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How will this newly found support boost the price of SHIB

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Shiba Inu, a crypto-meme like Dogecoin, was the fastest growing cryptocurrency in 2021. The growth rate of the asset was astounding, especially after it recorded a price increase of 46,000,000%.

  • Shiba Inu trading price is now a sign of resistance
  • The price of the SHIB token is now $0.00001118
  • The meme crypto is expected to end in 2022 at $0.0001501

Shiba Inu, a crypto-meme like Dogecoin, was the fastest growing cryptocurrency in 2021. The growth rate of the asset was astounding, especially after it recorded a price increase of 46,000,000%.

It has attracted a lot of investors and is recognized as one of the reasons why a large percentage of cryptocurrency investors find their way into the market.

It was such a hit at the time that it made early investors own $10 worth of SHIB’s super-rich.

But fast into the present, the token has already reached a point where some think its era is already over and crypto experts see no window for the digital currency to rise again.

SHIB is currently changing at $0.00001118 according to Koenigku at the time of publication. It has already lost 87% of its all-time high value achieved on October 28, 2021.

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It has been in steady decline for the past five months.

Shiba Inu: Breakthrough of the Resistance

Due to the recession and bearish activity, SHIB turned its support range of $0.00001118 into the new resistance mark.

This means that at the moment, the price of the coin will not see any upward movement, unless it breaks through the resistance.

Sellers are already starting to play in the market, and start withdrawing around $0.0000103. If they succeed, Shiba Inu could face another immediate drop although it is expected to make a rebound soon after.

There was a buying spree from June to August of this year courtesy of SHIBArmy. However, the gains that the token got from this activity were curtailed by sellers who entered and dragged the price down again.

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SHIB saw a rise by the end of 2022

Despite suffering five months now, all is not lost for the meme token as its price predictions for the end of 2022 and the point of 2023 at the eventual price increase.

Source: Santiment

Shiba Inu is in the midst of a metaverse platform deal that is expected to push the token price to $0.0001501 by the end of this year. The lowest price for SHIB at this point is expected to be $0.0001307.

Since around mid-September, SHIB’s social influence has been steadily diminishing. Instead, it showed a slight increase in price. Attractive though, this reading reflected SHIBArmy’s assertion.

Meanwhile, the end of the 2022 bear market by the first part of next year will put the inter-currency in a better position.

SHIB is expected to trade with a maximum value of $0.0002271 in 2023.

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SHIB market cap at $6.4 billion | Featured image from Paper Writer, Chart: TradingView.com

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Cryptocurrency

Sam Bankman-Fried is dealing with an $8 billion balance sheet deficit

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The entire cryptocurrency market suffered multiple losses and asset depreciation after the collapse of Sam Bankman Fried cryptocurrency exchange FTX. Additionally, cryptocurrencies exposed to FTX have had their fair share of bitter pills.

Investigations were underway to locate the $8 billion hole in FTX’s balance sheet, which caused the liquidity crisis.

FTX’s balance sheet deficit continued to grow. The company initially announced only $2 billion and later said it was $5 billion. The hole has now grown to more than $8 billion.

In a recent interview with Bloomberg, Sam Bankman-Fried (SBF), the former CEO of FTX, revealed the whereabouts of the funds. The SBF said it showed investors a separate balance sheet in an emergency bailout.

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According to the ReportSBF listed $8.9 billion in debt, $9 billion in liquid assets, and $15.4 billion in liquid assets. The report also mentioned $3.2 billion in illiquid assets.

Sam Bankman-Fried reveals conflicting balance sheets

He disclosed another balance sheet showing the actual situation at the time of the bailout meeting. The balance sheet carries similar numbers but $8 billion less in liquid assets. The SBF said it misquoted the numbers.

He added that customers were transferring money to Alameda Research instead of sending it directly to FTX. According to his statement, FTX’s internal audit system double-counted the amount and credited it to both companies.

After the SBF statement, FTX and Alameda Research had the highest cash flow, but Binance, the competitor, had the highest cost. He paid $2.5 billion net worth to buy Binance investments. The SBF also revealed that it spent $250 million on real estate and about $1.5 billion on other expenses.

About $4 billion and $1.5 billion went to venture capital investments to acquire other companies, while it miscalculated $1 billion.

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The report also stated that the SBF and the remaining staff had spent the previous weekend trying to raise money. The funds will fill the $8 billion hole in FTX’s balance sheet and reimburse clients.

The reason for the collapse of FTX: fraud or mismanagement?

Meanwhile, most people in the crypto space say that the FTX crisis is a scam, not a coincidence. On Wednesday, during his first public appearance after the collapse of FTX, Bankman-Fried insist on He did not commit fraud. He claimed he was unaware of the extent of the damage and what was going on with FTX.

In an interview with The New York Times, the SBF blamed the collapse of the $32 billion exchange FTX on poor accounting and management failures. This comment sparked civil and criminal investigations. The investigation aims to determine whether FTX committed a crime by lending client money to Alameda Research.

Cryptocurrency market records new gains | Source: Crypto Total Market Cap on TradingView.com

However, FTX’s new CEO, John Ray III, who is in charge of the company’s bankruptcy proceedings, expressed his disgust at the situation. In his words, Ray said he had never seen such a complete failure of corporate control, and condemned the SBF for its unacceptable management practices.

Featured image from Texas Tribune, chart from TradingView.com

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Everything Bubble: Markets at a Crossroads – Bitcoin Magazine

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Below is an excerpt from a recent issue of Bitcoin Magazine Pro, Bitcoin Magazine Premium Markets Newsletter. To be among the first to receive these insights and other on-chain bitcoin market analysis straight to your inbox, subscribe now.

Powell’s Speech and Contracting ISM PMI

We want to zoom out, revisit and analyze some of the latest data that came out this week, which will greatly influence the direction of the market over the next few months.

After Jerome Powell’s Brookings speech, markets are clearly chomping a bit to move higher with any possible pivot scenario and narrative from the Fed. There is over-hedging, short-squeezing, options market dynamics and forced buying. This goes beyond our experience to say exactly why markets explode with volatility at any given data point or Powell’s new speech. However, these types of events and market movements have almost always been a sign of unhealthy and growing volatility in bear markets. Despite more talk from Powell with nothing really new to say, the speech was seen by markets as “more dovish” with his comment about worrying about excessive rate hikes. However, if this is yet another bear market rally forming for the major indices, we’re apparently close to turning that high again.



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Price Analysis 12/2: BTC, ETH, BNB, XRP, ADA, DOGE, MATIC, DOT, LTC, UNI

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Bitcoin and altcoins are starting to signal a possible trend change, but there are still a few downside risks.

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