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The last few days have been difficult for shib, and we've seen some consolidation as a result of big whale sell-offs of Shib tokens. But, once again, the Shiba Inu has proven it's worth and provided a huge comeback. Is this a buy call? What price can we expect by the end of this year? Today, we're going to discuss why SHIBA INU is set to smash all records this month.
Let's have a look at the chart to check how the price of SHIBA is performing on December 10th before we get into our topic. For a few days, Shiba Inu, the dog-inspired cryptocurrency, has been trading at a low price. The SHIB currency has been trading below $0.000044 for the previous six days.
At the same time, in the last 24 hours, the coin has gained 6.66 percent. Shiba Inu is currently selling at $0.000038 at the time of writing. Aside from that, the coin is ranked 13th with a market capitalization of $21,030,514,528.
Is the SHIB coin showing signs of a bullish rally?
If we look at the price chart, we can see that it has lately developed a falling edge, indicating that it has a significant support region at $0.000029. The price of the Shiba Inu coin may recover from the support level. In that case, a new spike is likely to occur soon.
"As SHIB develops a base of sorts, investors should expect Shiba Inu price to experience a positive reaction soon," according to Fxstreet. The first stumbling block is a 25% upswing at $0.0000442.
As a result, market participants can anticipate an increase in the meme coin's positive momentum to this level." "Clearing this level will indicate that buyers are in control, as well as open the way to $0.0000543." Retesting this level will result in a 55 percent increase, indicating a complete recovery."
Overall, the SHIB coin has broken out of its channel and is back on track with its daily trend line. As a result, we might anticipate some profits and an increase in the near future. Prepare to make a new move.
Let us now return to our original topic
Everyone is hoping to make a lot of money in the fourth quarter of this year. Many of us made enough money from Shiba Inu in October and the second quarter of 2021, primarily in the month of August.
Despite this, many shib holders are keeping millions of tokens in the hopes that Shiba Inu will reduce its price by a few zeroes and provide good profits. If you are a Shiba Inu dips holder or intend to purchase Shiba Inu dips, If that's the case, then this post is for you.
So what precisely happened? What caused the price to revert?
Kraken, America's second-largest crypto exchange by trading volume, announced support for Shiba Inu on Monday, which could be one explanation for the coin's recent price movement. Deposits for the "Dogecoin killer" are already open, according to a blog post, with trading anticipated to commence on Tuesday between 10 a.m. and 12 p.m. EST.
The exchange also stated that Shiba Inu will be traded against the euro and the US dollar, with a minimum order size of 50,000 Shib Tokens ($2.5). According to CoinGecko data, this is Shiba Inu's highest level since November 19, when the token traded above 510 satoshi units before plummeting to 366 satoshi units a week later.
Will the pump, however, continue? What are the major catalysts for this pump's success?
Let's look at the market trend to help us grasp this. How is it that the Shiba Inu army is racing to buy more and more Shiba Inus as the price drops? Furthermore, according to whalestat statistics from a few days ago, the Shiba Inu currency has the highest number of whales and the largest average ownership.
Each Shib Whale has spent an average of 1.1 million dollars on almost 20 billion Shib tokens. But the big mystery is why, even when Shiba Inu prices are falling, whales are buying more and more. Shytoshi recently announced the Shiba Inu Metaverse in a Medium post, as we all know.
In addition, Robinhood is planning to list Shiba Inu in the fourth quarter of 2021. As a result, the price of a Shiba Inu will most likely reach new highs and possibly lose a few zeroes. The reason why whales are so interested in this meme cryptocurrency.
Large traders and crypto investors are the ones who control market pricing and can affect the direction of the price trend, so an increase in the number of whales is usually regarded as a positive indication for an asset. Shiba Inu Becomes Largest ERC-20 Holding Among Top 1,000 ETH Wallets is another major piece of news for Shiba Inu hodlers.
Yes, according to whalestat's tweet, Shiba Inu has surpassed the smaller altcoins to reclaim the #1 spot among the most popular ERC-20 tokens. However, the main concern on everyone's mind is whether Shib will reach 1 cent. It's challenging, but not impossible, to hit one cent.
What if we drastically lower the token supply and burn a large number of tokens?
So it's feasible to shave a few zeroes off the price or even get it down to one penny. The burning process is the removal of tokens from the circulating supply by sending tokens to a dead wallet address. The Shiba Inu ecosystem's developers are well aware of the significant supply issues and have implemented a number of burn initiatives to date.
We have received word from Shytoshi, Shiba Inu's chief developer, that another huge burn project will be released in the fourth quarter of 2021. Almost all crypto professionals and analysts are positive about Shiba Inu, and it's not only due to social media excitement.
However, due to the planned Robinhood listing as well as developer projects like the NFT game, play to earn, own blockchain, and Riyoshi Token, all of this happened in the fourth quarter.
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