SHIB managed to do well in the past period. Today, Shiba Inu was up about 2%. Over the past seven days, we’ve seen higher returns. During this period, the share price rose by about 11%. At the time of writing, SHIB ranks 15th by market value.
What is Shiba Inu?
Shiba Inu is a coin from the series of dogs memecoins. SHIBA was set up for no purpose and as a joke in response to the wildly popular Dogecoin (DOGE). Because SHIB was once set up as a joke, there was no serious use case† Over the months, Shiba Inu has managed to grow into a large ecosystem. There is, for example, ShibaSwap, a decentralized exchange (DEX) and the developers behind Shiba Inu even want to set up their own metaverse.
Why is SHIB increasing in value?
The increase may be related to this message from Steven Cooper, CEO of Bigger Entertainment a company specializing in the burn of SHIB tokens. In this message, he indicates that more than a quarter trillion SHIB tokens have been destroyed since the end of October 2021. Of this quarter trillion, 2 billion were destroyed between March 22 and 23. This is of course wonderful for the scarcity of the token and the price, because the fewer tokens there are, the higher the price.
In addition, the increase can of course also be caused by the increase in bitcoin (BTC). The number one cryptocurrency in the world managed to make a nice rise today that caused the price to rise above $44,000 for the first time since the beginning of this moon. We often see in this market that when bitcoin goes up in the air, altcoins move with it.
Technical analysis SHIB
When we look at the chart of SHIB we see a number of things. First we see that the general trend is unfortunately downwards. Due to the lowering peaks and bottoms, a downward channel is formed. If we then look at more recent price action, we see that a symmetrical triangle pattern has formed on the daily chart. According to the theory of this pattern, this is a neutral pattern, meaning there is no preference on which side it will break out. It seems that this pattern was recently confirmed by breaking out at the top. This is of course for SHIB a bullish sign! It will be interesting to see if we can sustain this gain or if we do see a correction again.
How do I determine the right time to buy Shiba Inu?
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