Shiba Inu, also known as the Dogecoin Killer, is a cryptocurrency that follows in the footsteps of Dogecoin. The reason for this is that Dogecoin’s cryptocurrency images also feature a Shiba Inu dog. The Shiba Inu coin was created by a mysterious individual who goes by the code name Ryoshi, much like the creator of Bitcoin, Mr. Satoshi Nakamoto.
Shiba Inu’s creators claim it is a decentralized meme token that has been transferred into an ecosystem. The Shiba coin, which was launched in August 2020, quickly gained popularity and increased in value as a result of tweets from well-known tech figures such as Elon Musk and Vitalik Buterin. There has been a flood of cryptocurrency development with dog names and icons since its release.
These coins have sparked a lot of public interest, as many people who missed out on Dogecoin saw these dog-themed coins as a way to become millionaires. To decentralize its value, the majority of Shiba Inu coins were added to the Uniswap liquidity pool. SHIB has a market capitalization of more than $2.85 billion and is ranked 48th among all cryptocurrencies.
Analysis of the SHIBA INU Price
SHIBA INU is based on the principles of investor interest and people’s fondness for dogs. Investing in dog-themed cryptocurrencies makes investors feel strongly about dogs. However, in reality, these cryptocurrencies are purely for entertainment purposes and serve no real purpose.
Even though Shiba is in a consolidation phase, relative buying interest has steadily increased over the last three months, with profit booking occurring as soon as it reaches the resistance level of $0.00000090 – $0.00000950. The SHIB coin developers sent 50% of their tokens to Vitalik Buterin, who instead sent the majority to provide aid in India and burned the remaining 40% to a dead wallet.
SHIB developers, on the other hand, have already donated 50% of their other holdings to a liquidity pool at Upiswap, ensuring better value and proper decentralization. However, because Vitalin contributed his share of Shiba Inu tokens, selling them on the open market may impede Shiba Inu coins’ positive scaling.
Regardless of traded volumes or price action, a rising RSI level indicates strong buying sentiment. On the contrary, volumes have experienced sudden spikes, indicating that major players are attempting to hold Shiba Inu tokens. According to our Shiba Inu price prediction, the SHIB token is close to its support levels on one-day charts and should ideally bounce back from here.
The SHIB token appears to be under selling pressure following its massive rise on September 20 as a result of its listing on Coinbase. This listing provided new insights into the positive territory and its all-time high levels. Nonetheless, price action was unable to replicate its feat in a shorter time frame, and the 40% spike was interpreted as a booking movement, pulling its value back down. $0.00000680 has become the price action’s flat range, with the possibility of inciting a sell-off.