People swapped their Dogecoin for Shiba Inu coins, bringing the Shiba Inu cryptocurrency coin to over 1 million new traders this week. However, the Shiba Inu price appears to be oscillating within a continuation pattern, with SHIB lacking directional clarity following a drop in trading volume.
Apart from a few Altcoins, the bigger cryptocurrency market continued to retest. With a 2.85 percent slump, Bitcoin fell back under $60,000, comparable to Ethereum, trading just above the $4000 level. Ripple fell to $1.09, while Cardano remained stable at $2.15. For the second day in a row, Solana proved to be the market’s greatest winner and is trading at $201 at the time of writing.
Shiba-Inu Price Analysis:
On Friday, Shiba Inu Coin increased by 1.60 percent. The altcoin bearish start to the day, falling to an intraday low of $0.00002703 in the early morning before making a rise.
To bring the 23.6 percent FIB of $0.0000283 and the first significant resistance level at $0.0000286 into action, Shiba Inu Coin would have to avoid a fall through the pivot at $0.0000278.
However, for Shiba Inu Coin to break out of the 23.6 percent FIB, it will need support from the larger market.
Unless there is a sustained crypto rally, the first significant resistance level and Friday’s high of $0.0000285 are likely to be the upper limit.
Before any pullback, Shiba Inu Coin might attempt resistance at $0.000030 levels in the event of another breakout. $0.0000293 is the second significant resistance level.
If the price falls through the pivot at $0.0000278, the first major support level at $0.0000271 will be tested.
SHIB Community Burned About 2 Billion SHIB in November
There have been a total of 7,409,202 $SHIB tokens burned and two transactions in the last hour.
According to shibburn, the SHIB community, dubbed the “SHIB Army,” burned about two billion SHIB in November. A total of 410,298,489,440,804 of the one quadrillion initial supply has been burned. Tokens that are burned are permanently removed from circulation. The decrease in circulating supply is predicted to raise the price of Shiba Inu in this instance.
According to Shiba Inu’s burn tracker, shibburn, a total of 410,296,586,422,853 SHIB tokens (41.02966%) have been burned from the initial supply of one quadrillion at the beginning of November.
As of Dec. 1, this number had grown to 410,298,449,011,405 (41.02984% of the initial supply), representing a near 1.9 billion increase in tokens burned within the time frame.
Shiba Inu is about to undergo significant alterations that are likely to increase its value and boost its price. Shytoshi Kusama, the SHIB team’s lead developer, recently discussed the potential of Shiba Inu’s gameplay expanding into the “Metaverse.”
Gaming will also facilitate the burning process, as in-app purchases made from the Shiba Inu game will be used to burn a large amount of SHIB to lower the token’s supply. Currently, the SHIB supply is burned only when the owner of a Shiboshi NFT pays $100 in SHIB to change the NFT’s name.
SHIB is trading at $0.00004230 as of press time.
Shiba Inu Has Become Mainstream, Says Mark Zuckerberg’s Sister
There’s room for two canine coins, according to Randi Zuckerberg
Randi Zuckerberg, a sister of Meta CEO Mark Zuckerberg, has recorded a short explainer about canine meme coins, which has been published on her official YouTube channel.
In her video, she weighed in on the surprising success of “Dogecoin killer” Shiba Inu, claiming that the token has gone mainstream.
Despite the rivalry between Dogecoin and Shiba Inu, Zuckerberg believes that there’s room for both of these canine coins:
I didn’t even know there was room for one of those, but apparently there’s room for two.
The former Facebook spokesperson also mentioned numerous spinoffs of the two “flagship” canine coins, including Dogelon Mars.
She then recommended her viewers to “have some fun” with their crypto but not to bet their farm on meme coins, channeling the advice of Tesla CEO Elon Musk.
Earlier this week, Zuckerberg, a long-time crypto proponent, joined cryptocurrency exchange Okcoin as a member of its brand advisory council.
Shiba Inu and Dogecoin are “worthless jokes” and shitcoin makers “should be arrested,” says Lobo of Wall Street
Jordan Belfort, the former stockbroker whose memoir was turned into a film starring Leonardo DiCaprio, warned against investing in cryptocurrencies meme such as Dogecoin (DOGE) and Shiba inu (SHIB).
Belfort explained that “People are taking advantage of an unregulated market”, emphasizing that “The sooner governments come in, the better it will be for cryptocurrencies.”
Wall Street Wolf Advice on Dogecoin and Shiba Inu cryptocurrencies
Jordan Belfort, also known as the Wolf of Wall Street, has warned investors against putting money into cryptocurrencies meme such as Dogecoin (DOGE) and Shiba inu (SHIB), in an interview with The Sun, published this week.
“I’m a blockchain fan, but there’s a lot of nonsense out there, a lot of shitcoins that are useless and exist just to separate people from their money,” he opined.
Belfort is a former stockbroker whose memoir has been adapted into a film titled “The Wolf of Wall Street.” Belfort founded Stratton Oakmont, which traded penny stocks and tricked investors with pump and dump stock sales.
He pleaded guilty to fraud in 1999 and was imprisoned for 22 months; he is now a motivational speaker. “I got greedy. …Greed is not good,” he said in 2014 at a motivational speech in Dubai.
Read too: Wall Street Wolf admits he was wrong about Bitcoin
The author of Wolf of Wall Street told The Sun:
“You hear crazy stories of people making millions and billions, but for every person like that, there are 10,000 or 100,000 people getting their ** delivered to them in shiba inu… It’s not a suitable investment.”
Belfort added: “People are taking advantage of an unregulated market and creating shitcoins that have no value and no use.”
Both dogecoin and shiba inu have gained immense popularity in recent months. As of this writing, DOGE is the 10th largest cryptocurrency by market value and SHIB is the 13th largest.
Belfort then attacked investment projects like MILF coin and yummy coin, claiming that “unscrupulous people start coins and go into a chat room and say things that are flagrantly illegal.”
He emphasized: “People should go to jail seriously – they are not legitimate. They will never work at all… My guess is someone will end up being indicted for these things. ”
Concluding: “The sooner governments step in, the better it will be for cryptography, because when authorities start to regulate a black market, it gets bigger and better.”
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