As a meme coin, it is mainly influenced by news. Recent news, both good and bad, influenced the price of Shiba Inu. One such news is the stepping down of the network’s founder. The pseudonym of the SHIB founder is Ryoshi, and he is the main head behind many projects such as ShibaSwap, and Shiba Metaverse.
Now investors are wondering why he is stepping down, but developers are still working on new projects for Shiba. Many analysts think after years of struggle for this project, he wants to move on.
Indeed, this announcement surprised the SHIB holders, but it is not the end of this meme coin. The platform will roll out the new metaverse project, and developers are creating layer 2 of Shibarium- going to be the biggest upgrade in the next few years.
The developers are saying the founder is leaving the project to the “Shiba Army.”
On the other hand, Shiba Inu has started a partnership with Travala, which provides the user with the opportunity to book flights, cars, and hotel tickets with Shiba coin.
Due to the stepping down of the founder, the burn rate of Shiba Inu has increased. More than 100 million Shiba Inu burned overnight, and it paves the way for recovery in the long term as per the Shiba Inu coin price prediction.
It is regarded as a ‘dogecoin killer,’ but what is the future of this coin after all these incidents? Experts are bullish on the SHIB coin because they are launching many new projects to make their fundamentals strong. Is it the right time to invest in this coin? Please read our price analysis to know more about it.
On the daily chart, SHIB/USD has broken the support level and now trading around $0.0000109. It is trying to form support around this level. Interestingly Bollinger Band lacks volatility, and most of the technical indicators are bullish in the short term.
On the upside, the next resistance would be around $0.000019. So, it is a good time to invest in SHIB tokens for the short term with a strict stop loss.
However, the weekly chart has been in a downtrend, and most of the technical indicators are bearish. MACD has been forming red histograms, and RSI is in the oversold zone. Candlesticks are forming in the lower range of the Bollinger Bands.
We do not think that the traders should treat Shiba Inu as an asset like Bitcoin for the long term, but it is a good time for short-term capital gain if it goes upside. All meme coins mainly depend on news, so any good news can change the momentum for the short term.