![shiba inu token shiba inu token](https://www.thecoinrepublic.com/wp-content/uploads/2021/03/WhatsApp-Image-2021-03-27-at-4.11.47-PM.jpeg)
The token’s short and volatile history makes identifying long-term technical trends difficult.
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When the macro-outlook for broader cryptocurrency markets starts to improve, Shiba Inu is likely to be a prime candidate for outperformance, given its aforementioned strong brand and notoriety to rival Dogecoin. Perhaps global central banks will be in a position to start reducing interest rates with inflation coming back under control in 2023/24. Shiba Inu investors will have to be patient, but eventually global macroeconomic and financial conditions should improve (most economists think). Meanwhile, on crypto social intelligence data website LunarCrush, Shiba Inu consistently ranks in the top ten cryptocurrencies in terms of the website’s social dominance, social engagements and social mentions measures. Shiba Inu’s official Twitter account has over 3.4 million followers, in joint third place alongside Dogecoin and behind only Binance and Bitcoin. What Next for SHIB?ĭespite its short history, there is no doubt that Shiba Inu is here to stay given the strength of its community and fan base.
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The cryptocurrency was last trading around $0.000008 per token and within the $0.000005-0.000010 range that prevailed throughout much of 2021. This move really put Shiba Inu on the map, given that at its monthly peak, its market cap briefly surpassed that of rival Dogecoin and surpassed $41 billion.Ī significant deterioration in cryptocurrency market sentiment since last November as a result of a worsening global economy (inflation rising and growth weakening) and central banks turning more hawkish has seen SHIB/USD drop over 90% from its October 2021 peaks. SHIB/USD increased ten-fold in value between 1 October, when it was changing hands under $0.000008 and 27 October, when it hit $0.00008. SHIB/USD then consolidated in the $0.000006-0.000008 area until another explosive move to the upside in October 2021. History was to repeat itself less than one month later, with SHIB/USD increasing more than twenty-fold in value from around $0.0000015 to as much as $0.000035 in a matter of days in early May.