Shiba INU, SHIB Price Analysis: Is a Rally coming?

Shiba Inu (SHIB) is a digital currency that is community-driven and decentralized. It was created in August 2020 by an anonymous developer under the pseudonym Ryoshi. The coin’s creator positioned it as the “Dogecoin killer” and chose the Shiba Inu dog as its logo, which is also the Dogecoin logo. SHIB is based on the Ethereum blockchain and is an ERC-20 token. It is well-known for its meme-inspired branding and runs on the Ethereum network.

When Shiba INU was first released, it was allocated 50% to Vitalik Buterin’s Ethereum wallet. Since then, the price of SHIB has gone up by a whopping 150,000% from a low of $0.000056 to a high of $000084.

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. The total value of this donation was approximately $1 billion, making it one of the largest charitable contributions in the crypto world at the time.

When Shiba Inu was created in August 2020, the developers sent half of the 1 quadrillion SHIB tokens to the decentralized Uniswap exchange, and the keys to the wallet were thrown away. As a result, the developers do not use 50% of the tokens. The developers claim that this was done in order to create an open marketplace for the exchange and distribution of tokens.

SHIB strives to emulate and possibly surpass Dogecoin’s success as a meme cryptocurrency. While there are a few differences between them, SHIB also has meme-driven branding and is based on the Ethereum blockchain. The SHIB coin is expected to become an integral part of the emerging decentralized Shiba Inu ecosystem, including, but not limited to, the shibaSwap decentralized exchange.

SHIB Today Price & fluctuation this week

Shiba Inu (SHIB) is currently trading at $0.00001061, with a trading volume of $174,829,517.39 over the past 24 hours. This is a decrease of -1.60% in the past 24 hours and an increase of 1.40% in the last 7 days. The total circulating supply of SHIB is currently estimated to be 590 Trillion USD, resulting in a market cap of $6,250,471,915.

SHIB Technical analysis

In a 3d time frame, the price has broken the falling wedge resistance trendline with a successful retest, further upward movement is expected.

Based on the trade setup you provided, the price of Shiba Inu (SHIB) broke above the $0.000010 resistance level and made a higher high, indicating that the uptrend is continuing. The price has now pulled back to $0.0000010, which could be a good opportunity for a swing trade before the price revisits $0.000012.

Previously, the price broke above the 200-day moving average following a bullish breakout from the Falling Wedge pattern, which confirmed a bullish trend reversal to an uptrend. That breakout was also successfully retested.

The momentum is bullish, with the MACD line above the MACD signal line and RSI above 55. The nearest support zone is $0.000010 (previous resistance), followed by $0.000008. The nearest resistance zone is $0.000012.

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Historical price

Since its debut in August 2020, Shiba Inu’s (SHIB) journey has been noteworthy. Initially, it maintained a modest price until April 2021, when it surged to $0.0000042. A subsequent correction brought it down to the range of $0.00000085-$0.0000022, holding steady until May.

In early May, Shiba Inu gained momentum with listings on major exchanges, hitting an all-time high on May 10, 2021, following its listing on Binance. However, a sharp price drop occurred on May 12 when Vitalik Buterin donated part of his SHIB tokens to charity, even after burning 90% of his remaining tokens.

In October 2021, Elon Musk’s tweet about his Shiba Inu dog caused a 600% boost, propelling SHIB to a new all-time high of $0.00008845. The subsequent weeks brought volatility, and Musk’s clarification that he didn’t own any SHIB contributed to a market cap decline.

On January 24, 2022, SHIB announced its entry into the metaverse with “Shiberse.” As of February 1, 2022, SHIB was trading around $0.00002171, with positive developments, including a partnership with Welly’s, boosting its value to $0.00003493 on February 7. However, global tensions led to a market downturn.

By March 4, SHIB experienced a slight recovery at around $0.000025. A rally on March 28 saw the token hit $0.00002927, but by April 19, it was trading at approximately $0.000025 despite AMC Theatres accepting crypto.

On July 20, SHIB rallied to $0.00001307, closing July at $0.00001171. By August 8, 2022, it was trading at approximately $0.00001235.

From mid-November to mid-December 2023, the coin’s price predominantly declined, with occasional minor increases.

Price Forecast of Shiba Inu

In the first half of 2023, Shiba Inu (SHIB) is anticipated to exhibit a projected price range according to crypto experts. The expected low and high prices are forecasted to be $0.000010 and $0.000015, respectively. Experts suggest a potential return on investment of 4.5% during this period.

As we approach January 2024, cryptocurrency experts are gearing up to unveil their predictions for SHIB’s price. Projections suggest a potential trading range of $0.00000950 to $0.0000117 for the month, with an anticipated average value of $0.0000106. The potential return on investment (ROI) is estimated at 6.4%.

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Future Outlook

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.