Shiba Inu Coin Price Prediction: What the future holds for Shiba Inu Coin and what if it doesn’t pivot properly?
The Sudden Prominence of the Shiba Inu Coin
- This Sunday saw Shiba Inu rise by almost 2.88%.
- Monday saw a bullish start which took the coin to $0.00005642.
- The start ended the early intraday low of $0.00005155.
This rise came after rebounding from a 1.30% downside incurred this Saturday. Rounding up, the Shiba Inu coin ended its week with a figure of $0.00005316 – down by 6.64%.
This Week’s Highlights
Shiba Inu Coin rose by 2.88% on Sunday. Reversing a 1.30% loss from Saturday, Shiba Inu Coin ended the week down by 6.64% to $0.00005316.
A bullish start to the day saw the Shiba Inu Coin surge from an early morning intraday low of $0.00005155 to an early morning intraday high of $0.00005642.
How Things Can Pan Out for Shiba Inu Coin
Shiba Inu coin could break through its resistance levels if it could gain support from the broader market in order to reach $0.000055 levels.
However, in order to garner such support and have a chance of doing so, it would first need to transit through the $0.0000537 mark to attract any resistance level.
This level could be very favorable for the coin, as it could possibly limit the upside of the coin in a chance of a cryptocurrency rally.
If by chance there is a breakout, Shiba Inu can safely touch the $0.000060 levels. But as said earlier, it would need a lot of support before entering such a stage for possibilities of pullback.
What happens if it does not pivot?
If the coin doesn’t cross the $0.0000537 mark, then it could find support from its $0.0000510 level.
The worst-case scenario could be a sell-off, extended one at that. In case of such a scenario, downside should be limited at $0.0000488 level.
The Sudden Rise of SHIB
Shiba Inu coin – SHIB – was first introduced in August 2020. Its total supply was of 1 quadrillion at the time of its debut, and it was valued at $0.00000000051. A micro figure in terms of investment, but a lot of zeroes have been eliminated till date than over 15 months ago. We are talking about 10,643,037% remarkable achievement.
To put it in common man’s terms, a $10 worth of investment into SHIB would have made a million dollars, as of today.
This monumental increase in the value of the coin was penned down to multiple reasons such as an increase in visibility due to the extension of exchanges, increase in the liquidity of the coin, Elon Musk’s interference via his tweets, coin burn, etc.
FOMO – fear of missing out – has also proven to be a vital indication when it has come to this coin. The sudden rise of this digital token has been exemplary, if not once-in-a-lifetime. Higher risk-takers have waited for an opportunity after Bitcoin, and they were treated with SHIB.
The launch of ShibaSwap – A Decentralized Exchange
July saw the launch of ShibaSwap, which has helped Shiba Inu gain new heights. A decentralized exchange, the core purpose of it is to allow holders to hold their coins in order to wait out a good income.
This allowed impending liquidity issues of SHIB to be resolved. Along with this, it promotes longer holding times of investors which in turn provides further stability to interested parties.
The median holding period for SHIB sharply increased to double. The push of ShibaSwap has no doubt worked in favor of the coin and holders.
First Probable Merchant for Shiba Inu
AMC Entertainment’s CEO Adam Aron has intimated that they were looking for ways to transact with SHIB tokens, as they already had talked about online payments through Bitcoin, Ethereum, Litecoin, and Dogecoin. This news is taken to fruition could result in wonders for SHIB.
The downside, if any
Like any picture, there is always another side to the story. Time series based analysis in the digital token market has taught us every five to six digit gain in percentage is accompanied by a very punitive amendment.
No one can predict the highs and lows of any coin, but analysts fear correction of up to 90% in the time to come.
To add insult to injury, Shiba Inu has not provided any projects to perform that well according to other digital coin projects. Also, SHIB is virtually in a nonexistent zone.
If we speak about its processing times or transaction fees, around 100 businesses have shown an inclination towards accepting SHIB as their mode of exchanging value.