Shiba Inu (SHIB) Takes on the Top 50 Cryptocurrencies
Shiba Inu is a cryptocurrency following Dogecoin’s path, often referred to as the Dogecoin Killer. The reason being Dogecoin also uses the image of a Shiba Inu dog on the cryptocurrency images. The Shiba Inu coin was developed by a mysterious person going by the code name of Ryoshi, much like the developer of Bitcoin, Mr. Satoshi Nakamoto.
Developers of Shiba Inu claim it to be a decentralized meme token that has transferred into an ecosystem. Launched in August 2020, the Shiba coin gained public affection and soon rose in value after tweets from renowned tech personalities like Elon Musk and Vitalik Buterin. Since its release, there has been a flood in cryptocurrency development with dog names and icons.
These coins have received substantial public interest as many who missed out on Dogecoin considered these dog-themed coins to be their path to becoming millionaires. Most of the Shiba Inu coins were added to the liquidity pool of Uniswap to decentralize its value. SHIB has a market capitalization of above $2.85 billion and holds the 48th position amongst other cryptocurrencies.
SHIBA INU Price Analysis
SHIBA INU runs on the principles of investor interest and people’s love towards dogs. Buying Dog themed cryptocurrencies makes investors feel emphatic about dogs. But in reality, these cryptocurrencies are just meant for having fun without serving any real purpose.
Over the last three months, relative buying interest has increased steadily even though Shiba is under a consolidation level, undergoing profit booking as soon as it touches the resistance level of $0.00000090 – $0.00000950. The developers of SHIB coin sent 50% of their tokens to Vitalik Buterin, who instead sent a majority to covid aid in India and burned the remaining 40% to a dead wallet.
On the other hand, SHIB developers already donated 50% of their other holding to a liquidity pool at Upiswap ensuring better value and proper decentralization. But the fact that Vitalin contributed his share of Shiba Inu tokens, selling those in the open market might hinder Shiba Inu coins’ positive scaling.
Rising RSI level is a clear indication of buying sentiment irrespective of the traded volumes and price action. On the contrary, volumes have also undergone sudden spikes signifying attempts at holding Shiba Inu tokens by big players. The SHIB token is close to its support levels on one-day charts and should ideally bounce back from this region as per our Shiba Inu price prediction.
SHIB token seems to be under selling pressure after the massive rise on September 20 caused by the listing on Coinbase. This listing added new insights into hitting a positive territory and marking its all-time high levels. Still, price action couldn’t repeat its feat on a shorter time frame, and people considered the 40% spike as a booking movement pulling back its value down. $0.00000680 has become the flat range of its price action carrying the probability of inciting a sell-off.