Shiba Inu price rose 2% today to $0.00001358, while the cryptocurrency market rose 1% in 24 hours
The rise did not change SHIB’s weekly decline of 7% and monthly decline of 3% as the meme coin struggled to gain momentum.
Shiba Inu's 73% annual gain offers hope for the long-term outlook as its fundamentals have improved this year.
Will the fall in Shiba Inu prices in September lead to more losses?
After jumping to 60 this morning, its relative strength index (purple) has fallen again, suggesting that today’s rally may not be sustainable.
However, as the coin has been below its 200-period average for a week, its 30-period moving average suggests a more durable recovery.
SHIB’s 24-hour trading volume is currently $200 million, which is not much.
The meme coin has not seen trading volumes of $1 billion or more since a market crisis in early August that caused its price to drop from $0.000014 to $0.000011 in a single day.
Since Whale Alert reported a major Shiba Inu transfer on July 20, when Robinhood received $48.3 million, SHIB has disappeared from data and transfer aggregators.
Since then, Shiba Inu prices have dropped 25 percent.
SHIB has a strong meme token base and its developers are joining its ecosystem.
Today, iOS users got Agent Shiboshi, a side-scrolling shooter that integrates with the second-layer network Shibarium.
A second Web3 video game in the Shiba Inu ecosystem will boost the long-term appeal of the token.
We estimate that the price of Shiba Inu will reach $0.000015 in the next month and $0.00002 by the end of the year.
