Shiba Inu price drops 4.48%, trading at US$0.00003154: Crypto market volatility persists
Crypto News: The Shiba Inu price is US$0.00003123, a downfall of 6.22%. The recent price action in Shiba Inu left the token’s market capitalization at US$18.36 billion and trading volume at 5.61 billion. So far this year, Shiba Inu has had a change of 202.26%. The total circulation supply of Shiba Inu (SHIB) now stands at about 590 trillion tokens.
Latest News of Shiba Inu
SHIB has been on a bullish trend since early March, achieving a new all-time high of US$0.00002101 on March 7, 2024. The currency has increased by more than 226% in the last week, beating the majority of its rivals in the meme coin category. SHIB’s market capitalization has risen to more than US$12 billion, making it the 18th biggest cryptocurrency by market capitalization.
SHIB announced the debut of its Shib Name Service (SNS) on March 5, 2024. SNS is a decentralized domain name system that allows users to replace long and complex wallet addresses with human-readable names ending in. shib. The SNS is driven by the D3inc protocol, which allows for cross-chain interoperability and scaling. Users can register. ship names on the ShibaSwap DEX and use them to transmit and receive SHIB and other tokens inside the Shiba Inu ecosystem.
SHIB’s community, known as the SHIB Army, has expanded fast both online and offline. SHIB’s official Twitter account has more than 3.8 million followers, and its subreddit has over 300,000 users. The SHIB community is also involved in organizing events, campaigns, and charitable efforts.
Technical Analysis of Shiba Inu
Shiba Inu’s technical analysis provides crucial trading signs. The Relative Strength Index (RSI) is at 53.81, showing a balanced forecast for price movement. The support and resistance levels are critical; resistance is at 0.00004579, while support is at 0.00001213. Shiba Inu has a Moving Average Convergence Divergence (MACD) below 0, while the Awesome Oscillator is 0.00000446. These metrics shed light on potential price fluctuations, allowing traders to make educated technical analysis-based judgments.
Price Outlook of Shiba Inu
According to Changelly, a cryptocurrency trading company, SHIB might reach US$0.0001329867 by 2030, representing a return of more than 1,300% from its current price of US$0.00002101.
According to FXStreet, a financial news website, SHIB may hit US$0.00004 shortly, joining Dogecoin in the cryptocurrency top 10. The website highlights the introduction of the Shib Name Service (SNS), a decentralized domain name system, and the listing on Coinbase, the largest US-based cryptocurrency exchange, as good catalysts for SHIB.
Market Scenario of Shiba Inu
Shiba Inu (SHIB) is a meme coin that has received significant popularity and attention in the cryptocurrency community. Its price prognosis is determined by a variety of factors, including market attitude, adoption, innovation, and competition. Here are some potential bullish and negative scenarios for SHIB.
Bullish scenario
SHIB breaks clear of the declining resistance trend line that has been holding back its price since August 2020. This might mark the conclusion of the long-term slump and pave the way for fresh highs.
SHIB will profit from the introduction of its metaverse, Shib Name Service, and Shibarium initiatives, which may raise the token’s demand and utility. These initiatives may potentially enable token burning, reducing supply and increasing scarcity of SHIB.
SHIB obtains exposure and liquidity by being listed on key platforms like Coinbase, Binance, and Robinhood. This might drive more investors and traders to the meme currency, increasing its market capitalization and volume.
SHIB is riding a wave of positive momentum in the larger cryptocurrency sector, which may be fueled by institutional adoption, regulatory certainty, innovation, and widespread knowledge. SHIB may potentially profit from the popularity and success of other meme currencies like Dogecoin and Floki Inu.
Bearish scenario
SHIB fails to break out of the descending resistance trend line, instead trading in the bottom section of the ascending parallel channel. This might point to a lack of purchasing pressure and the continuation of the negative trend.
SHIB faces competition and challenges from other meme currencies, like Dogecoin, Floki Inu, and Kishu Inu. These coins may have comparable or better characteristics, such as quicker transaction speeds, fewer fees, and increased community support.
SHIB faces regulatory uncertainties and crackdowns, particularly in countries such as China, India, and Turkey, where crypto trade and mining are prohibited or limited. This might limit SHIB availability and adoption while also causing legal issues for holders and developers.
SHIB is volatile and sells off owing to market swings, whale movements, and unfavorable news. This might erode the faith and trust of SHIB investors, resulting in panic selling and surrender.
Join our WhatsApp and Telegram Community to Get Regular Top Tech Updates
