Shiba Inu: Start of Rally !

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Shiba Inu (SHIB) is a meme-based cryptocurrency that was launched in 2020 as a rival to Dogecoin (DOGE). The token features the image of a Shiba Inu dog as its logo and has a total supply of one quadrillion.

SHIB is the native token of the Shiba Inu ecosystem, which includes decentralized applications such as ShibaSwap, a decentralized exchange, and Shibarium, a layer-2 solution.

Shibainu Current Price Analysis

As of 30 Oct 2023, SHIB is trading at $0.00000786, down by 2.86% in the last 24 hours and up by 12.67% in the last seven days. The token has a market capitalization of $4.63 billion and a 24-hour trading volume of $252 million. SHIB is ranked 19th among all cryptocurrencies by market cap.

Shibainu Current Price Analysis

Fueling up from solid support and revving towards a bullish journey! Accelerating with surging volume, the trajectory looks set for a continued upward drive. Buckle up for the ride to new heights.

SHIB has been showing a strong bullish momentum since mid-October, when it broke out of a consolidation phase that lasted for several months. The token reached a level of $0.00000888 on 28 Oct 2023, surpassing its previous peak of $0.0000038 in May. The rally was driven by several factors, such as:

  • The listing of SHIB on Coinbase, the largest U.S.-based crypto exchange, on 17 Sept 2023. This increased the exposure and liquidity of SHIB to millions of potential investors.
  • The launch of Shibarium, the layer-2 solution for the Shiba Inu ecosystem, on 14 Oct 2023. This aims to reduce the gas fees and improve the scalability of SHIB transactions and smart contracts.
  • The growing popularity and adoption of SHIB as a form of payment at hundreds of locations, either directly or through third-party intermediaries. Some examples include AMC Theatres, which announced that it will accept SHIB by the end of 2023, and NowPayments, which integrated SHIB as a payment option for online merchants.
  • The increasing interest and support from celebrities and influencers, such as Elon Musk, who tweeted a picture of his Shiba Inu puppy on 4 Oct 2023, and Vitalik Buterin, who donated $1 billion worth of SHIB to India’s Covid relief fund in May.

Weekly Price Analysis

In the past week, SHIB has been trading in a range between $0.00000576 and $0.00000888, with high volatility and volume. The weekly chart shows that SHIB has formed a bullish flag pattern, which is a continuation pattern that indicates a potential breakout to the upside. The flagpole is measured from the low of $0.00000281 on 7 Oct 2023 to the high of $0.00000888 on 28 Oct 2023, which gives a target of $0.00001495 for the next move.

The weekly chart also shows that SHIB has been supported by the 20-week exponential moving average (EMA), which is currently at $0.00000542. The 20-week EMA acts as a dynamic support level that confirms the uptrend. Moreover, SHIB has been trading above the Ichimoku cloud, which is another bullish indicator that suggests that the market sentiment is positive.

The weekly relative strength index (RSI) is at 74.65, which indicates that SHIB is overbought and may face some selling pressure in the short term. However, the RSI can remain overbought for extended periods during strong uptrends, so it is not a reliable signal for reversal. The weekly stochastic oscillator is at 97.67, which also suggests that SHIB is overbought and may need some correction or consolidation before resuming its rally.

Future Outlook

SHIB has shown impressive growth and resilience in the past year, despite facing several challenges and controversies. The token has gained a loyal fan base and community that supports its development and innovation. The token has also attracted attention from mainstream media and investors, who see it as a potential competitor or complement to DOGE.

The future outlook for SHIB depends largely on its ability to maintain its momentum and deliver on its promises. Some of the key factors that may influence its price performance are:

  • The development and launch of ShibaNet, a decentralized e-commerce platform that will allow users to buy and sell goods and services using SHIB and other tokens in the ecosystem.
  • The introduction and implementation of ShibaBurn, a mechanism that will reduce the supply of SHIB by burning a percentage of each transaction fee.
  • The expansion and diversification of the Shiba Inu ecosystem, which may include new tokens, applications, and partnerships.
  • The regulation and adoption of cryptocurrencies in general, and meme coins in particular, by governments and institutions around the world.

News Roundup

Here are some of the latest news and updates related to SHIB:

  • On 29 Oct 2023, Shiba Inu announced that it has partnered with NowPayments, a crypto payment gateway, to enable online merchants to accept SHIB as a payment option.
  • On 27 Oct 2023, AMC Theatres CEO Adam Aron confirmed that the company will accept SHIB as a form of payment by the end of 2023.
  • On 26 Oct 2023, Shiba Inu was featured on the cover of Fortune magazine, along with other meme coins such as DOGE and FLOKI.
  • On 24 Oct 2023, Shiba Inu was mentioned by Elon Musk in a tweet, where he said that he loves dogs and memes.

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Harsh Panghal
Harsh Panghal

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