Will SHIB Rise Soon? Shiba Inu Price Analysis
Shiba Inu, also referred to as SHIB, is a blockchain-based cryptocurrency. It was first available in August 2020. Ryoshi, an unidentified person, created the token, which exists on the Ethereum blockchain as an ERC-20 token. Shiba Inu coins have a total supply of one quadrillion, making it one of the most numerous cryptocurrencies on the market. This meme-inspired token grew in popularity because of celebrity endorsements, particularly from Tesla CEO Elon Musk.
Today’s Price and Volume
According to the latest available data, Shiba Inu is currently priced at $$0.000009. It is ranked 17th among all the cryptocurrencies in the market, with a circulation supply of $5,349,313,629.63. Furthermore, it has a market cap of 589,290,049,963,048 SHIB. In the last 24 hours, the value of Shiba Inu has increased by $0.00000006, indicating that it has promising growth potential.
In the past week, Shiba Inu has been going up steadily, going up by 0.03%. This makes it look like a good choice for investing. In the last month, Shiba Inu’s price has gone up a lot, by 9.13%. This means its value has increased by $0.0000008 on average. This fast growth suggests that Shiba Inu might be a valuable investment if it keeps going up like this.
In summary, the information shows that Shiba Inu could be a good cryptocurrency to invest in, especially for people looking to invest in the crypto market.
Shiba Inu helps users in linking BONE tokens to Shibarium.
The official Shiba Inu X account has published a guide on how to move BONE tokens from the Ethereum mainnet to the Shibarium layer 2 network. The instruction includes a step-by-step video example and emphasizes the need to utilize Web3 wallets like MetaMask for users who own BONE tokens. By following these steps, users may safely and securely transfer their tokens.
Shiba Inu burns 9 billion tokens.
In January 2024, Shiba Inu made good on its promise to increase the SHIB token burn rate. ShibaScan reveals that during this period, over 9 billion tokens were burned despite the general decrease in market positivity that many altcoins faced. Although Shiba Inu (SHIB) felt the impact of this trend, it remains optimistic as it continues to introduce new measures to enhance the value of its tokens.
Technicals
After doing a thorough technical analysis, we can safely state that the current market mood for Shiba Inu is negative (42%). Furthermore, the Fear & Greed Index displays a score of 60, indicating that investors’ greed has surged significantly.
Printing bull flag pattern on the weekly time frame, currently getting rejected by the resistance of flag. If volume penetrates further and remains stable, the breakout would be quite aggressive.
Trends are mixed, and a pullback near support could be a swing trading entry, with an upside potential of +25% back to $0.000010, with a stop loss at $0.000075.
The MACD line is above the MACD signal line (bullish), but the RSI is below 45 (shorter term).
The support and resistance levels are the nearest support zone ($0.00008) and the nearest resistance zone ($0.000010), followed by $0.000012.
Shiba Inu has had a 50% success rate over the last 30 days, with 15 of those being green. Shiba Inu prices have likewise been erratic, fluctuating by 3.79%. Based on our research, we can confidently state that Shiba Inu is now demonstrating some fascinating market trends.
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Prediction
According to a technical analysis of Shiba Inu prices in 2024, the minimum price is expected to be $0.00000741, with a maximum price of $0.00000901. The average exchange price is expected to be about $0.0000106. This study found that Shiba Inu is a feasible investment option with a potential Return of 0.11%.
Crypto specialists predict that by February 2024, the average SHIB rate will be about $0.00000897. The lowest and highest prices for February 2024 are expected to be $0.00000809 and $0.00000986, with a potential Return of 9.6%.
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Conclusion
Finally, Shiba Inu is a risky but rewarding investment. Its future expansion will be heavily influenced by a number of things, including the Shibarium, ongoing community support, and general market circumstances. Potential investors, as usual, should conduct their due diligence before making an investment.
