In recent weeks, it appears that all cryptocurrency investors have been discussing the Shiba Inu token (SHIBA), and the financial media has been extensively covering it. What is known about this cryptocurrency, and why is it dubbed “the Dogecoin killer”? We attempt to fully depict the new cryptocurrency’s current market position and what the future holds for it in this Shiba Inu price prediction.
The price of SHIBA according to CoinMarketCap algorithms is $0.0000125.
Current sentiment on Shiba Inu price in June 2023
As of June 10, 2023, the sentiment around the Shiba Inu (SHIB) is leaning strongly towards sell according to the analysis on Cryptoglobe. The current price of SHIB is $0.00000623, with a significant decrease of -$0.00000169 (-21.34%) from the previous price. The volume of SHIB traded is 9,642,593,679,060, indicating a high level of activity and interest in this cryptocurrency1.
Technical indicators and moving averages are showing a strong sell signal, with 0 buy signals and 8 sell signals from the technical indicators, and 0 buy signals and 12 sell signals from the moving averages. These indicators could suggest a potential bearish trend in the longer term1.
While the majority of technical indicators and moving averages hint at a potential bearish trend, it’s important to remember that the world of cryptocurrency is highly volatile, and while technical analysis can provide valuable insights, it’s only one piece of the puzzle. These signals should be considered in the context of your overall investment strategy and risk tolerance1.
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Shiba Inu Background
On August 1, 2020, Shiba Inu, one of the best shitcoins, was released. Each token costs $0.00000000051. At the time, a $100 investment yielded a whopping 196,078,431,372 SHIB.
Shiba Inu became well-known in April 2021, when the market reached a new high. This created an ideal environment in which the self-proclaimed “Dogecoin killer” could thrive. Shiba Inu has since established itself as one of the market’s most underappreciated cryptocurrencies.
According to price metrics, SHIB began trading at $0.00001377. The Shiba Inu coin price chart skyrocketed after the Shiba Inu token was listed on Binance. The price of SHIB increased by 114% in the 24 hours following the listing announcement on May 10.
It is worth noting that SHIB has already created some marketing buzz. Elon Musk tweeted about getting a Shiba Inu dog in March 2021, and famous Wall Street investor Jordan Belfort endorsed the asset in April 2021. Nonetheless, the Binance listing gave the dog-themed meme coin a significant boost.
After Binance listed SHIB, it quickly became a global phenomenon. Wall Street was piqued when Fortune Magazine published an article about the digital wave, and Ethereum co-founder Vitalik Buterin made headlines when he donated 50 trillion SHIB to the India COVID Relief Fund.
Shiba Inu developers capitalized on the buzz by launching ShibaSwap, a decentralized exchange that competes with UniSwap and Curve Finance.
Within 24 hours of its launch, ShibaSwap had accumulated over $1 billion in total assets locked. This established SHIB as more than just a meme coin.
The announcement of a partnership between Shopping.io and Shiba Inu was another significant boost. Because of the collaboration, customers can now use SHIB as a payment method when shopping on eBay, Walmart, and Amazon.
Many investors had begun to revise their Shiba Inu coin price forecast for September 2021, as the asset was emerging as one of the best meme coins overall.
On September 9, SHIB was listed on Coinbase, triggering the fabled “Coinbase Effect.” The Shiba Inu coin price rose 5% on the day, and it continued to rise after NowPayments added the coin as a payment channel for e-commerce platforms.
SHIB surpassed Dogecoin as the market’s top meme coin on October 28, 2021, reaching an all-time high of $0.00008845.
However, the meme coin has been declining as it tries to recover and reclaim some critical price points. The year 2023 has been quite promising for the meme token, as it has recovered from its $0.00000789 support to achieve a ROI of more than 80%.
What Is Shiba Inu?
Shiba Inu (SHIB) is a token found in the Shiba Inu ecosystem. In August 2020, Ryoshi — an anonymous person or group of people — created this decentralized meme token. The Shiba Inu coin has been compared to the DOGE coin since its introduction into the cryptocurrency market.
In reality, they share nothing more than meme coins and the occasional endorsement from Elon Musk. The Shiba Inu puppy is used to mock Dogecoin — both are dog-themed cryptocurrencies — but SHIB’s developers are aiming to solve serious, real-world problems.
SHIB was released on the Ethereum blockchain as an ERC-20 token with a total supply of one quadrillion coins. Before the launch, the developers transferred half of the digital coins to the Uniswap DEX and destroyed the keys. The remaining tokens were given to Ethereum co-founder Vitalik Buterin. By sending them to an invalid address, he destroyed 90% of the SHIB tokens. Buterin destroyed 410 trillion tokens worth a total of $6.5 billion.
In 2020, Buterin transferred more than 50 trillion Shiba Inu tokens to the India COVID-Crypto Relief fund. At the time of the transaction, they were worth approximately $1.14 billion. He also stated that the remaining Shiba Inu tokens would be donated to charity, but this time to support long-term initiatives.
Shiba Inu (SHIB) creators hope to expand the project into a full-fledged decentralized ecosystem, transferring 100% of protocol management rights to the community without the need for a governing body.
