Shiba Inu is a genuine dog-based cryptocurrency that attempted to emulate the success of Dogecoin. Despite the fact that prices are moving in a consolidated fashion. Shiba Inu has experienced a notable price action trend of nearly 200 percent in the last four days, propelling it to the 21st position in market capitalization.
We are now at $8.5 billion with a total circulation supply of 394,796 billion coins, but the crazy thing is that the last 24-hour trading volume is 668,118 coins, which is double the circulating supply. As a result, Shiba Inu is now worth $0.00002164. Nonetheless, because trading volumes are much higher than actual supply, there is a greater likelihood that forced price relief will be done by a select few accounts.
Shiba Inu Cost Analysis
Shiba Inu has been moving in a clear uptrend with intense buying activity, consistently registering a double-digit movement over the last three days. It has assisted in shifting the SHIB coin’s value to the right by one digit, and it now stands just four decimal places away from a $1 valuation.
Shiba Inu has shown a straight line upward movement that mirrors the straight line fall in May 2021. Shiba will soon enter the top ten cryptocurrencies at the current buying rate, and breaking the upper rejection level of $0.00000995 indicated buyers were preparing for a higher movement. The downside supports were active at $0.00000514 and had assisted Shiba in trailing the selling pressure on more than five occasions.
$0.00000514 was a strong support level that completely reversed the selling pressure and turned it into a buying sentiment. This is due to the total unliquidated supply of 1,000,000 and the possibility of prolonged volatility. A small group of wallet holders with the highest value has brought to light a critical issue.
Furthermore, the shift to the NFT market and the creation of a demand for artistic Shiba items will propel this cryptocurrency towards becoming a Dogecoin killer.
According to our Shiba Inu price prediction, one can and should hold a small number of Shiba coins in order to benefit from this rally in the future. You don’t want to look back and regret not taking a risk at this point. However, keep your Shiba holdings to less than 5% of your total investment portfolio, as this investment is a total write-off.