Shiba Inu (SHIB) is one of the most popular meme coins in the crypto market, with a loyal fan base and a vibrant community. The coin was created in August 2020 as a joke and a tribute to the Shiba Inu dog breed, but it quickly gained traction and value thanks to the endorsement of celebrities like Elon Musk and Vitalik Buterin.
SHIB is the native token of the Shiba Inu ecosystem, which includes a decentralized exchange (ShibaSwap), a layer-2 solution (Shibarium), an NFT project (Shiboshis), and a DAO (Shiba Inu Association).
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Price Journey
SHIB started trading at a meager price of $0.00000001 in September 2020 and remained relatively stable until April 2021, when it surged by over 2000% in a matter of days, reaching an all-time high of $0.0000388 on May 10, 2021. This was partly driven by the hype around Dogecoin (DOGE), another meme coin that was rallying at the time, and partly by the news that Vitalik Buterin, the co-founder of Ethereum, had donated over $1 billion worth of SHIB to a COVID-19 relief fund in India. However, this also caused a sell-off in the market, as some investors feared that Buterin would dump his remaining SHIB holdings, which amounted to 50% of the total supply.
Since then, SHIB has been trading downward, losing over 80% of its value from its peak. The coin faced several challenges, such as regulatory uncertainty, competition from other meme coins, and technical issues with its platform. However, SHIB also received some positive news, such as being listed on major exchanges like Coinbase, Binance, and Huobi, being added as a collateral asset by Binance Loans, and launching its own NFT collection called Shiboshis.
In October 2023, SHIB experienced a sudden spike in price and volume, reaching $0.000008 on October 2. This was triggered by several factors, such as the launch of Shibarium, it is own layer-2 solution that aims to reduce gas fees and increase scalability for SHIB transactions, the adoption and integration of SHIB by more platforms and services, such as payment providers, merchants, gaming companies, etc., and the community engagement and marketing efforts by its team and supporters, such as creating memes, videos, social media campaigns, etc. However, this rally was short-lived, as SHIB faced resistance at $0.000008 and retraced back to $0.000007 by October 16.
Current Price Analysis
As of October 18, 2023, SHIB is trading at $0.00000711, with a market cap of $4.19 billion and a 24-hour volume of $129 million. The coin is up by 1.9% in the last 24 hours and 2.1% in the previous seven days. SHIB is currently ranked as the 19th largest cryptocurrency by market cap.
SHIB is facing strong resistance at $0.000008.
On daily timeframe level the price action of $SHIB consolidating at its Horizontal Demand Zone level where the price action can bounce back form that region.
Marked out the FVG gap level which can be filled out later.
If SHIB can break above the resistance at $0.000008 with a high volume, it could signal a trend reversal and open the door for further gains. The following resistance levels are at $0.00001 and $0.0000125, corresponding to the 100-day MA and the 23.6% Fibonacci retracement level of the downtrend from May to July.
The following support levels are at $0.000004 and $0.000003, representing the uptrend’s 78.6% and 100% Fibonacci retracement levels from April to May.
Future Outlook
The future outlook for SHIB depends mainly on the sentiment and momentum of the crypto market as a whole, as well as the development and innovation of its ecosystem. Some of the factors that could influence SHIB’s price shortly are:
- The launch of Shibarium, its own layer-2 solution that aims to reduce gas fees and increase scalability for SHIB transactions. This could attract more users and developers to its platform and improve its utility and demand.
- The adoption and integration of SHIB by more media and services, such as payment providers, merchants, gaming companies, etc. This could increase its exposure and acceptance as a payment and value transfer form.
- The community engagement and marketing efforts by its team and supporters include creating memes, videos, social media campaigns, etc. This could boost its popularity and awareness among potential investors and users.
- The competition and innovation from other meme coins and dog-themed tokens, such as Dogecoin (DOGE), Baby DogeCoin (BABYDOGE), Floki Inu (FLOKI), etc. This could either challenge or complement SHIB’s position and performance in the market.
News Roundup
Here are some of the latest news headlines related to SHIB:
- Shiba Inu Alert: Whale Makes Massive $31.6M Transfer.
- Shiba Inu (SHIB) New L2 Solution Leaves Community Excited as Epic Details Surface.
- Unraveling the journey of Shiba Inu: Can SHIB reach $1?
- Shiba Inu Price Prediction as Reversal Pattern Signals a 25% Rally Ahead.
- Fake Shiba Inu (SHIB) Airdrop Warning: The Community Should Watch Out for This Scam.
Conclusion
Shiba Inu (SHIB) is a meme coin that has captured the attention and imagination of many crypto enthusiasts and investors. The currency has experienced a remarkable price journey, from being a joke to becoming a billion-dollar project.
However, SHIB faces challenges and uncertainties like regulatory pressure, technical issues, and market volatility. SHIB is currently trading in a consolidation phase, with a potential breakout or breakdown on the horizon. The future outlook for SHIB depends on various factors, such as its development and innovation, adoption and integration, community engagement and marketing, competition, and collaboration with other meme coins.
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