SHIB Shrinks 5% – Will This Doge Rival Underperform the Market?

Updated: 26 August 2023

Disclosure

Don’t invest unless prepared to lose all the money you invest. This is a high-risk investment, you shouldn’t expect to be protected if something goes wrong.

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SHIB shrunk by 5% earlier today before experiencing a bounce that increased its value by 1.09% compared to yesterday. However, the holistic view of its price chart still shows that it may not perform as well as it used to. Will this Doge rival continue to underperform?

SHIB Rises 1.09%

After experiencing a decline of 5% earlier today, Shiba Inu was able to bounce back, which led to its gaining 1.09%. This rise, however, has done little to stop its bearish performance, as CoinMarketCap still shows a 3.5% weekly decrease.

At 8:21 a.m. EST, SHIB was priced at $0.000008, with a 1.2% surge in its market capitalization and a 22% decrease in its trading volume.

SHIB YTD Performance

Shiba Inu’s YTD performance hasn’t been the most noteworthy. It followed Bitcoin’s growth trajectory closely in February, reaching the yearly high of $0.000014. It then retraced until it reached its 2023 bottom at $0.000006.

Since then, it has bounced only once, reaching $0.00001 in August, thanks to the launch of Shibarium. But it retook a corrective path and is now trading around the $0.000008 mark.

However, Shibarium has been going through many updates, the latest being the Shibarium scaling update 4.

GM #SHIBARMY ☀️ We’ve got a fresh update for you on our blog. https://t.co/PKBVls4oar

— Shib (@Shibtoken) August 22, 2023

This update introduces a new monitoring system and fail-safes, including RPC level rate limiting and auto server reset. This update had to be submitted because Shibarium went through many crashes due to increased traffic. It led to FUD around SHIB, leading to the recent retraces.

Validators of Shibarium have also gone live recently, but none of these positives have shown a more significant positive impact on the price charts.

Shiba Inu Price Analysis

The daily chart shows that Shiba Inu has traded heavily in the red zone since reaching $0.000011 on August 12th. The candle chart seems to form a descending triangle pattern, a bearish signal indicating that SHIB might get lower lows before experiencing any uptrends.

Technicals show that RSI is 43 (purple), and the MACD histogram is moving more negatively. Both indicators show that Shiba Inu’s underperforming phase is yet to end.

SHIB Alternative – YPRED

Shiba Inu’s underperformance has much to do with it being a meme coin trying to become a more utility-focused token. We say this because, in a bid to adopt a more use-case-based outlook, it has forgotten what made it the community’s favorite. The shift in narrative hasn’t been perceived well by the cryptocurrency community.

On the other hand, alternative investments such as YPRED have already showcased their utility to the crypto community, giving them more value.

YPRED is the native cryptocurrency of yPredict, an all-in-one AI ecosystem that acts as a marketplace for predictive models where developers can sell their predictive models to others on a subscription basis.

This payment model is based on YPRED, an ERC-20 token with multiple utilities, including staking. Staking YPRED will allow investors to earn a portion of the fee generated by the marketplace.

In addition to hosting a marketplace, yPredict also features many predictive models ranging from AI signals to sentimental analysis, technical analysis, and chart pattern recognition.

yPredict recently posted an Ethereum price prediction article with prediction done through AI-driven indicators.

Excited to share our latest article delving into Ethereum price prediction using the ARIMA model! 📊🚀 Discover how we harness the power of ARIMA's statistical insights to navigate the dynamic world of cryptocurrency forecasting. Uncover the patterns, analyze the trends, and gain… pic.twitter.com/c02q3DVw21

— yPredict.ai (@yPredict_ai) August 18, 2023

The project is also bringing all the utilities that could be driven by AI tech in the fields of marketing, healthcare, finance, and more under one roof. Recently, it has set its Backlink Estimator tool life, an AI-driven SEO tool that predicts website backlink count and authority metrics.

Since opening in Q2 of this year, yPredict has raised more than $3.6 million during its presale. Interested parties can visit ypredict.ai to participate and buy YPRED tokens at a discount price of $0.1 before the price increases.

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