Shiba Inu is a community-supported meme token that eventually became a vibrant ecosystem on its own. Shiba Inu has a price of $0.00000907, which means you can get more than 100k Shib Tokens for a dollar. It has a market cap of $4.9 Billion. Shiba Inu is the second largest meme coin after Dogecoin. The cryptocurrency is based on Ethereum’s ERC-20 Token standard and runs on the Ethereum Blockchain. However, there are possibilities that in the near future, it will have its own blockchain touted as the “Shibarium“.
On-Chain Analysis
Token Transfers have slowed down to reach 218,338 on-chain transfers. This figure is lower than last year’s November levels of 801,604 on-chain transfers by 73%. However, compared to the previous month(191,456 transfers).
Shiba Inu is also a favorite investment of Whales, who hold more than 80% of the total supply of about 550 Billion tokens. Interestingly, Whales are not selling $SHIB Token despite about 76% of them being in the loss.
Technical Analysis
Daily Charts
Daily charts show a good recovery signal in the short term, i.e., within the next week. The reasons are
- RSI is growing stronger and recovering its strength from the oversold zone(RSI 20-40).
- MACD Figures show that there is an upcoming crossover, once it confirms, $SHIB can give small gains.
- However, volume is decreasing, which indicates that investors and traders are keeping light positions due to the vulnerability regarding exchanges.
The current market conditions can take the price towards $0.00001025, which is the next resistance and target.
Stoploss can be kept at nearby support of $0.00000843.
Stay tuned to dasfinance.in.
Interesting Story of Shiba Inu
Shiba Inu was created as a meme token and touted as the “Dogecoin Killer.” Shiba Inu Token has a quadrillion tokens in supply with a market cap of $5.7 Billion. They have locked 50% of its supply on Uniswap. Rest was donated to Vitalik Buterin, the Ethereum co-founder, and he sent 50 Trillion Shib to India’s Covid relief, which amounted to $1 Billion (transaction attached).
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