Shiba Inu Price Up 19.36% – Time to Buy SHIB Coin?

The move to buy SHIB has been quite high, with the coin now back on a bullish run. This is normal for memecoins, as they often post positive returns within a short period, especially when the market itself is on the green. Following the correction that took place this week, investors are confident that the market could make bigger moves soon enough. So, meme coins like SHIB are on everyone’s radar. But, is the current price good enough for investors to jump in? Let’s find out.

Shiba Inu: The Self-Proclaimed “Dogecoin Killer”

Shiba Inu is a meme cryptocurrency – essentially, a coin created with no specific purpose but seems to be catching on among fringe investors. An ERC-20 token, SHIB runs on the Ethereum blockchain. The asset was created by an anonymous developer known as Ryoshi and released into circulation earlier this year.

The primary goal of Shiba Inu was to emulate Dogecoin and its moves.

Dogecoin remains the gold standard for meme coins, with investors buying it on the back of promotion from big names like Elon Musk, Miley Cyrus, and Snoop Dogg. After DOGE had made impressive strides all through this year, Shiba Inu was essentially a chance for investors who had missed the DOGE train.

Per the Shiba Inu whitepaper, the developers intend to build a system including three tokens – all with different supplies and uses. The tokens include SHIB, LEASH, and BONE. The SHIB developers have also created ShibaSwap – a decentralised exchange that allows users to “dig” – provide liquidity – and “bury” – stake coins. ShibaSwap operates similarly to platforms like SushiSwap and Uniswap.

Many investors have moved to buy SHIB as the coin looks to emulate Dogecoin. It has also been accepted by major exchanges like Coinbase and Binance – especially in such a short time – has made it more available and encouraged more people to buy SHIB.

SHIB: Price Movements in 2021

The SHIB movement started around April when the token started getting listed by major exchanges. At the time, many investors trooped to buy SHIB, causing its price to jump from $0.00000105 to $0.00001199.

The move wasn’t through, though. SHIB eventually hit an all-time high of $0.0003511 on May 10, coasting off the market rally – as well as gains in the price of Dogecoin.

Sadly, the market downturn came, and SHIB was hit bad – as were all meme coins. The asset’s price dropped to $0.00000649 on May 21, marking a reduction of 81.6 percent in less than two weeks.

The drops continued to happen, with SHIB going through different bearish cycles. Investors had moved to large-cap assets and coins with more defined purposes, and there was no reason to buy SHIB and other meme coins. SHIB eventually bottomed out at $0.00000548, and its price remained around that level for a long time.

Up until now, SHIb’s post-downturn high has been $0.00000950. It hasn’t exactly performed too well, even in months like August and September, where the entire market has been doing better. SHIB’s one-month performance has been a 1.54 percent drop, with the coin moving from $0.00000715 to a current price of $0.00000700.

But SHIB might be looking to turn the corner. The coin has been up by 19.36 percent in the past 24 hours, although the price has been down 2.54 percent in the past week.

SHIB: Technical & Fundamental Analysis

SHIB’s technicals are quite murky. The coin is looking to break away from its 20-day moving average (MA) of $0.00000598, as well as its 200-day MA of $0.00000688. If it continues the uptrend for a day or two, we could see the price move higher.

The coin’s relative strength index (RSI) is also standing at 51.99. That’s a bit underbought, showing that investors might not be interested in buying the coin. There’s little action happening in the Shib network. Earlier this week, tracking data shows that an ETH whale purchased 150 billion SHIB tokens – worth $1.2 million at the time. Besides that, SHIB is pretty silent.

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