From insignificant to the new favorite of the cryptocurrency circle, can it soar to $0.001 in the next two years?
SHIB came out in August 2020. It is an experimental project for decentralized spontaneous community construction. The total issuance of SHIB reached 1 quadrillion, which is a very large number.
At first, the price of SHIB was extremely low and almost insignificant, but with the development of the cryptocurrency market and the promotion of the community, the price of SHIB began to gradually rise.
The price of Shiba Inu (SHIB) continues to fall despite the increase in global adoption. The latest data shows that the price of the asset fell by 6.1% during the US trading session.
Although the Shib community seeks to cooperate with Binance to burn SHIB tokens to promote long-term success, market sentiment remains bearish and investors are withdrawing funds. Although the current SHIB processing volume has increased, there is a lack of buying interest, and the technical indicators on the chart show the risk of further decline.
- The Shib community asked Binance to use part of the transaction fees to burn SHIB tokens to support the long-term success of the token.
- According to Coinalyze data, SHIB's open interest (OI) has fallen by 13.07% in the past 24 hours.
- The current SHIB aggregated funding rate is -0.0037%, indicating that traders are increasing their bets on a price drop.
- SHIB prices are in a downtrend and have broken the descending triangle, showing continued selling pressure.
If SHIB's decentralized exchange can be successfully launched and attract many users to trade, the demand for SHIB will increase significantly, pushing the price up.
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SHIB prices are trapped by the moving averages and hovering in a narrow range. A close below SMA20 could drop the price to $0.000015 and then to $0.000013.
