Shiba Inu (SHIB) Holders Face Increasing Pressure as MAGA Coin Gains Momentum
- WBOYOriginal
- 2024-09-04 00:35:121137browse
Oshi, a crypto analyst at Alta Lead Gen, is advising investors to consider pivoting from Shiba Inu (SHIB) to the Donald Trump-themed meme coin, MAGA
Crypto analyst Oshi is advising investors to consider pivoting from Shiba Inu (CRYPTO: SHIB) to the Donald Trump-themed meme coin, MAGA, as market dynamics continue to shift.
Pseudonymous entity Oshi argues that SHIB holders face increasing pressure, with MAGA gaining momentum driven by ongoing political developments.
Highlighted that $MAGA has just broken through a key resistance level, which could signal the start of a strong upward trend. Oshi suggests that this could set $MAGA on a path to outperform major cryptocurrencies like SHIB, ETH, and even BTC as more investors notice.
Shiba Inu Coin Price Drops Despite Rising Modestly; Key Metrics Indicate Selling Pressure
Shiba Inu’s coin price is $0.00001367, up modestly 2.82% over the past 24 hours.
Santiment data shows whales are continuing to accumulate Shiba Inu coins, increasing holdings in non-exchange addresses.
Despite this, the percentage of SHIB holders in profit has dropped, indicating that many investors are facing losses.
Additionally, according to the Coinglass netflow chart, SHIB has seen more tokens flowing into exchanges, which is often a precursor to price drops and suggests increased selling pressure.
Trump MAGA Coin Price Primed For Breakout; Political Momentum Builds
Priced at $3.28, Maga coin has risen by 5.44% in the past day, reaching a market cap of $144.3 million.
Crypto analyst MoEthWhale points out that the Trump (MAGA) coin has maintained its position above the $40 million market cap level and is approaching a critical $50 million resistance.
MAGA’s price and market cap surged 60% after an assassination attempt on Trump. The token’s growth aligns with Trump’s political moves. Another analyst on X predicts MAGA coin could reach a $100 million to $150 million market cap by Sept. 10, fueled by Trump’s escalating campaign.
Fed Rate Cut To Amplify Trends
The upcoming Federal Reserve meeting on Sept. 18 adds uncertainty to the market as investors await potential interest rate decisions.
There’s a 69% chance the Fed will keep rates at 500-525 basis points. However, there’s a 31% chance of a rate cut to 475-500 basis points.
A rate cut could spark a bullish trend in risk assets, including cryptocurrencies like Donald Trump’s (MAGA) Meme coin.
On the political front, platforms like Polymarket show a tight race between Donald Trump and Kamala
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