After a stellar debut in September this year, Shiba Inu’s [SHIB] price fell into a lull as it followed the wider cryptocurrency market. Popularly known as the Dogecoin-killer, SHIB’s initial success can be attributed to the former’s craze after many market players FOMOed on Elon Musk’s tweets regarding the meme-coin.
Shiba Inu [SHIB] quickly surpassed several top tokens including Avalanche [AVAX] to position itself as the 12th-largest cryptocurrency by market cap on the 7th of September. However, this remained brief as it dropped two ranks below. Overall, it has amassed weekly gains of more than 370%.
Over the past 24-hours, Shiba Inu [SHIB] posted a staggering rally of 46.14% which pushed its price to $0.000033. The crypto-asset stood at a $13.02 billion market cap while recording a 24-hour trading volume of $18.5 billion, at the time of writing.
Shiba Inu [SHIB] Hourly Price Chart:
SHIBUSD 2021 10 07 17 25 55
Shiba Inu’s [SHIB] price on a tear, but do investors need to worry? 4
The volatility in the SHIB’s market is increasing so is the trading volume which has cushioned the ongoing uptrend in the market. Further validating the bullish trajectory on the hourly chart were the upsloping moving averages, 50 [Pink], 100 [Blue], and 200 [Yellow] were at an ideal position while hovering below the SHIB price candles.
SHIBUSD 2021 10 07 17 29 28
Shiba Inu’s [SHIB] price on a tear, but do investors need to worry? 5
The technicals were decently optimistic. The re-formation of bullish crossover by MACD depicted a resurgence in buying demand after a momentary lapse. The green closing bars also appeared on Awesome Oscillator [AO] as the market’s momentum switched to bullish. The Relative Strength Index [RSI], however, showed a bearish divergence in the short-term chart which could signal a profit-taking phase.
The overall market trend indicated a bullish phase. But the divergence formation may bring in sellers. Hence, Shiba Inu [SHIB] may retrace its steps to $0.000023, $0.000017, and $0.000012 respectively. Also, SHIB remained a highly volatile asset and its price movement is often speculated to be a pump and dump asset.
SHIBA INU Price Resumes Uptrend Shooting for The 0.00005, Will Robinhood List SHIB?
Without a doubt, Shiba Inu (SHIB) price is now making waves to flip the popular meme coin – Dogecoin (DOGE) that has been staggering since its peak on May 8. Shiba Inu (SHIB) dubbed as Dogecoin killer currently has the biggest circulating supply, having gained prominence among users, and has become one of the most traded cryptocurrencies on Binance and Coinbase.ADVERTISEMENT
Recent news had it that a unique burning mechanism was set up as 900 million Shiba Inu were burned leading to a 16% growth in price. This will likely continue, as trading pairs and pools are given the condition to purchase and burn $SHIB to get listed on their DEX, Shibaswap.
Shiba Inu also plans on introducing Utility to their ecosystem, as the development of the Shibarium Blockchain, shiboshi games, and Shiba Inu stable coin (SHI) is underway.
While development like ShibaNet is already set for use, for smart contracts and automatic royalties.
Lastly, news speculates about Robinhood listing Shiba Inu. This could be an accelerating factor to the ongoing astronomical heights of the Shiba Token($SHIB).
Let’s move on to analyze the price charts of the SHIBUSDT.
Shiba Inu (SHIB) Price Prediction: Weekly Chart Analysis
Last weeks’ hidden inside-bar candlestick pattern [11 October ’21] confirmed an increase in demand for the SHIB token after an earlier breakout of the bearish expanding channel that kept the price in a range for about thirteen weeks.
We expect a bull-trap signal if the current week closes above last week’s high. Such a signal in combination with other reversal chart setups on the lower time frames could signal a sharp price pull-back of the SHIB token price.
Shiba Inu (SHIB) Price Prediction: Daily Chart Analysis
The hidden bullish divergence pattern on 15 October above alongside the bullish inside bar identified on the weekly time frame was instrumental to the recent surge in the price of the SHIB token beyond the significant 0.000035 resistance.
