Within the horizontal range, Shiba Inu’s price appears to be sideways.
As long as the SHIB price is above the super trend indicator's green zone, buyers feel secure.
Over $6 billion is now the market cap of SHIB, up 3.4 percent in the past day.
What Is the $SHIB?
A token within the Shiba Inu ecosystem is called Shiba Inu ($SHIB). This decentralized meme token was developed in August 2020 by Ryoshi, a person or group of persons who wish to remain unidentified. The Shiba Inu coin has been contrasted to the $DOGE coin ever since it first appeared on the cryptocurrency market. However, aside from the fact that they are both meme coins and receive the rare Elon Musk recommendation, they actually have nothing in common. The project's use of a Shiba Inu dog does mock Dogecoin, but $SHIB's creators want to address important, real-world issues.
$SHIB was made available as an ERC-20 token with a one quadrillion coin supply on the Ethereum platform. Developers destroyed the keys before launch and moved half of the virtual currency to the Uniswap $DEX. The other half of the coins were given to Vitalik Buterin, the creator of Ethereum. By mailing them to an invalid address, he destroyed 90% of the $SHIB tokens. Buterin burned 410 trillion tokens worth $6.5 billion in total. The project's authors provided the following justification:
The first project to take this route was Shiba Inu. To ensure a fair and thorough distribution and to prevent developers from dumping tokens into the community, everyone should purchase coins on the open market.
To the India COVID-Crypto Relief fund in 2020, Buterin transferred more than 50 trillion Shiba Inu tokens. They were worth around $1.14 billion at the time of the purchase. Additionally, he pledged to contribute the remaining Shiba Inu tokens to charity, but this time to fund more extensive projects.
The developers of Shiba Inu ($SHIB) hope that as the project develops, it will fully realize its potential as a decentralized ecosystem and grant the community full control over the protocol's management without the need for a central authority.
In the first few weeks of its existence, the Shiba Inu's price increased by 27,000%, giving it the best possible start in its price history. In terms of percentage, the Shiba coin had spectacular success, but it's crucial to note that the token price did not even get to one cent.
On October 28, Shiba Inu's price reached an all-time high of $0.00008, according to information from CoinMarketCap. After $SHIB was listed on various exchanges, this took place. Shiboshi $NFT tokens that are non-fungible were also introduced by $SHIB. The market capitalization of $SHIB reached a record high of about $34.29 billion on the same day. With a market worth of more than $13 billion at the time of writing and a coin price of approximately $0.0000264, Shiba Inu is ranked #15 on the cryptocurrency list.
Several significant exchanges, including Binance, Coinbase, $FTX, $OKEx, and $WazirX, offer the $SHIB coin. Along with the native Shiba currency, the ecosystem also houses a decentralized exchange called Shiba Swap. But using the Binance Exchange to buy $SHIB is the most practical and well-liked option. You must first swap another coin to Binance Smart Chain and then to the Shiba Inu cryptocurrency in this two-step crypto-to-crypto transfer. However, purchasing $SHIB tokens using the Changelly PRO trading platform is one of the easiest and safest ways to do so.
It is crucial to note that our staff at Changelly and Changelly PRO works hard to maintain our platform current and give customers access to the most recent deals in the cryptocurrency market.
Because of this, you'll get the most recent updates on Shiba Inu's value and be able to easily trade the Shiba token for any one of the more than 200 cryptocurrencies supported by Changelly, an instant cryptocurrency exchange.
$SHIB Price History
On August 1, 2020, Shiba Inu, one of the best shitcoins, was released. The asset had a unit price of $0.00000000051. 196,078,431,372 SHIB were equal to $100 at the time.
However, Shiba Inu first gained attention in April 2021, when markets were at a record high. The self-described “Dogecoin killer” now had the ideal circumstance to succeed. Shiba Inu has since gained a reputation for being one of the market's most undervalued cryptocurrencies.
$SHIB Technical Analysis
The value of the Shiba Inu coin has somewhat declined. Unfortunately for the bulls, $SHIB was rejected over the weekend at this pivotal level, and the cryptocurrency has since started to fall. $SHIB may test the critical support level of $0.0000010 before attempting to go higher once more.
The price action appears to be moving horizontally inside the horizontal band despite the slight upward increase (bottom of the chart). Buyers recently retested the lower range of the lower range before the trend reversed. At the time of writing, the $SHIB coin is currently trading at $0.0001099.
The $SHIB Crypto Super Trend indicator is trading far above the green area on the daily price chart. Prices drop significantly as $SHIB crosses the important resistance level, although going by volume, seller confidence seems minimal. As a result, the bulls have advanced and purchasers have increased by over 3.4 percent over the last day, increasing the market cap to $6 billion.
The Bulls take precautions while they are recovering.
The Stoch RSI is moving higher on the daily price chart after leaving the oversold area. After a bullish crossover, the MACD indicator also moved into the neutral area. For the SHIB coin, both technical indicators point to a bullish trend.
Conclusion: Despite spending the previous few days in a range-bound phase, the Shiba Inu price was supported well by the bulls around $0.0000010 during the retracement phase. The price may move in one direction only if buyers break above this area, maybe reaching the $0.0000013 level.
$SHIB Price Prediction
Shiba Inu cryptocurrency price prediction made by algorithm-based website Wallet Investor predicted that by the end of 2022, the token would trade at an average price of $0.0000147.
According to Wallet Investor's Shiba Inu price forecast for 2025, the token was predicted to increase to an average price of $0.0000446 by the year's conclusion.
Regarding the future performance of SHIB's price, DigitalCoinPrice was optimistic. Shiba Inu was projected to trade at an average price of $0.0000483 by DigitalCoinPrice in its price forecast for 2030.
According to GovCapital's SHIB price forecast as of July 6, 2022, the token would trade for $0.000726.
Be aware that estimates of Shiba Inu cryptocurrency prices made by analysts and algorithms can be off. Forecasts shouldn't be used as a replacement for independent research: always do your homework and keep in mind that your choice to trade or invest should be based on your risk tolerance, market knowledge, portfolio size, and investment objectives.