Shiba Inu Price Rises 46% in a Week- Should You Invest in it?

The price of Shiba Inu on Friday July 27th was 0.00095, a change of -1.55% from the 24-hour period before. Shiba Inu prices for the coming day can be expected to lie between 0.00075 and 0.00010.

Shiba Inu’s performance has been positive in the last week, but crypto is facing another meltdown.

In the past week, Shiba Inu has risen by 50% as it continues to recover from significant crypto crashes. On June 19, it dropped to $0.00000789 and has since risen by 53% in the past seven days.

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Let’s Understand Shiba Inu Better – A Brief History

Shiba Inu, a meme coin created by a pseudo-anonymous developer group, states that it is beyond the reach of centralized creators. The developers choose to use Ethereum as their blockchain, overcoming any possible problems with hosting memes.

Shiba Inu is a new token that is essentially Dogecoin 2.0. Marketed as the dogecoin-killer, this coin was released in 2020 to take over the Dogecoin market. It has since fallen out of the public light. It has three tokens: LEASH, BONE, and SHIB, which was launched by the Shibu Inu ecosystem over a year ago.

They have also created a virtual world, the Shiba Inu Metaverse, and named that as Shibverse, which is managed by the Shiba Inu economy.

Shiba Inu Price Chart – Last 7 Days

All cryptocurrencies are still in their developmental phase, and Shiba is no different. It is run by a community of ShibArmy volunteers, as well as developers and investors.

Ryoshi (creators of Shiba Inu got this name) initially created 1 quadrillion tokens. 50% of tokens were allocated to Vitalik Buterin (Ethereum founder), while 50% was set as liquidity. Ryoshi felt that it would be safer with him than themselves.

Earlier, Vitalik donated 50 trillion SHIBs valued at $1 Billion for Covid Relief Fund in India also.

The Shiba Inu Cryptocurrency climbed the leaderboard of cryptocurrencies in October 2021, toppling a dozen cryptos to reach the top 10.

Why Did the Shiba Inu Price Climb Last Week?

SHIB’s trading volume has increased at a rapid rate since the announcement. It has increased to $800 million, which is 150% of the previous week’s trading volume. The initial spike hit $2 billion in 24 hours; the current level is ~20% down from that high-mark.

When evaluating the overall growth of the Shiba Inu ecosystem, you see that BONE and LEASH are both trading 41% and 46% higher, respectively.

The price action of Shiba Inu has come at a time when the wider crypto recovery and massive whale activity is happening. The team have also announced that they will be launching a beta version of their layer-2 Beta in July, before the final release later this year.

Whales have been aggressively buying up “Dogecoin killer” over the past 24 hours even as the Shiba Inu price has declined.

Whale activity is at an all-time high, with 44.44% more active whale addresses participating in cryptocurrency interactions. Data from the website WhaleStats demonstrate these large wallet investors are now trading billions of Shiba Inu coins.

Despite a decline in the price of Shiba Inu coin, the top 2000 Ethereum whales continue to engage in trading it.

Shiba Inu Sent to Dead Wallets

Recently, 1 billion Shiba Inu coins have been sent to dead wallets and 410.36 trillion Shiba Inu tokens have been burnt, which is a spike in the dogecoin-killer meme coin project.

Burn of Shibas is a driver of bullish sentiment among holders. This occurs when tokens are permanently taken out of circulation, which means there are less tokens in the supply, driving prices up.

Should You Buy Shiba Inu?

According to data from Coinbase, the number of people buying Shiba Inu has taken a significant turn. Currently, 81% of people are interested in purchasing Shiba Inu tokens rather than selling them.

Shiba Inu had their quickest 1,000% price rally in October. This is the second-highest number of “buy” orders placed for Shiba Inu, after 91% was observed in September 2021.

According to leading crypto analysts, SHIB/USDT has a bearish outlook. If you are interested in investing in cryptocurrency, it might be better to sell your tokens while they are still worth something.

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Analysts argue that the Shiba Inu price decline may not be over yet. The next target for rampant bulls is $0.00000661321. If the meme coin continues to fall, its downside target is at $0.00000565. We suggest conducting your own research to make the final decision.

Read More:

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