand, “Out of the Money” means the ongoing price is lower.
For Shiba Inu, the metric looks at a +/- 15% range. It is a sign that the token will face minimal resistance in the coming months. The coin is trading around $0.0000073.
The indication of a low resistance means that SHIB can even bear 6x to 7x returns. The current predictions see Shiba Inu reaching $0.0000195 by 2024. Similarly, the coin is expected to end 2027 at $0.0000375.
Cardano Experiencing Gradual Bearishness
Cardano (ADA) has been on a stable wavelength for the past few weeks. The market sentiment surrounding ADA has been bearish since most Cardano holders are unstaking the token.
Over 175.4 million Cardano tokens were recently unstaked in smart contracts. On-chain data also revealed that the action brought ADA tokens from 63.3% to 62.8%. It also dropped ADA’s total supply by 0.50%.
In the long-term, the action can result in $40 million worth of Cardano being reintroduced to the market. It can have a massive impact on ADA’s price, swaying it further in the bearish region.
The Grayscale battle against the SEC had put ADA in the bullish region for a while. The movement helped Cardano experience a massive surge, too. However, the massive unstaking is likely to drop Cardano’s momentum.
Long-Term Outlook for Cardano
Cardano has been constantly trading at 0.25 dollars for a while now. Even now, the coin is valued at $0.2477.
However, if the ADA coin price prediction is to be believed, Cardano’s price can drop below the $0.2 mark. At the current rate, ADA is expected to drop to $0.24, quickly followed by the 0.22-dollar support-turned-resistance level.
In the long term, Cardano will hope for its upcoming updates to work out well. The network has a stablecoin and scaling update upcoming, which can boost its price significantly.
Conclusion
ADA vs. SHIB has been a popular concern for crypto traders for years now. Both cryptocurrencies have a massive user base, while they beat the other in several categories.
While Cardano has more market experience and real-world use cases, it is still behind SHIB’s sheer popularity. Moreover, the ongoing market sentiments show Shiba Inu registering a massive comeback due to Shibarium’s successful launch.
Traders are even wondering whether SHIB can cross 0.1 dollars in 2023. While the possibility seems far-fetched, SHIB can still show significant growth in the coming months.
On the other hand, Cardano is trying to stay afloat above the 0.25 dollar support level. The currency has been gradually trading around the price, but even a little push can drop it to 0.22, followed by 0.20 dollar support-turned-resistance-level.