Shiba INU, SHIB Price Analysis
From meme to decentralized ecosystem: the Shiba INU transformation. What started out as a meme currency has now become a flourishing decentralized ecosystem.
When Shiba INU was first released, it was allocated 50% to Vitalik Buterin’s Ethereum wallet. Since then, SHIB’s price has skyrocketed from a record-breaking low of 0.00000056 to a record-breaking high of 0.000084. That’s a 150,000% increase.
In an act of philanthropy, Buterin donated 10% of Shiba INU’s supply to support India’s efforts to fight the coronavirus. The other 40% was intentionally burnt. This donation amounted to around $1 billion and was one of the biggest charitable donations in the crypto space at the time.
SHIBA INU Today Price & fluctuation this week
Shiba Inu (SHIB) price is currently trading at USD 0.000007801 with a 24-hour volume of USD 0.77 million. In the last 24 hours, the price of SHIB has decreased slightly by -1.53% to USD 0.007801. In comparison, SHIB is currently down by 5.31% from its 7-day high of USD 0.000008238, and by 13.58% from the 7-day low of USD 0.006868.
SHIB is one of the most valuable assets in the crypto market, with a circulating supply of USD 589.346.91 billion.
The price of SHIB is not set by the developers. Here are some insights from a SHIB expert.
Lucie, a well-versed expert in SHIB, recently emphasized the crucial aspect that developers do not exert direct control over SHIB’s price. In her insightful message to the community, she underscored the absence of magical solutions within the realm of cryptocurrency. Lucie pointed out that for those involved in crypto investments, gaining a comprehensive understanding of the practical market dynamics is imperative.
Lucie further clarified that the influence of developers on the price of any cryptocurrency, particularly SHIB, is limited. In her perspective, the real power lies with the holders and investors. If dissatisfaction with the developers’ efforts arises, her advice to the community is to explore other options. She reiterated that there are no guarantees of instantaneous wealth in the crypto world.
$BAD AI collaboration
Bad Idea AI’s goal is to achieve a balance between human creativity and AI’s unrivaled computational power..
The project has already accomplished remarkable things. Most recently, it made headlines in the crypto world when it was listed on leading decentralized exchanges like SushiSwap, UniSwap, ShibaSwap, and BitMart.
The project has big plans to get as much liquidity as possible out there. To do that, we’ll be listed on a bunch of centralized exchanges that have a lot of people in the Shib ecosystem, says Lightspeed, the project listing agent.
Bad Idea AI is a big part of the Shiba ecosystem and is an official partner of the Shiba Inu. They’re also helping to promote Shibarium’s next-gen blockchain, Shibarium layer 2.
This partnership shows how much Shiba is growing and how committed it is to being transparent, accessible, and cutting-edge in the blockchain space.
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Technical indicators
RSI Indicator: The daily Relative Strength Index (RSI) line has recently moved from the oversold zone to approach the 70% boundary of the overbought zone.
Exponential Moving Averages: The sudden price increase has prompted a bullish reversal in the 50-day Exponential Moving Average (EMA), hinting at a potential golden crossover. However, the declining two hundred-day exponential transferring average line is exerting bearish stress on the continuing restoration rally.
If the current uptrend maintains its momentum, there is a possibility that the SHIB price might soon surpass the 200-day EMA. This would significantly increase the likelihood of a golden crossover and further support the recovery. In such a scenario, if it manages to rise above the EMA, the uptrend could potentially reach the $0.000010 price level.
On the other hand, should the price fall below $0.00000750, it could lead to a significant decline in the value of the meme coin, potentially pushing it down to $0.00000695.
Price analysis of SHIB
The price trends of Shiba Inu at the onset of 2023, anticipate an average SHIB rate of $0.00000795 for October 2023. During this period, the projected minimum and maximum prices are forecasted at $0.00000739 and $0.00000851, respectively, offering a potential return on investment (ROI) of 6.9%.
As for November 2023, SHIB price forecast. It’s anticipated that the minimum trading cost could dip to $0.00000694, while the maximum may surge to $0.00000887 throughout the month.
On average, Shiba Inu’s value is expected to hover around $0.00000790, potentially yielding an ROI of 11.4%.
On the Daily timeframe level, it looks like $SHIB is bouncing back from its horizontal support level, which is highlighted in green. The price is now headed towards its horizontal gap level FVG.
Conclusion
In summary, it’s important to recognize that cryptocurrency prices, including SHIB, are primarily determined by market forces and investor sentiment rather than developer control. Understanding these dynamics is essential for all crypto enthusiasts.
Shiba Inu is a great example of a token that can go up and down a lot in a short amount of time. It can even go up 1000% in a week.
But if you don’t understand the technology behind it, you could end up regretting it. Shiba Inu and other tokens like it can be great investments, but it’s important to do your research to make sure you’re making the right decision.
