Briefly-
- Shiba Inu has had its price actions within a constricted range over the recent sessions.
- The token recorded massive rallies as market players shifted to canine-themed assets.
- SHIB might witness drastic declines as it appears to enter a distribution phase.
SHIB’s impressive upsurges seem to stall as the meme coin indulges into the distribution phase. For now, the token trades near $0.000028, translating to a 22% plunge from SHIB/USD peak last week. The somewhat drastic plummet had the asset’s market capitalization hovering near $11 billion, ranking 17.
Fundamental Analysis
Shiba Inu is a new crypto project launched in 2021 during the heightened crypto frenzy. The DOGE competitor rose to its ATH at $0.000090 shortly after joining the financial space. However, a crypto sell-off had the token hitting its record low at $0.000006.
Shiba Inu arrived in the market as a meme when market players appeared interested in Dogecoin. The token’s network has grown significantly since SHIB’s inception. Also, its developers launched the crypto LEASH, which has a token limit of 107,646, and BONE having a token limit of 250 million.
Shiba Swap, an Ethereum-based DeFi network, is among the vital developments by the meme asset world. With this platform, users can provide liquidity via the digging process. Also, they can earn by staking the assets through the digging process. Moreover, they can enjoy Woof returns by swapping tokens.
Shiba Inu recorded rebounds recently as market participants appeared interested in dog assets. That was after Elon Musk posted his pet Floki. Since then, canine-themed tokens, including Floki coin, exploded with new highs. Keep in mind that Musk has moved the meme cryptocurrency market before, contributing to Dogecoin’s peak highs.
SHIB Price Prediction
According to the 1-hour price chart, Shiba Inu has traded in a constricted range over the past sessions. That indicates reduced demand and buyers trimming/distribute their holdings. While writing this article, SHIB’s price stays slightly past the ascending trend-line. It is briefly under the 25- and 50-period MAs. Meanwhile, the MACD moved beneath the neutral area.
For now, Shiba Inu has higher chances of plunging lower with the magnifying distribution phase. Such movements might see the meme token dropping to hit the vital support near $0.000025.