Shiba Inu Price Prediction Price Analysis
Shiba Inu is currently trading at around $0.00001247, with a total supply in circulation of 549,063,278,876,302 SHIB. The 24-hour trading volume for this cryptocurrency is approximately $295,001,435.
The Shiba Inu is worth $6,164,621,388 in terms of market capitalization. Shiba Inu prices are 7.31% lower today than they were yesterday. Let’s start with the technical analysis before we get into the Shiba Inu price prediction.
Shiba Inu’s price had only risen since its initial listing on cryptocurrency exchanges, with no sudden surges or downward spirals, until it reached its all-time high on October 28, 2021. Until profit-taking sentiments hit the SHIB market, the bulls had the upper hand. Shiba token, like all cryptocurrencies, is highly volatile and subject to market fluctuations.
Shiba Inu Price Prediction Technical Analysis
SHIBA INU is currently trading above its 200-day simple moving average (SMA). For the last 27 days, the 200-day SMA has indicated BUY since January 17, 2023.
SHIBA INU is currently trading above its 50-day simple moving average, and this indicator has indicated BUY for the last 35 days, dating back to January 9, 2023.
On February 19, 2022, the most recent Bitcoin Death Cross occurred 359 days ago. Meanwhile, the last Golden Cross occurred on January 30, 2021, 744 days ago.
Our technical indicators predict that SHIBA INU’s 200-day SMA will rise over the next month, reaching $ 0.00001125 on March 15, 2023. SHIBA INU’s short-term 50-Day SMA is expected to reach $ 0.00001387 by March 15, 2023.
The Relative Strength Index (RSI) momentum oscillator is a popular indicator that indicates whether a cryptocurrency is oversold (below 30) or overbought (above 30). (above 30). (above 70). The RSI is currently at 55.24, indicating a neutral state in the SHIB market.
Shiba Inu Price Prediction
Shiba Inu Price Prediction 2023
Based on Shiba Inu’s past price history, Benzinga estimated that the minimum price in 2023 could be around $0.0000205. SHIB’s maximum expected price is around $0.0000246, with an average estimated trading price of $0.0000213. Based on current prices, this represents a more than 50% potential return on investment.
Shiba Inu prices will begin March at an average of $0.00000748, with a minimum of $0.000001 and a maximum of $0.0000166, according to Wallet Investor. While the year ended with a price of $0.000000459, $0.000000918 and $0.00000138, respectively.
The minimum, average, and maximum prices for 2023, according to CryptoNewsZ Shiba Inu forecast, will be around $0.0000110, $0.00001995, and $0.0000289. In 2023, the Shiba Inu cryptocurrency is expected to grow slowly. SHIB’s price may provide good returns to crypto investors, according to their Shiba Inu price prediction.
Shiba Inu Price Prediction 2025
The price of SHIBA will begin 2025 at an average of $0.000000688, with a minimum of $0.000000344 and a maximum of $0.000001031. While the year ended with the following prices: $0.000000179, $0.000000357, and $0.000000536, respectively.
According to the technical analysis of Shiba Inu prices conducted by Changelly cryptocurrency experts, SHIB is expected to have the following minimum and maximum prices in 2025: around $0.0000350265 and $0.0000434057, respectively. On average, the expected trading cost is $0.0000363264.
Shiba Inu price prediction 2025 by business2community.com indicates that the digital asset will challenge the $0.00007 level. Whatever happens in the short term, cryptocurrency experts agree that coin prices will rise in the long run. Shiba Inu, as one of the market’s most valuable coins, will undoubtedly benefit from this expansion.
Additional use cases, such as integration into Shibaswap and use in the Shibaverse, should drive up SHIB’s price even more. As a result, a push towards $0.0001 by 2025 appears feasible, according to their Shiba Inu price prediction 2025. Shiba Inu may retrace to a much lower price prediction if the market consolidates.
Shiba Inu Price Prediction 2030
SHIB’s price in 2030 could range between $0.000152 and $0.000165, with an average price of $0.0001585, according to the CryptoNewsZ Shiba Inu price prediction.
The token, according to Business2community.com, could be worth $0.0002.
Changelly analysts are ready to release their Shiba Inu price estimates. The year 2030 will be determined by the maximum SHIB price of $0.0003001. It is possible, however, that the rate will fall to around $0.0002580042. The average trading price as a result is $0.0002668333.
FAQs
Is Shiba Inu A Good Investment?
Yes, SHIB tokens are a good long-term investment because their massive returns have surprised investors. Elon Musk’s support for the SHIB token, dubbed the “Dogecoin Killer,” as a meme coin has piqued the interest of many investors. According to our investment advice, traders should conduct research before investing.
How Do You Predict SHIBA Prices?
Forecast cryptocurrency prices using on-chain and off-chain metrics, as well as technical indicators that consider SHIBA INU’s past price performance. Market sentiment can also be used to determine whether investors are optimistic or pessimistic about SHIBA INU. Keep in mind that no one can predict the future with 100% certainty, and past performance is no guarantee of future results.
Is Shiba Inu A Safe Investment?
Shiba Inu coins are notorious for their volatility. Because it is a meme coin based on the Shiba Inu puppy theme, it has the potential to return significant value to investors in the coming years, or it has the potential to be an investment disaster if not carefully planned.
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