Shiba Inu News: Many crypto enthusiasts have laughed at the idea that Dogecoin will be valuable. What started as a “joke” is the 7th largest cryptocurrency in terms of market capitalization today. This major shift in crypto investment has invited other alternatives to Dogecoin, known today as “Dog-themed tokens.” Shiba Inu is one of those tokens that enjoyed a + 40,000% price increase after launch but was heavily abandoned soon after. Despite this decline, Shiba Inu’s crypto ranking remains in 33rd place. Although this is relatively new to cryptocurrency, it is still important. Today, Shiba Inu price is at the bottom of the downtrend. Is Shiba Inu still worth buying?
What is a Shiba Inu?
The self-proclaimed DOGE killer, Shiba is another humorous and community-based dog-themed token. According to the official statement, “SHIB is an experiment in a decentralized and spontaneous community”. SHIB has a total supply of 1,000,000,000,000 (1 quadrillion) tokens. The project takes its name from a hunting dog breed in Japan.
What makes SHIB unique is that 50% of the tokens are in the locked liquidity state and the remaining 50% is burned to Vitalik Buterin and does not allow for a possible bulk sale. Unfortunately, there was great destruction and Vitalik donated the money to charities in India. Now that the destruction is over and the crypto collapse is over, doge token enthusiasts are watching the technical formation of Shiba Inu.
Is SHIB a good investment?
To see if a particular cryptocurrency is a good investment, we need to look at its techniques and fundamentals. Basically, SHIB is a speculative type of token. It was created as an alternative to another token (DOGE), which is also a speculative cryptocurrency. However, differently, there are no famous people supporting SHIB, and most people who bought it, only those who missed the DOGE rally and want to try their luck to buy something similar. So basically, there is nothing behind the project… for now, of course, some projects change their vision to make it stronger.
Technically and if you use SHIB for technical trading and investment, the current price is interesting. SHIB is around 0.00000782 USD (never mind the zeros). If you think this is a low value token, think again. The market cap for SHIB is around $3 Billion USD. The very low price of 1 SHIB is due to the high Token supply. As mentioned earlier, there is a total supply of 1 Quadrillion SHIB tokens. If the whales want to manipulate prices, they will have to carry Trillions of tokens.
Shiba Inu price analysis What’s next for SHIB?
Currently, the technical composition of this token is quite interesting. Love it or hate it, SHIB could explode in the crypto market in the coming months (unless, of course, there are more dog token dumping). On the chart, we can clearly see how the prices are smoothly moving away from the downtrend. Then prices consolidated and now prices are slightly higher. Therefore, a reasonable stop-loss would be as low as $0.00000710, or even slightly lower depending on your risk appetite. Other than that, if prices do rebound and hit the top of 0.0000356 USD, that would amount to more than 300% price increase!