An increase in bullish momentum could see the SHIBUSDT shoot for the 0.000050 resistance. However, a long-ranged bearish divergence is anticipated if the RSI values fail to breach the 99.7 mark.
Shiba Inu (SHIB) Price Prediction: 4 Hr Chart Analysis
A breakout above the bearish divergence resistance on 23 October 16:00 triggered the decision to scale up on existing bullish positions of the SHIBUSDT.
High RSI readings at level-99 alongside a hidden bullish inside bar candlestick formation at press time hints that the bulls may be exhausted, and early buyers may want to take some profit off the table.
A counter hidden-bullish divergence may send the SHIB price into an upward trajectory towards the 0.00005 round-number resistance if we can see RSI values below level-45.82.
Shiba Inu (SHIB) Intraday Levels
- Spot rate: 0.00003732
- Mid–Term Trend [H4]: Strong Bullish
- Volatility: High
- Support: $0.000030, $0.000035 and $0.0000270
- Resistance: $0.00004465
Shiba Inu Speculators Could Learn This Lesson from Dogecoin
The popular meme coin shiba inu (SHIB) once again saw a massive pump over the weekend, rising by more than 50% on Saturday and Sunday before a correction reduced the gains as the new week started. And based on experience from other meme coins, even deeper corrections could arrive when the hype dies down.
Judging from data from some exchanges, including FTX and Poloniex, the weekend pump marked a new all-time high for the self-proclaimed dogecoin (DOGE) killer. However, on some other exchanges, including Binance, a higher peak was seen on the token’s listing day on May 10 this year, although this may have been the result of thin order books on the first day of trading.
At the time of writing, (13:10 UTC), SHIB was down by 7% over the past 24 hours, trading at USD 0.00003865. However, the token still remained up by more than 40% for the past 7 days, well ahead of DOGE’s 10% rise over the same period.
SHIB price chart:
Today’s correction for SHIB came just as Tesla chief Elon Musk replied to a tweet from a Shiba Inu community member asking how many SHIB he holds. “None,” Musk answered, without elaborating, to which the community member replied “U should consider buying some.”
Further, while responding to another user in the same thread, Musk also warned “don’t bet the farm on crypto,” before adding:
“True value is building products & providing services to your fellow human beings, not money in any form,” the Tesla founder and dogecoin proponent said.
The advice and blunt answer from Musk that he does not hold SHIB, which came just as the coin was correcting from its highs, begs the question of whether SHIB holders are simply betting that social buzz, and particularly mentions from well-known investors like Musk, will be what is needed to propel the price higher.
And while history has shown that amazing price pumps can occur from time to time for meme coins like DOGE and SHIBA, lessons from the DOGE mania in May this year remind that the subsequent corrections can be deep when rallies are purely driven by hype.
From its all-time high on May 8 of USD 0.74, DOGE corrected by as much as 78% within less than two months, to a low of USD 0.16 on June 22. (However, at the same time, the whole market was dropping.) In either case, the original dog-themed meme coin has since recouped some of its losses, but still remains down by around 65% from its peak, even as bitcoin (BTC) has reached new all-time highs.
The fall in prices for dogecoin can also be seen in Google search data, which is often used as a proxy to determine general interest in a subject.
Judging from Google Trends, worldwide Google searches for the term “dogecoin” peaked in mid-May, just as the coin reached its all-time high in the market. Since then, search interest has fallen significantly and is still nowhere near its highs.
The picture perhaps becomes even clearer when we add the term “shiba inu.” The data then shows how interest in DOGE has recently been overtaken by a surge in search interest for shiba inu.
Despite the significant fall in both price and search interest, however, the dogecoin community is still alive and responding to tweets from the self-proclaimed “dogefather” Elon Musk. This was again illustrated just before the weekend, when the Twitter account UberFacts tweeted “Elon Musk is predicted to become the world’s first trillionaire, thanks to SpaceX.”
About two hours later, Musk replied “*In Dogecoin,” which immediately led to a spike in the price of DOGE visible on the hourly chart.
*In Dogecoin— Elon Musk (@elonmusk) October 22, 2021
Meanwhile, SHIB has recently gotten some attention from a petition on Change.org that is asking the popular US-based stock and crypto broker Robinhood to list SHIB for trading on its platform. As of Monday, the petition had already received well over 300,000 signatures from users.
