Shiba Inu, or SHIB, emerged as a community-driven digital currency, drawing inspiration from meme culture. It serves as an Ethereum-based counterpart to Dogecoin, featuring the iconic Shiba Inu dog breed as its emblem. Originating as a humorous take on cryptocurrencies, SHIB, much like its meme coin peers, has gained tangible value and practicality. Initially, SHIB flooded the market with a vast supply of one quadrillion tokens, but its ecosystem has evolved mechanisms to diminish this supply through strategic token burns.
Technical Analysis of Shiba Inu Crypto Price
The Shiba Inu price is trading in a bearish grip, halted near the value of $0.00004592, currently trading near the dynamic support of 50 EMA. However, the crypto price is bullish in the long term and shows a remarkable return of 278.01%.
At press time, the SHIB crypto price was trading at $0.00002678 with an intraday gain of 1.89%, indicating bullishness on the technical charts. It has a monthly return of 19.80% and 161.03% yearly. It has a market cap of $15.90 Billion. Indicators are bullish and suggest the price will attain higher levels in upcoming sessions.
Over a week, SHIB crypto has experienced a decrease of approximately 11.94%. However, the coin has grown by almost 19.80% in a month and 181.73% in the last 3 months. It gave an outstanding return of 278.01% in the previous 6 months and grew by 161.03% year to date. The data shows the recent weakness in the price.
SHIB Crypto Price vs Volume Analysis
The volume and price graph shows that the trading volume has decreased from $15.97 billion to $913.4 million in the last 30 days, and the price has also declined. The price has melted 11.94% in the last few days, but the trading volume has not dropped more, so the price is expected to bounce back in the short term.
SHIB Crypto Social Dominance vs Social Volume Analysis
The santiment graph of social dominance and social volume suggests that awareness and interaction on social media platforms like X, Instagram, and Telegram have declined, negatively impacting the price. The next momentum of SHIB crypto price may depend on social dominance and volume.
Summary
Shiba Inu (SHIB) has recently shown a mix of bearish and bullish signals. The price has faced rejection at the upper trendline and has decreased 10.73% over the past week, indicating a bearish sentiment in the short term. However, the long-term perspective remains bullish, with SHIB showing a significant return of 278.01% over the past six months.
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Disclaimer
It’s important to note that the views and opinions presented in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading stocks carries inherent risks, and readers should conduct their research before making any financial decisions.
