The cryptocurrency market has started recovering slightly. Meme tokens also had their good days, with Shiba Inu price bouncing more than 40% in the last seven days. Is it a good time to buy Shiba Inu tokens? Should you buy SHIB today? Will it continue to climb? In this article, we look closely at Shiba Inu price prediction and evaluate whether it’s a good sentiment to buy or should we wait for more acceptable prices. Let’s see.
What is Shiba Inu Crytpo?
Shiba Inu is a memecoin that was developed on the Ethereum blockchain. It is recognizable due to the Shiba Inu dog picture constituted on it. The crypto lovers think the token is a close substitute for Dogecoin, while some dub it the ‘Dogecoin Killer.’ Shiba Inu was created in 2020 by a company called Ryoshi.
Shiba Inu reached popularity in the market after it experienced a huge tide that brought its market cap to $41 billion in October 2021. One of the advocates of the peak was Elon Musk, who tweeted a photo of his new puppy called Floki. Shiba Inu literally rivals Dogecoin in the market and has whipped the token at one point in the market. It remains unseen if this will ultimately happen.
Shiba Inu Price prediction: Why is Shiba Inu up?
Shiba Inu price was falling despite much favorable news in their community. After a comprehensive downtrend, Shiba prices converged in February awaiting an additional push upwards. With the Russian ban in place, Shiba burst and reached +15% on the daily chart.
Just a few days ago, Elon Musk has resumed expressing his support for meme coins despite the current lawsuit filed against him. Shiba Inu price initiated an uptrend, healing from the drop in the meme coin’s price. After this, according to data from IntoTheBlock, big wallet holders on Shiba Inu have expanded activity. Big value transactions, with a price of more than $100,000, raised by more than 800% 888% in the last few days. This could be one of the reasons why SHIB price has increased by more than 40% in the last seven days.
Shiba Inu Price Prediction: What are its targets?
In our last analysis, we mentioned that a short-term rally phase / sideways phase could result in between $0.00001 and $0.0000138.
This week, the SHIB price chart recorded a straightforward breakout of the downtrend. A hasty growth in volume supported the uptrend, and it further validated such Shiba Inu getaway. As a result, bulls could target $0.00001200 and $0.000015 in the short term. On the downside, if the crypto enthusiasts fail to go with the liquidity on exchanges. Then, FUD and opposing opinions might decrease the price to $0.0000422.
Shiba Inu could make a huge profit if it saw significant adoptions and big-name partnerships. As a result, the meme coin could rise to a max of $0.000012 by the end of the quarter. On the downside, the absence of advertising occasions could deepen its price crisis, resulting in a price-reducing of $0.00000667.
Yet, restrained by the sideways movement, the intermediate price might drop to $0.00009. The positiveness of the fourth quarter would additionally obtain momentum from the project’s L-2 Shibarium. If the requisite help is provided to the product, and if it gathers the stakes of investors. The results would mirror the price of SHIB, which might proclaim a more expensive tag of $0.000017. In disparity, elements like adverse fuss or a bear run might drop the price to lows of $0.000011. Viewing the bullish and bearish targets, the intermediate price might be $0.0000126.