Shiba Inu price has been in a consolidation phase as cryptocurrencies continue moving in a tight range. SHIB was trading at $0.000012, which was about 65% above the lowest level this year. Its market cap has moved to about $6.6 billion, making it a substantial player in the crypto industry.
Shiba Inu is a decentralized meme token whose developers hope will become a thriving ecosystem. In a bid to grow the platform, the developers launched several products such as $LEASH and $BONE.
They also introduced a decentralized finance (DEFI) platform known as ShibaSwap which had a TVL of over $150 million in its peak. Most recently, they have been building a metaverse platform that they hope will become a leading player in the industry. Initially, it will have 100,595 plots of land that will be minted by users.
However, most recently, Shiba Inu’s demand has deteriorated substantially compared to where it was in 2021. This explains why SHIB’s price has collapsed by more than 60% from its all-time high. The same is true for other cryptocurrencies and meme coins like Dogelon Mars and Floki Inu. Historically, highly speculative assets tend to underperform in periods of high-interest rates.
At the same time, Shiba Inu is facing competition from other upcoming meme coins. Among the most notable ones are Uniglo, Tamadoge, and Saudi Shiba Inu.
The daily chart shows that the SHIB price has been in a consolidation phase in the past few days. This price action is eerily similar to that of Bitcoin, which has been stuck at $20,000 for weeks. The coin remains at the 25-day and 50-day moving averages while the Relative Strength Index has moved to the neutral point.
The outlook for Shiba Inu price is still neutral with a bearish bias. A drop below the important support at $0.000010 will validate the head and shoulders pattern and see it has a bearish breakdown. A move above the resistance at $0.000013 will signal that there are more buyers left in the market.
This post was last modified on Oct 05, 2022, 09:15 BST 09:15