Is the Shiba Inu coin still alive? How much is it worth?
The SHIBA INU coin was created earlier this year in the hopes of capitalizing on the DOGE gold rush. Is the Shiba Inu coin extinct, and what is its current value?
Despite its unpredictably fluctuating value in 2021, Dogecoin remains the most popular cryptocurrency. Since early this year, it has accumulated more than 10,000 percent of its initial worth, according to figures. Several altcoins have shot to the Moon in the previous few months, including DOGE and SafeMoon, while many others have failed to achieve similar heights.
Shiba Inu coin, or SHIB on the market, was a relatively unknown token in early January, when DOGE began to take off.
On the crypto market, SHIB was worth less than $0.00000001 on January 21.
Despite a minor increase in early spring – around mid-April – it struggled to break free from its bottom-of-the-pile position until last month.
It spiked to $0.00001842 on May 9 and then dropped to $0.00001414 in the days after.
By May 11, it had increased to $0.00003389, indicating that interest in alternative currencies had peaked.
However, it has since lost value, much like its fellow high-performers.
SHIB is currently available for purchase for $0.000007137, creating concerns about its long-term viability.
Although the coin will continue to be available for purchase, analysts are not hopeful about its future.
The coin is currently failing to move, according to Sarah Tran, a contributor to the Forex analysis site FX Street.
It is “coiling within a symmetrical triangle pattern” with a limited lower and upper objective, according to her.
$0.00001476 is the upper objective, while $0.00000403 is the lower target.
Unlike other of its competitors, Ms Tran remarked, the coin has struggled to attract speculators’ attention.
SHIB’s price could drop by 50% if it can’t hold support at the “downside trend line,” she warned.
The coin does, however, have some obvious interest, as it has previously had a position on popular crypto exchanges.
Binance, Huobi, and OKEx, all based in China, have already listed the meme currency.
During the currency’s popularity peak last month, experts came out in favor of it.
They focused on SHIB’s rising popularity in comparison to other soaring tokens.
People should not “dismiss the hype,” according to Ben Caselin, head of research and strategy at AAX, a cryptocurrency exchange.
SHIB interest, he said, signals a “mass movement of traders.” Brinkwire Summary News.