The price of Shiba Inu has been in a tight range lately.
The coin had a major rally as investors switched to dog coins. The coin may fall sharply soon as it moves into the distribution phase.
The strong rally of the Shiba Inu (SHIB/USD) currency price has stalled as it enters the distribution phase. The coin is trading at $0.000028, which is about 22% below last week’s high. This drop has brought its total market cap to over $11 billion, making it the 17th largest cryptocurrency in the world.
SHIB fundamental analysis
Shiba Inu is a relatively new blockchain project that was launched in May this year. It was launched at the height of the cryptocurrency frenzy. Shortly after launch, the price of the Dogecoin killer jumped to an all-time high of $0.000090. Aave future price prediction is positive. It then crashed to an all-time low of $0.000006 during the cryptocurrencies sell-off.
Shiba Inu was designed as a joke at a time when all the attention was focused on Dogecoin. Since its inception, the ecosystem has grown significantly. The developers have launched LEASH, a cryptocurrency with a limit of only 107,646 tokens. They also launched BONE, a cryptocurrency with a limit of 250 million tokens.
Another important development was the launch of Shiba Swap, a DeFi platform based on Ethereum technology. The platform allows users to provide liquidity, through a process known as digging. They can also make money by staking their tokens through a process known as burial. In addition, they can also exchange tokens.
The price of Shiba Inu recently recovered as investors took an interest in the so-called dog coins. This happened after Elon Musk tweeted about his dog, known as Floki. Since then, most dog coins like Floki coins have all risen.
Shiba Inu Price Prediction
The 1-hour chart shows that the Shiba Inu price has been in a tight range for the past few days. This is a sign that demand for the currency has declined as many of last week’s buyers have begun to divide their holdings. Renovato.io Crypto has enough information. The price is slightly above the rising trendline shown in blue. It is slightly below the 25 and 50 period moving averages, while the MACD has moved below the neutral level.
Therefore, there is a good chance that the price will break out lower as the distribution phase moves into high gear. This takes it down to the key support at $0.000025.