Shiba Inu has become the toast of the internet, with shiba inu coin recording more than 300% increase in less than one month. The buzz around shiba inu coin has raised the hopes of sceptics and strengthened the resolve of traders and investors already in the market.
So, while Shiba inu has been doing crazy numbers on redot crypto exchange and other exchange platforms, there have been bad days. There were days, in the early days of September, when shiba inu’s price was falling, all thanks, rather ironically, to whales dumping their coins.
The rebound trend of shiba inu’s price from a low of $0.00000764 to as high as $0.00003129, caused a stir, a positive one, in the cryptocurrency market.
The coin’s potential for further increment in price was predicted to go past its resistance level of $0.00002978, which it did convincingly in the following weeks, reaching as high as 0.00008612, with a market cap of over $40 billion.
The price of shiba has been increasing exponentially since the start of the year, causing traders who had sold their shiba inu coin at the start of the year to post how much they would have had had they kept their shiba inu coins.
While there are regrets and excitement in the air, the recent trend shows that more people are joining the shiba inu train, and are accumulating as much shiba inus as they can.
The 20-4 moving average showed that more people were accumulating shiba Inu, despite the fact that, on October 7th, accounts that held from 1 million to 10 million SHIBs dumped over 31 billion of Shiba inu tokens, which invariably caused the price to plummet.
But the dump, which caused a 40% decrease in the token’s price, didn’t last long as more people bought more of the tokens.
The rebound was no news to traders and investors on the Redot crypto exchange. Shiba Inu has a history for awesome rebounds after a catastrophic bearish market. After a major dump by whales, there is often a rebound, most times one that goes above the resistance level, reaching new highs.
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Shiba Inu: Is The Dogecoin Competitor A legitimate Investment?
The popularity of shiba Inu, the dogecoin competitor that many had mocked for being a meme coin, has been doing great numbers.
But the bigger question that plagues the mind of investors and traders is, can shiba inu stand the test of time? Is it a good investment?
One lesson any professional crypto trader would hammer in the ears of a beginner is: never allow the bullish run to fool you. Cryptocurrencies will always correct themselves, and when these corrections happen, amateur traders are wont to rush out of the market.
Shiba Inu is currently experiencing a retracement, after hitting a high.
However, the stats show that shiba inu is one of the rising internet queries; millions of people are searching for shiba inu, and many more want to know how they can buy the token, with the keyword “how to buy shiba” ranking 18th.
The Shiba Inu trend in the United States shows that the dogecoin competitor is doing well, ranking at 92 on the popular trend on searches as of October 12, 2021, 8 points less than its highest level, obtained in May of 2021.
While nobody should judge their investment decisions on google searches, the buzz the token currently enjoys on social media also indicates the future of shiba Inu is good.
Elon Musk, whose tweets has become a major influence on the cryptocurrency market, has also been a major influence behind the growth and popularity of the token. Elon Musk had predicted that Shiba Inu would be worth $1 before the end of October, but the price of the token has not done as well. Still a far cry from the $1 prediction, Shiba Inu still looks like a good investment given how popular meme coins have become, and the growing number of people buying the coin on top exchanges such as Redot.com.
Shiba Inu Going Against The Stats
Shiba Inu’s retracement was great news for investors and traders who had bought millions of the coins during the dip. But when one looks at the stats, the retracement was totally against a prediction done by Cointelegraph.
The bearish setup by Cointelegraph had predicted that SHIBA Inu’s bearish market will continue, and even when it retraces after reaching the support level, the retracement will be more measured.
But Shiba Inu and millions of enthusiasts defied the prediction. Shiba Inu closed above the bearish structure’s upper trendline, which also culminated with a rise in its trading volume.
When Shiba hit its highs on October 29th, it temporarily surpassed Ethereum in trading volumes, and this sparked wide range of excitement in the SHIBARMY camp.
What Does The New Token Burning Mechanism Of Shiba Mean?
One of the creators of Shiba inu posted on Medium, that the latest shiba news is that there would be an airdrop for Shiboshis, the meme coin’s own NFT. The announcement of the NFT also caused some ripple effects on the price of SHIBA INU.
Shiboshis can only be bought on the Shiboshi.shibaswap.com, but will be available on other NFT marketplace such as OpenSea after the official launch.
Shiboshis’s prices will differ based on the tier of their release. The first 3,000 shiboshis will cost 0.1eth for one shiboshi. Another 5,000 will be released and each will go for 0.2eth, and the last 2,000 shiboshis will be sold for 0.3eth.
What Is Next For Shiba Inu?
The future of Shiba Inu looks good, given how the meme coin has fared so far in the market. The adoption and acceptance of Shiba Inu, as well as the creation of Shiboshi, the token’s NFT, will further increase the price and value of the token.
Also, the distribution style of the shiboshi will ensure that whales can’t accumulate the NFTs, thereby giving them power over its future price. According to one of the Shiba Inu developers, one wallet can hold a maximum of 10 shiboshis.
