Crypto news: how are Shiba Inu (SHIB) and Velo Protocol (VELO) performing?

What is the price performance of the crypto assets Shiba Inu (SHIB) and Velo Protocol (VELO)?

An overview of the latest news and performance featuring the two coins below.

Crypto analysis of Shiba Inu (SHIB) and Velo Protocol (VELO)

It is worth noting that Shiba Inu (SHIB) is a decentralized crypto based on Ethereum. Specifically, its success is also due to the contribution of important personalities related to the blockchain industry such as Elon Musk. 

On the other hand, Velo Protocol (VELO) is a project that aims to create a decentralized and scalable payment network based on blockchain technology. The platform is designed to enable fast and convenient low-cost transactions between individuals, businesses and financial institutions.

Whale Alert spots massive Shiba Inu transaction

According to the latest reports from Whale Alert, the blockchain monitoring service, it appears that a mysterious Shiba Inu whale (SHIB) is suddenly on the move. Specifically, it appears to be moving trillions of tokens and, at the same time, the main memecoin is starting to show signs of recovery. 

Indeed, according to Whale Alert reports on its Twitter channel, the large entity in question has moved 3,484,812,794,902 SHIB worth more than $40 million from one wallet of unknown origin to another wallet of unknown origin. As read:

🚨 🚨 3,484,812,794,902 #SHIB (40,284,435 USD) transferred from unknown wallet to unknown wallethttps://t.co/W1gioFya4q

— Whale Alert (@whale_alert) April 16, 2023

The news does not end there, because Etherscan, the blockchain tracking website, showed that the SHIB stack remains under the control of the receiving wallet. Currently, Shiba Inu is trading at $0.00001147. 

Hence, it follows that the most popular memecoin along with Dogecoin is up nearly 7% from its seven-day low of $0.00001074. Meanwhile, SHIB’s chief developer Shytoshi Kusama announced more crypto news within his projects. 

The following can also be read on his official Twitter profile:

I am not affiliated with any token using my name or likeness unlawfully. DYOR and don't get scammed. Likewise there is no (official) Shibarium token; Shibarium is an L2 blockchain so any you see are super sus. Need I go on #SHIBARMY ?

— Shytoshi Kusama™ (@ShytoshiKusama) April 16, 2023

In essence, according to Kusama, market participants should be looking for coins that claim to be the official Shibarium Level 2 project token.

Focus on the price of the VELO crypto, the comparison with Shiba Inu

As we know, in recent months, the crypto market has faced quite a few difficulties due to both the collapses of some major players in the industry such as FTX & Luna as well as inflation and US Fed rate hikes. 

For example, at this point in time, Bitcoin also needs to find a solid base before it can move in the opposite direction and reverse the trend. If that happens, it is expected that altcoins will also begin to do the same, since it has happened before. 

In any case, as far as VELO is concerned, some price forecasting models see the coin bearish for the next 90 days, with a hint of a bullish market between quarters 1 and 2. 

The same models also argue that VELO will reach new highs no earlier than 2025, specifically reaching around $0.0057. As for the short-term future, however, it is estimated that VELO could reach $0.0014. 

Hence, this represents a 41.2% change from the current price, which is around $0.0023.

Crypto price prediction: bullish trend expected for Shiba Inu (SHIB)?

As we know, 2023 has so far been positive for the blockchain industry, given the bullish development that has characterized the crypto market. Shiba Inu, in this sense, has not been outdone, managing to take advantage of the favorable situation. 

However, contrary to what was expected, the increases for SHIB have not been that great compared to Bitcoin or other altcoins. Hence, in this respect, the Shiba Inu coin has lagged behind. 

Specifically, from the beginning of the year to the beginning of February, the price of SHIB rose from $0.000008 to $0.000014, representing a 75% increase. 

However, since the beginning of February, the value of Shiba Inu has declined again. Despite small gains in recent weeks, SHIB still seems to be on a downward trend.

In any case, some experts argue that in 2023 Shiba Inu could see a new rally, even exceeding ten times the current price. However, it should be stressed that this seems to be an overly optimistic growth rather than a forecast. 

But if the frenzy surrounding the Shiba Inu coin materializes during the summer months, it could result in a significant increase in its value.