Shiba Inu is an Ethereum-based meme coin, which is a competitor of Dogecoin. Both of these coins use similar canine faces as a logo, which makes both of them famous in the crypto world. Dogecoin was made popular by Elon Musk, but Shiba Inu does not have such a name. Experts and analysts think someone will come to popularize Shiba Inu in the future, and the price of SHIB will rise after the news.
These two coins are popularized as a joke, not for their fundamental values. That is why these are riskier than other crypto assets. Moreover, the Shiba network has many other tokens such as SHIB (which is traded on the exchange), BONE (governance token), and LEASH (associated coin). It has other social features such as Shiboshis (for NFTs) and Shibaswap (platform for currency trading).
The prospect depends on different factors, but you must remember these two popular incidents before treating SHIB as an asset. Once, the founder of Tesla tweeted that he wanted a Shiba puppy, which raised the price of Shiba Inu by around 300%. Many experts think this incident made the coin popular. Before that, Ryoshi, the founder of the SHIB coin, sent 50% of SHIB to Vitalic Buterin, the co-founder of Ethereum, but Buterin donated all the coins, which lost a significant value at the very beginning. That means Shiba Inu’s price mainly depends on the news.
Currently, SHIB is trading around $0.00001240, which is above the previous resistance of $0.000011. Overall, the Shiba Inu coin is bullish for the short term, and it has been forming higher highs and higher lows, which suggest positive momentum in the market.
Most technical indicators are bullish at this time. RSI is at 59, with bullish MACD and Bollinger Bands reflecting an uptrend. Read our Shiba Inu price prediction to know detailed future projections of the SHIB token.
On the weekly chart, Shiba Inu is bullish, but RSI is around 40, and candlesticks are forming in the lower range of the Bollinger Bands, which do not suggest strong bullishness. Based on the last few candlesticks, the weekly chart shows an uptrend. However, it is tough to predict how long Shiba Inu will go up. We think $0.00002 is strong resistance in the long term.
We do not suggest retail investors treat meme coins as assets because they do not have strong fundamentals for long-term growth. If you believe SHIB is in an uptrend, you can invest for the short term. Otherwise, you should prefer cryptocurrencies with better fundamentals that will provide a better return in the long term.