Shiba Inu is a famous meme coin along with Dogecoin. SHIB rose 22% in the last 24 hours. Before diving into the price chart and analysis, let’s find out what Shiba Inu is and why it is different from its competitor Dogecoin.
Shiba Inu is an ERC-20 token created by Ryoshi. It is a decentralized meme token with a focus more on community building. The primary aim was to take the place of Dogecoin. Now, it is a very popular token and has made its place in the list of the top 20.
The team has started a metaverse project known as Shibverse. Besides that, it has a decentralized exchange known as ShibaSwap. It allows liquidity, swap, and stake of coins. It is similar to other Ethereum based networks such as Uniswap or SushiSwap.
Now the question comes why Shiba Inu is known as the “Dogecoin Killer”? Dogecoin was created as a parody of Initial Coin Offering in 2017. It was created as a joke of fake coins being released at that time. However, it got popular after Elon Musk raised their hands for the coin. Shiba Inu and Dogecoin both are ERC 20 tokens, but Dogecoin has its own blockchain, and Shiba Inu uses its Ethereum blockchain.
However, ShibaSwap makes the difference, which makes Shiba a part of a decentralized financial ecosystem and allows users functionalities such as yield, stake, and swap of tokens. Dogecoin lacks this feature.
At the time of writing, the SHIB token is trading around $0.000027, which found its support around the same level. After a sudden rise in the price, it is now showing positive momentum. On the daily chart, the MACD is bullish. RSI has risen from 45 to 55, which also supports bullishness. The last two days’ candlesticks have been in the upper half of the Bollinger Band. It is tough to mark any resistance level because it can run 50% within a couple of hours.
Focusing on the recent price changes only gives you an estimation about the future move in the market. Based on our Shiba coin price prediction, the SHIB/USD is taking a bullish momentum, and it may provide higher returns in the short term. On the other hand, if it becomes downward, you may lose the value of your investment. Then you should hold the coin for a few more months.
We think traders should avoid these memes coins if they are not so active in crypto investing and social media. Long-term investors should choose fundamental-based crypto. Meme coins have no fundamentals and are very risky in the long term. The major crypto coins like Bitcoin and Ethereum are down from their ATH; you may invest in these cryptocurrencies for the long term. However, meme coins are favorite for short-term traders.