Many crypto enthusiasts laughed at the idea that Dogecoin would be any worthy. What started as a “joke” is today the 7th largest cryptocurrency by market capitalization. This big change in crypto investing invited other alternatives for Dogecoin, which are known today as “Dog Tokens”. Shiba Inu is one of those contenders, which enjoyed a +40,000% price increase after launch, but soon after got dumped heavily. Despite that dump, Shiba Inu’s crypto rank stands at #33. This is still significant despite the coin being relatively new. Today, Shiba Inu’s price is around its lowest since the dump. Is Shiba Inu still worth buying? Let’s find out.
What is Shiba Inu Crypto?
Self-declared DOGE killer, Shiba is another meme and community-based dog-themed token. According to the official description, “SHIB is an experiment in a decentralized & spontaneous community”. SHIB has a total supply of 1,000,000,000,000,000 (or 1 quadrillion) tokens. The project is named after a breed of hunting dogs in Japan.
What makes SHIB unique is that 50% of the tokens are in a locked liquidity state and the remaining 50% was burned to Vitalik Buterin, ensuring no possible team dump. Sadly, the big dump did happen, and Vitalik donated the money to charities in India. Now that the dump is over, and the crypto crash ended, dog-token enthusiasts are watching out for Shiba Inu’s technical formation.
Is SHIB a Good Investment?
In order to see if a certain crypto is a good investment, we need to look at its technicals and fundamentals. Fundamentally, SHIB is a speculative type of token. It got created as an alternative to another token (DOGE), which is also, a speculative coin. Differently, though, SHIB doesn’t have a famous person backing it up, and most people who bought in are people who missed on DOGE and want to try their luck buying something similar. So fundamentally, there’s nothing behind the project…for now of course, as some projects change their vision to make it stronger.
Technically, and if you’re into SHIB for technical trading and investing, the current price is an interesting one. SHIB is sitting around USD $0.00000782 (nevermind those zeros). If you think this is a low cap token, think again. The market cap for SHIB is around USD 3 Billion. The very low price of 1 SHIB is due to the high supply of Tokens. As stated earlier, there is a total supply of 1 Quadrillion SHIB token. If whales want to manipulate prices, they’ll have to move Trillion of tokens.
Shiba Inu Price Prediction – What’s next for SHIB?
Currently, the technical formation of this Dog Token is pretty interesting. Love it or hate it, SHIB might boom with the crypto market in the coming months (unless of course, more dog token dumping occurred). In figure 1, we can clearly see how prices went away smoothly from their downtrend. Afterwards, prices consolidated and now, prices are slightly back on the rise. That’s why a sensible stop-loss would that low price of USD 0.00000710, or even slightly lower depending on your risk appetite. Other than that, if prices managed to recover and reach their peak of USD 0.0000356, we might be in for a nice treat, specifically a price increase of more than 300%!
You might hate a certain cryptocurrency and not want to buy in. That’s completely fine, but we can’t ignore the potential price-actions that might occur. Technical charting is based on previous price behaviors in order to try and make an “educated guess” about future prices. For the case of SHIBA INU, the current prices reflect a potential boom, hence our article 😉
Stay Ahead, Stay Updated
You might also like
More from Altcoin
NFT's are creating a storm currently. This post is all about Immutable X marketplace and Immutable X token. In today’s …