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- 1 SHIB crypto price is currently trading between the 50 and 200-day EMAs.
- 2 In the past few trading sessions, bulls looked aggressive.
Shiba Inu (SHIB) is a cryptocurrency which was inspired by a meme and created to be a project that is run entirely by its community. This is based on the Ethereum blockchain and it is an alternative to Dogecoin (DOGE).
The Shiba Inu, a Japanese dog breed used for hunting, is the token’s logo. Shiba Inu is a meme coin, like Dogecoin, which means it was launched as a parody or a joke based on the Shiba Inu dog meme. SHIB was made to be plentiful, with one quadrillion tokens as its initial supply. However, its ecosystem has developed ways to destroy tokens and reduce its supply.
The Shiba Inu token was created in August 2020 by a mysterious person or group called Ryoshi. Ryoshi has since given the meme-based cryptocurrency to its community, which has continued to develop the Shiba Inu ecosystem.
Ryoshi said that SHIB’s own was an “experiment in building a community spontaneously and in a decentralized way,” and since then, the cryptocurrency has grown to have over one Million holders on the Ethereum network. Ryoshi chose the Ethereum blockchain to launch Shiba Inu because it was a secure, established blockchain that allowed decentralized projects to be built on it.
The Shiba Inu Project Has Three Cryptocurrencies
Shiba Inu (SHIB) – The main token of the project with a supply of one Quadrillion. Half of its supply was locked on Uniswap, a decentralized exchange, and the other half was sent to Vitalik Buterin, one of the founders of Ethereum. Buterin gave away 50 Trillion SHIB to a charity in India and burned 40% of the total supply.
The green curve in the chart represents the SHIB price, the Red one shows the LEASH price and the yellow one shows the BONE price and the charts show the price comparison between the three cryptos.
Leash (LEASH) – LEASH is the currency of ShibaSwap, the Shiba Inu project’s own decentralized exchange. It started as a coin that changed its price based on DOGE, but then it became independent. Its supply is only 107,646 tokens.
Bone (BONE) – BONE is the token that lets SHIB investors have a say in the project’s decisions and vote on them. Its supply is 250 Million.
Besides these tokens, the Shiba Inu project has many other things, like ShibaSwap, NFTs, a future Metaverse, games that pay players, and a plan to have a DAO called the DoggyDAO, which will let the project be run by the community.
The Shiba Inu Chart
On the daily time frame chart, the SHIB crypto price is consolidating between the 50 and 200 EMAs. However, in order to accelerate towards its recovery phase, SHIB crypto needs more purchasers.
The RSI, MACD, and EMAs are giving unclear, uncertain, and bearish signs as of now. Investors should wait before taking any action.
SHIB price prediction for November 2023 highlights new levels that SHIB could reach in November. However, currently, SHIB is struggling to sustain at the level of 0.00000760. SHIB crypto has been failing to break out from the $0.00000969 resistance. Meanwhile, volume change was below average.
Summary
The price of SHIB cryptos dropped 7.49% in a week. Technical indicators point to a period of price consolidation for the SHIB crypto. Investors in SHIB crypto must watch the daily time frame chart for any directional changes. However, investors and traders should wait for proper setup for the next move and avoid FOMO.
Technical Levels
Support Levels: $0.00002169.
Resistance levels: $0.00003261.
Disclaimer
The analysis presented in this article is provided for informational and educational purposes only. Do not rely on this information as financial, investment or trading advice. Cryptocurrency investing and trading involve risks. Assess your situation and risk tolerance before making any investment decisions.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
