pic credit: Jakub Porzycki/NurPhoto via Getty Images
It was a very good month for the Shiba Inu cryptocurrency. The value of the SHIB token rose by more than 120 percent after a tweet from Tesla CEO Elon Musk revived interest in the coin on October 4.
This roller coaster ride continued at the end of the month when Musk admitted he had no cryptocurrency and fell 7% from a high of 0.0004389 on Friday 22 October to Monday morning. In the last seven days, it has increased by over 40% and climbed to the 11th position in the ranking of cryptocurrencies with a market capitalization of more than $ 19 billion.
The token then saw a new jump of 43% in the last 24 hours, giving it a new market cap of over $ 25.9 billion, according to trading data from Coin Market Cap. SHIB transaction volume grew 136% in 24 hours, representing a business value of over $ 23 billion.
Only $ 250 million of SHIB was traded daily last month. Prices were limited in scope after falling from the highs in May to October but rose as investors flocked. At the time of writing this script, the price is $ 0.00006695. What drove this latest heist was a matter of guesswork in this volatile and vulnerable market.
But what is Shiba Inu and what are the price prospects? What is the outlook for Shiba crypto after the rally? What do the forecasts for the remainder of 2021 and beyond indicate? In this article, we will look at the latest developments to help you decide whether to buy Shiba Inu coins for your investment portfolio.
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Dogecoin is still grappling with Shiba Inu for the meme token crown Thursday, despite a boost from Elon Musk.
Dogecoin is trying to keep pace with Shiba Inu's record growth, even as Elon Musk increases his favorite cryptocurrency Dogecoin received an increase from his most famous defender Elon Musk on Thursday, but it wasn't enough to completely stop the rapidly growing Inu as a meme token of the fight for market value.
The self-proclaimed "dogecoin killer" Shiba Inu rose 60% according to CoinMarketCap and hit a record high of $ 0.00008616 on Wednesday. Its advantages rank it as the eighth-largest cryptocurrency as it surpasses Dogecoin in terms of market value.
The action continued on Thursday as Shiba Inu added 36 percent to his epic rally, while Dogecoin rose 29 percent to 30 cents after Musk mentioned it on Twitter in connection with the cryptocurrency scams.
Tesla and SpaceX CEOs responded to Billy Marcus, the inventor of Dogecoin, who tweeted that "there are no promises in cryptocurrencies, except for scammers." Musk jokingly said, "If I send you 2 Doge, will you promise to send me 1 Doge?"
pic credit: @BillyM2k/@elonmusk/Twitter
Dogecoin was turned into an unknown and new coin in its name this year after being endorsed by Musk and a group of enthusiastic fans. Tesla's billionaire once called it his favorite cryptocurrency. It also recently announced that there is no personal investment in Shiba Inu.
Ethereum-based alternatives to Dogecoin grew by around 1000% in the last month as "SHIBArmy" joined the token. His huge profits were partly fueled by an online petition in which he asked Robinhood to add Shiba Inu to his list of tradable cryptocurrencies.
By comparison, Dogecoin has increased by 60% over the past month. Shiba Inu was founded in August 2020 and took less than two years to become the top 10 cryptocurrency competitors. On Thursday, the $ SHIB market cap of $ 43 billion exceeded $ 40 billion by 20:50. ET.
The major cryptocurrency turned losses after the previous day's collapse. Bitcoin increased by 3% to around $ 61,142, Ether by 4% to $ 4,174, and Cardano Ada by 1% to $ 2.02. Shiba Inu prices rise and fall in response to Musk's tweets The so-called "meme coin", Shiba Inu, launched in August 2020.
This is a Meme Dogecoin (DOGE) game that is itself a parody of the cryptocurrency space. Coins related to the Shiba Inu dog breed are gaining ground as investors look for another bitcoin (BTC) to invest in.
The Shiba token caught the consideration of investors in May when it rose 2.405% in three days to peak at $ 0.0000388 on May 10, in a rally triggered by the appearance of Elon Musk on the Saturday Night Live TV show.
Its appearance prompted a sell-off at DOGE as it referred to the cryptocurrency as "hustle", having talked about it in previous weeks. The price of the Shiba coin fell sharply, ranging mainly from $ 0.00006 to $ 0.000008 during the summer.
In October, Musk admitted he does not own the cryptocurrency and has plummeted from its peak. The cryptocurrency was likely on its way to the moon and grew by 50% on October 24, becoming the 11th largest cryptocurrency on the market.
However, one Shiba Inu Twitter account made a mistake by asking Musk how many SHIB tokens he has in his kitten. There is none. Here is the answer. It is also enough to bring Shiba Inu back to Earth.
Shiba Inu has recently become very popular with cryptocurrency investors who have even filed a petition to list cryptocurrencies on Robinhood. A signed petition on Change.org has collected nearly 300,000 signatures. The tokens earned over 40 million percent last year.
Shiba Inu was founded in 2020 by an unknown person named Ryoshi, and the Mint's website calls it "a decentralized meme token turned into a living ecosystem." The cryptocurrencies Shiba Inu (SHIB), Dogecoin (DOGE), and Shiba Floki (FLOKI) surged after Elon Musk posted a photo of his puppy Shiba Inu on Tesla on Twitter on October 4 growing commercial activity and rising prices.
However, Musk later admitted that he did not own SHIB and the price dropped. Anonymous developer Shiba-Inu announced on August 7 that in response to a community request, he is starting to burn coins to reduce the supply of SHIB.
Burning digital coins destroys the coins to remove them from circulation, which slows down inflation. SHIB's developers added two new trading pools to the decentralized ShibaSwap Perlin and Ryoshi coin exchange and burned $ 25,000 in SHIB and LEASH coins.
The ecosystem around the Shiba-Inu coin and created other tokens such as LEASH and BONE. ShibaSwap, which runs on the Ethereum blockchain, was launched on July 6. The burning of coins to reduce the supply in circulation creates the potential for higher prices to develop.
The developer is getting ready to release the Irreplaceable Tokens (NFT) collection next week, which will include 10,000 photos of Shiboshi's character. Initially, they will only be available on ShibaSwap with the aftermarket on the OpenSea NFT platform.
Although the NFT prices are LEASH and Ether (ETH), buyers can call their Shiboshi for an additional $ 100 fee payable to SHIB. The remaining funds will be used in the SHIB Burn Wallet. According to CoinMarketCap, there are currently 394.796 billion Shiba-Inu coins in circulation, with a maximum supply of one quadrillion.
This determines how far the price can go up. The Shiba Inu is valued at $ 0.00006695 at the time of writing on October 27 and has a market cap of $ 26.4 billion, making it the 11th largest cryptocurrency. according to CoinGecko. As always, be aware that past pricing results are not a guarantee of future returns.
Also Read: Shiba Inu a coin burn is imminent and When shib will hit one dollar
So what are the prospects for crypto Shiba after the rally? What are the outlooks for the remainder of 2021 and beyond? Shiba coin price prediction: will SHIB return to record levels?
The current SHIB price is at its all-time high of $ 0.0006695 on October 27. Can it keep this price? Technical analysis shows that the short-term sentiment towards SHIB is bullish, according to CoinCodex, with 25 indicators sending bullish signals compared to four bearish signals.
Simple and daily exponential three to 200-day moving averages provide buy signals. The Relative Strength Index (RSI) is 80.23 and provides a sell signal. The RSI ranges from zero to 100 and is considered overbought
Disclaimer: The information provided in this article does not constitute investment advice, financial advice, trading advice, or any other sort of advice, and you should not treat any of the content as such. The content in this article is for educational purposes only and hence should not be considered as financial advice.
