WARNING: The content on this site should not be considered investment advice and we are not authorised to provide investment advice. All Rights Reserved About Us | Contact Us | Terms of Service | Privacy Policy Buy Crypto at eToro, the World’s #1 trading platform!Ĭopyright ©. If this succeeds, this would likely propel the Dogecoin competitor into a global stage. Just like Dogecoin, the Ethereum-based meme token is looking to stamp its name in the minds of NASCAR fans.Īccording to recent activities on microblogging platform Twitter, the Shiba community is looking to have the Shiba Inu logo on the NASCAR XFinity Series car sponsored by crypto trading platform Voyager. Shiba Inu might not be the leading meme token but this is set to change. However, the wolfpack ID strategy denotes a bearish trend with the red line trailing the market at 0. Reinforcing this uptrend is the market cipher B strategy which shows a “Buy” opportunity with its greenish trend line. The digital asset’s relative strength index (RSI) is bullish trading above the oversold margin at 36.85 on the daily chart. This is as crypto investors begin to consider meme tokens as a means of generating greater returns given that they need little leverage to rise. On the trading chart, SHIB has strong fundamentals. Shiba Inu is heavily dependent on BTC rise and you will need to monitor Bitcoin performance if you intend to buy SHIB. The crypto bellwether has seen negative price action in the last couple of weeks but seems to have found support on the $30K mark. ![]() Bitcoin has been a major contributor to the digital token’s slump given that it is the most traded cryptocurrency in the world. However, it could not retain the positive price action and plummeted with the broader crypto market. Prior to the May crypto market crash orchestrated by Tesla boss Elon Musk and reports of Chinese authorities banning crypto mining, Shiba Inu traded at an all-time high (ATH) of $0.00003477 surging 21,000 percent. Shiba Inu has posted better returns and is one crypto project you should watch out for as the market recovers. At press time, the meme token is trading at $0.00000718 increasing 5.797% on the 24 hour trading chart. If you are looking for a crypto project that has massive future returns, then you should buy SHIB. It is also planning to launch a DEX platform called ShibaSwap to enable easy exchange of cryptocurrencies.Ħ7% of all retail investor accounts lose money when trading CFDs with this provider. Shiba Inu uses its native utility token SHIB for transaction fees, and governance participation. The development team also locked the remaining 50% on the popular decentralized exchange (DEX) platform Uniswap in a bid to reduce the number of its digital token in circulation. Even though the Russian-Canadian developer subsequently sold off his tokenized gift, Shiba had become a mainstream attraction by then. It became an investors’ favorite after it allotted 50% of the total mined tokens to Buterin. It has support from the likes of Musk and Ethereum co-founder Vitalik Buterin. Named originally “Ryoshi,” Shiba is a dog-themed cryptocurrency built on the Ethereum blockchain. Shiba Inu aims to take the shine off Dogecoin and become the meme token of the modern world. Dogecoin uses a proof-of-work (PoW) consensus algorithm and is a fork of the popular Bitcoin fork Litecoin. It has since shed off its parody nickname seeing widespread adoption by businesses and supported by popular figures like Elon Musk and hip hop star Snoop Dogg. Starting out as a jab at the growing number of alternative currencies (altcoins for short) that heralded Bitcoin rise, Dogecoin was created by Billy Markus and Jackson Palmer. We cannot elaborate on Shiba Inu without briefly mentioning the first meme token Dogecoin. Has it made positive price appreciation? And is it the right time for investors to buy SHIB? Let’s jump right into it. This analysis explores the recent movement of the Shiba Inu coin. ![]() However, in the last 24 hours, Shib (short form) has rallied showing marks of recovery. It self-styled itself the “Dogecoin killer.”īuilt on popular decentralized applications (dApps) platform Ethereum, Shiba Inu has also been subject to general market volatility despite its meteoric rise. Launched in August 2020, Shiba Inu surged over 21,000% during the April crypto boom. However, other meme tokens like Shiba Inu (SHIB) have also been trending. Meme tokens are one of the hottest tokens in the crypto market and Dogecoin leads the pack. The content on this page is for information purposes only. Please note that we are not authorised to provide any investment advice.
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