Shiba Inu is a community-supported meme token that eventually became a vibrant ecosystem on its own. Shiba Inu has a price of $0.00000907, which means you can get more than 100k Shib Tokens for a dollar. It has a market cap of $4.9 Billion. Shiba Inu is the second largest meme coin after Dogecoin. The cryptocurrency is based on Ethereum’s ERC-20 Token standard and runs on the Ethereum Blockchain. However, there are possibilities that in the near future, it will have its own blockchain touted as the “Shibarium“.
Token Transfers have slowed down to reach 218,338 on-chain transfers. This figure is lower than last year’s November levels of 801,604 on-chain transfers by 73%. However, compared to the previous month(191,456 transfers).
Shiba Inu is also a favorite investment of Whales, who hold more than 80% of the total supply of about 550 Billion tokens. Interestingly, Whales are not selling $SHIB Token despite about 76% of them being in the loss.
Daily charts show a good recovery signal in the short term, i.e., within the next week. The reasons are
- RSI is growing stronger and recovering its strength from the oversold zone(RSI 20-40).
- MACD Figures show that there is an upcoming crossover, once it confirms, $SHIB can give small gains.
- However, volume is decreasing, which indicates that investors and traders are keeping light positions due to the vulnerability regarding exchanges.
The current market conditions can take the price towards $0.00001025, which is the next resistance and target.
Stoploss can be kept at nearby support of $0.00000843.
Stay tuned to dasfinance.info.
Interesting Story of Shiba Inu
Shiba Inu was created as a meme token and touted as the “Dogecoin Killer.” Shiba Inu Token has a quadrillion tokens in supply with a market cap of $5.7 Billion. They have locked 50% of its supply on Uniswap. Rest was donated to Vitalik Buterin, the Ethereum co-founder, and he sent 50 Trillion Shib to India’s Covid relief, which amounted to $1 Billion (transaction attached).