“Dogecoin has been a huge success for Robinhood, and its investors. We have all enjoyed the ride. Shiba Inu is a similar meme coin with genuine potential, up 2000% in the last weeks,” the petition said.
So far, and despite some unverified rumors circulating online, no word has been heard from Robinhood that the trading app is even considering adding SHIB to its platform.
The SHIB token is now ranked 11th in terms of market capitalization, two spots below its fellow dog-themed meme coin DOGE. The ranking today means that the valuation difference between SHIB and the original DOGE has remained roughly similar since the two coins earlier this month stood head to head for meme coin dominance.
And although the “dogecoin killer” is still valued lower than the original dog-themed meme coin, both meme coins, which are generally seen as having little to no real utility, have already surpassed major DeFi-related tokens such as the Avalanche blockchain’s AVAX token and Uniswap’s governance token UNI.
Commenting on the recent rally for SHIB over the weekend, Ben Caselin, Head of Research and Strategy at trading platform AAX, said “speculation is the primary driver” behind meme coin prices.
“During a bull market, when sentiment runs high, it doesn’t take much for a memecoin to see a significant boost,” Caselin said in an emailed comment, before warning that “there is no specific reason” for the huge inflow of capital into SHIB.
“Considering the history of crypto and how market dynamics have generally played out over the past decade, SHIB is likely to be challenged by other viral projects and is likely to shed much of its value when the top assets such as bitcoin and ethereum enter into the final stages of this cycle’s bull run and the usual correction that follows as the assets secure their newly raised price floor,” Caselin concluded.
Shiba Inu drops by 20% after Elon Musk confesses not owning one
- SHIB crashed 20% after Elon Musk revealed he owns none of the SHIB tokens.
- Holders of the token rallied to support their coin, claiming it’s doing well without Musk.
Shiba Inu (SHIB) experienced a 20% drop following the news that Elon Musk, founder of Tesla, doesn’t hold any $SHIB token. While responding to a tweet asking how much SHIB he owns, Musk replied in a word, “none.” Two hours later, the coin dived by 20%
The drop came after the coin made waves this morning, surging past its previous all-time high to tag a local top of $0.000044. It’s almost a 500% rally since starting October.
Musk’s tweet has undoubtedly caused a stir in the crypto world. The token sellers had already stepped in to take profits at the all-time high. But Musk’s reply would quickly lead to another 10% drop for $0.000035 within half an hour of tweeting about it. Since the tweet, the coin is varying around $0.000035 and $0.00004.
What followed Elon Musk’s reaction was different counter-reactions with different stands.
@Shibarium said, “It is a community project. There is no need to ask some people if they hold or not, no matter who they are. We keep growing, always remember that. We do not depend on a person if that person holds or not at all.”
On the other hand, some called out ShibaInuHolder for pestering celebrities. Shibalaskan wrote, “Plz stop pestering celebrities when the community is doing fine without this sort of foolishness.”
SHIB rallied to a new ATH
Before the revelation, the coin sustained a bullish momentum leading to a new all-time high. The latest surge for the token is coming amidst rumors that online brokerage platform Robinhood may soon list it. Prices surged over 200% in the early week of the month on the back of increased buying by whales.
There’s a lot of volatility in crypto at the moment, but one coin that has been trading relatively stable is DOGE. Though SHIB has gone wild this month, DOGE is trading well below its August high of $0.35. DOGE hit a peak price of over $0.73 in early May, with an all-time value at that time.
Bitcoin bolted a 37% rally recently on increased evidence of inflation. The newly launched futures-based exchange-traded funds made investors expect more mainstream money into the crypto market, and it looks like they were right.
Dog drama on Twitter
Elon Musk is a cryptocurrency advocate and supporter of the Dogecoin community. Not only does he own some. He returned to Twitter for one final push on dogecoin.
He recently made a tweet on October 24th, 2019, Saying, “Lots people I talked to at Tesla or building rockets for SpaceX own Dogecoins. They aren’t financial experts by any means! That’s why it felt right to support this crypto coin- its people- feel like my family.”