Shiba Inu Price Up 4.2% - Time to Buy SHIB Coin?
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This week has started quite well for the crypto market, with investors enjoying a lot of gains. The SHIB price has also seen a major boost, feeling off gains in large-cap assets across the market.
With the current market condition, it is tempting to want to buy Shiba Inu and several other top gainers. Is it a smart move? Let’s find.
Shiba Inu: The Dogecoin Killer
Shiba Inu is a memecoin that has dubbed itself the “Dogecoin killer.” The asset was created following the improbable, incredible rise of Dogecoin in 2021. DOGE has so far jumped over 12,000 percent, even when considering the effects of the market downturn that came from May to July.
Whenever something is so great, the sequels will always come through. The creators of Shiba Inu made it as a memecoin and wanted to challenge DOGE – as well as the latter’s many celebrity advocates, which include Tesla CEO Elon Musk.
After launching and listing on a few exchanges in April, the SHIB price actually began to rise. Of course, this was the same period that the entire crypto market was booming. Any asset could launch and gain mainstream attention in a few days. To convince people to buy Shiba Inu, the creators ensured that it looked strikingly similar to Dogecoin – even down to the marketing.
Shuba Inu: Price Movements So Far
The tactic of mimicking Dogecoin actually worked. Investors started to buy Shiba Inu as many of them believed that the Dogecoin train might have left them. Soon enough, the SHIB price hit $0.000050.
Shiba Inu also got a bit of a boost from several top exchanges, including Coinbase and Binance. The world’s largest exchange, Binance listed SHIB on May 10. This allowed many investors to quickly buy Shiba Inu and helped the asset climb. Incidentally, that was the same day it hit its all-time high of $0.000050.
The Coinbase listing came a little later, on June 15.
But, SHIB fell to the memecoin plague once the market downturn came. Large-cap assets started to lose significant value in the second week of May, and memecoins like DOGE and SHIB also suffered significant losses.
In the coming weeks, the SHIB price saw its value drop up to $0.00000562. That is a drop of 87.5 percent.
The downturn didn’t stop there, however. SHIB eventually bottomed out at $0,.00000570 on June 22. The asset continued to hover around that region, and it never broke through the $0.0000090 mark for the next month.
However, August has been a great month for crypto so far. Following a Bitcoin selloff in the middle of July that left the market reeling, assets appear to have found their bottom and are now gaining even more. Today, the SHIB price stands at $0.0000077 – up 4.2 percent in the last 24 hours and 23 percent in the past week.
For an asset that is barely six months old, that is quite impressive.
SHIB Technical and Fundamental Analysis
SHIB is currently enjoying gains. However, should this be enough to convince you to buy Shiba Inu? Let’s consider the asset’s technicals.
Currently, SHIB has a relative strength index (RSI) of 61.05. That might seem almost overbought, but it’s completely normal in the crypto market. The asset is also trading above its 20-day moving average (MA) of $0.0000063, so that gives it some leverage to make bigger moves in the coming days
There is also some positive news on the fundamental front. Last week, Shuba Inu developers announced a coin burn and the addition of new trading pairs on their decentralized exchange, ShibaSwap.
The addition of two new pools, PERLIN (PERL-ETH), and RYOSHI (RYO-ETH). Both will have 20 AP.$PERLIN has burned $25,000 in both, $SHIB and $LEASH, and has offered their native tokens as bi-weekly rewards as well, including Woofable $Bone. pic.twitter.com/d6DAH1qe0p
— Shib (@Shibtoken) August 7, 2021
SHIB started with a total supply of 1 quadrillion, but the developers gave half of that to Ethereum co-founder Vitalik Buterin. Buterin went on to burn most of it in a dead wallet while donating the rest to charity.
Additional token burns will reduce the value in circulation and also help to boost the SHIB price in the long run. With the market currently rallying as well, this could be a good time to buy Shiba Inu.
