Shiba Inu Price Down By 2.35% – Time To Buy SHIB Coin?

Fighting off other popular alpha meme tokens like Akita Inu and Fioki, Shiba Inu has established itself among the best meme coins after Dogecoin. The popular ‘Dogecoin killer’ was able to break above the competition after it rallied 21,000% in one week. Shiba Inu has continued to gain mainstream interest, with investors keen to buy SHIB. This article will consider what the Shiba Inu blockchain aims to achieec and if this can be an ideal moment to buy SHIB following the dip.

Shiba Inu: Popular Dogecoin Killer

Launched in August 2020 by a pseudonymous character named ‘Ryoshi,’ Shiba Inu is a community-based decentralised crypto protocol that aims to revolutionise the meme coin sub-sector.

In a year that has seen popular Bitcoin knock-off Dogecoin rallying 15,000% and receiving public support, Shiba Inu has had a lot to prove to crypto enthusiasts. The Ethereum-based protocol rallied 21,000% in one week, earning the admiration of Tesla and SpaceX chief Elon Musk.

Meanwhile, Shiba Inu’s success is partially tied to its designated name, similar to a sobriquet parody coin DOGE is called. However, the Shiba Inu community wants to take the meme sub-sector beyond where it presently is.

Ryoshi claims Shiba Inu will surpass Dogecoin in value without hitting a cent in value. The SHIB community has also seen the ranks swell with its community members currently standing at 580,000.

The Shiba Inu ecosystem sports an innovative reward system and incubator called ShibaSwap, allowing users to provide liquidity, stake, and swap tokens for returns. Aside from facilitating atomic swaps of several digital assets, the decentralised exchange (DEX) platform will also support non-fungible tokens (NFTs) featuring dog-themed collectibles.

SHIB powers the meme coin’s ecosystem and currently sits on the 50th position on the most valuable crypto asset by market cap ranking.

SHIB: Making Steady Headway In A Bear Hold

The crypto market has continued to track against Bitcoin price with the premier digital asset controlling the nascent industry’s every rally and dip. This has seen alternative currencies (altcoins for short) like the SHIB token rally in a Bitcoin bull season and dips when the market flips.

However, the token’s rise this year has been nothing short of meteoric. Following a growing interest in Dogecoin, Shiba Inu surged 21,000% as investors became interested in the Dogecoin alternative.

However, the ERC-20 token could not retain this high price peg and saw its value dip in the May crypto crash. SHIB has continued to post major returns, trading more than 10,000% from its 2020 value of $0.00000004 in late December.

Although it has not been able to touch its previous record value, SHIB is making steady headway. The crypto asset is trading at $0.000000713 on the daily chart, and it is down 2.35% at press time.

SHIB Technical and Fundamental Analysis

The technical indicators of the SHIB coin show the strong impact large-cap crypto Bitcoin have on altcoins like SHIB. With the world’s oldest crypto down 9.07%, the SHIB token is trading below the 20-day moving average (MA) price of $0.000000720.

However, a relative strength index (RSI) figure of 47.92 shows that investors still want to buy SHIB, given the protocol’s growing use case for NFTs.
On the fundamental front, Shiba Inu is still going strong.

In the last week, the dog-themed cryptocurrency made its official debut on the world’s first publicly traded crypto exchange Coinbase. In an official blog post, the US-based exchange noted that its clients using the Coinbase platform can now trade, send, receive, and store SHIB tokens in supported regions. This debut saw SHIB surge 31.9% rallying to $0.0000008815 in 24 hours.

The token’s long-term growth is supported by market analysts who feel that SHIB is still on a bullish run. Per analysis from Wallet Investor, SHIB could surge to $0.000018 in the next year. A five-year forecast puts the digital token at $0.000060.

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