The ‘fur-midable’ dog meme coin Shiba Inu recently added another feather to its cap – or rather, a bone to its pile. The dog-themed alt coin was reportedly the third most searched crypto on Google in 2021, coming in behind Bitcoin and Ethereum.
Why all the noise? Crypto researcher Max Maher dug through the data to predict SHIB’s price performance and to understand how the (now) ninth biggest crypto by market cap barked its way up the right tree.
Who set the dogs on fire?
With a total supply of one quadrillion coins, not many are convinced that Shiba Inu could ever burn enough of its supply to ultimately reach a price of one dollar – or even one cent.
However, Maher explored Shiba Inu’s burn mechanisms in detail. First and foremost, he pointed out that Ethereum founder Vitalik Buterin received a huge volume of SHIB, but burned most of his supply. Coming to Shiba Inu’s Shibaswap, Maher explained that pools and pairs had to burn $25,000 worth of SHIB and LEASH in order to be listed on the DEX.
Next, he claimed that the crypto payment portal NOWPayments could be burning some SHIB with every transaction. However, the burn rate is still unknown. Finally, Maher pointed out that Shiboshi owners could also burn $100 in SHIB to name their NFTs.
SHIB in Sherwood forest
Could the ‘pup-ular’ puppy coin make its way to the Robinhood platform? After all, more than 300,000 people have reportedly signed a petition for the same. Maher analyzed the finance service’s earnings, statements from company leaders, and performance reports to deliver his opinion.
“Based on all this information, it’s quite clear to me that Robinhood will list Shiba and this will push the price up even further once that happens.”
Even so, the researcher warned this might not happen immediately and added,
“So if I were to guess, Shiba will calm down a little bit for a period, and then Robinhood will make their big announcement, and that will shoot up the price 10 to 18% in a single day, from wherever it’s sitting at that point.”
The DOGE killer?
As an ERC-20 token with smart contract capabilities, Maher explained that Shiba Inu could support staking and liquidity.
Furthermore, Maher claimed that Shiba might be looking to build its own blockchain – like Dogecoin.
However, he clarified,
“So I’ve said this before, but it’s a bit unfair to compare DOGE and SHIBA directly. They’re trying to do different things. Both started as total memes and turned into something a bit more – like a meme plus.”
At press time, SHIB was “fetching” a price of $0.00007403.
Shiba Inu price edges closer to another 50% upswing
- Shiba Inu price has dropped 18% into a high probability reversal zone, hinting at a new leg-up.
- Investors can expect SHIB to shatter intermediate resistance levels and tag the $0.0000625 resistance level.
- A breakdown of the $0.0000362 support will invalidate the bullish thesis.
Shiba Inu price looks ready for a reversal as it enters a crucial support area that is likely to trigger a massive uptrend. This move has a high chance of occurrence as it allows sidelined buyers who missed the initial run-up to get in on the next leg-up.
Shiba Inu price prepares for liftoff
Shiba Inu price rose 50% in under two days as it triggered an upswing on November 28. This rally set up a swing high at $0.0000543 and has dropped 23% to where it currently trades – $0.0000422.
Interestingly, SHIB has entered the high probability reversal zone, extending from $0.0000400 to $0.0000431. This is an oversold area that is likely to trigger an inflow of buying pressure from investors that missed the initial spike in price.
Therefore, market participants can expect Shiba Inu price to reverse its downtrend soon. The resulting uptrend will take a jab at the range high at $0.0000543 and attempt to move higher. In this case, SHIB will revisit the $0.0000579 and $0.0000625 resistance barriers.
In total, this run-up from $0.0000415 would indicate a 50% gain for Shiba Inu price.
SHIB/USDT 4-hour chart
While things are looking gloomy at the moment, investors can expect a decent bounce from Shiba Inu price soon. A failure to do so could result in a breakdown of the 79% Fibonacci retracement level at $0.0000400 and a revisit of the range low at $0.0000362.
A daily close below this level will create a lower low and invalidate the bullish thesis. In such a case, Shiba Inu price could tag the $0.0000330 support level.
Healthcare Company Adds Shiba Inu to Its Balance Sheet
A Toronto-based healthcare company now holds Shiba Inu on its balance sheet.
Ask The Doctor, a Canadian online healthcare company, has added $1.5 million worth of Shiba Inu to its balance sheet, according to an announcement posted on its Twitter account.
Kraken facilitated the seven-figure buy. As reported by U.Today, Shiba Inu started trading on the San Francisco-based cryptocurrency exchange on Tuesday.
Ask The Doctor has added ~$1.5M USD (approx 31B $shib) to our balance sheet via Kraken.
We are 72 hours away from accepting #SHIB with our healthcare partners. pic.twitter.com/NHG17druCh— Ask The Doctor ® 🇺🇸🇨🇦 (@askthedr) December 1, 2021
The medical information website will also begin accepting the meme cryptocurrency with its healthcare partners within the next three days.
It already allows clients to pay with Dogecoin for certain services in the U.S. and Canada.
The Toronto-based company was launched in 2010, allowing its clients to connect with medical professionals via text messages or video streaming. Notably, its list of co-founders includes former NBA player Israel Idonije and former NBA star Dikembe Mutombo.
In 2016, Ask The Doctor started accepting Bitcoin payments, becoming the first healthcare company around the globe to embrace crypto.
The reason for adding the new payment option was to offer customers who share sensitive medical data more privacy.
Shiba Inu Coming to Brazil’s Largest Crypto Exchange
BBrazil’s Mercado Bitcoin is set to add support for Shiba Inu on the first day of December.
Mercado Bitcoin, the largest cryptocurrency exchange in Brazil, has announced that Shiba Inu will become available for trading starting from Dec. 1.
The token is yet to be added to the trading platform at the time of writing.
The announcement was accompanied by a video of a Shiba Inu dog in military gear.
Uma das moedas que mais valorizaram em 2021 e que acumula um verdadeiro exército de seguidores💪😮
É isso aí! Amanhã, $SHIBA estará disponível no MB, com um histórico de valorização de mais de 18000%, até agora neste ano.
🚨 01/12 #shibarmy @shibtoken #shibainu pic.twitter.com/24HuhiBymA— Mercado Bitcoin (@MercadoBitcoin) November 30, 2021
After listing SHIB, Mercado Bitcoin will also add support for Cosmos (ATOM), Polkadot (DOT) and Loopring (LRC) later this week.
2TM, the parent company of the number one exchange in Latin America, raised another $50.3 million in late November. This occurred just months after raking in $200 million in July during a Series B investment round spearheaded by Japanese conglomerate SoftBank.
Last month, Korbit became the first cryptocurrency exchange to list Shiba Inu in South Korea.
Kraken, one of the world’s top exchanges, also added support for the top token earlier this week.