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Shiba Inu Price Prediction – Can This New Meme Token Overtake SHIB and DOGE?

Arslan Butt
Last updated: | 3 min read

Shiba Inu price prediction continues to be mixed, as the coin has formed a symmetrical triangle pattern, indicating investor indecision. Even though Shiba Inu (SHIB) was one of the worst hit cryptocurrencies during the recent market crash, the token has made a respectable comeback over the past week.

According to statistics from CoinMarketCap, Shiba Inu’s price increased by 2.15% in the past week, making it one of the top 20 performing cryptocurrencies. 

Shiba Inu Live Market Cap – Source: Coinmarketcap

This increase in value amounted to nearly $250 million, pushing the live market cap to $6.2 billion. When looking at the token overview, the on-chain metrics that give a broad picture of the profit made with Shiba Inu show that 26% of SHIB holders are profitable at the present price, while 69% are losing money, and only 5% are breaking even.

Shiba Inu Shiba Eternity Game Card

The official Shiba Inu Twitter account has been teasing the introduction of a collectible card game that it claims is the most difficult ever created. It has been announced that the highly awaited video game project, titled “Shiba Eternity,” will be released on October 6 all over the world.

Developers announced the game’s release date on September 23 at a Twitter Spaces event. The ‘Download Day’ has been formally postponed from its original October 1 launch date.

The game was tested in Vietnam and Australia before its release date, quickly becoming popular in both countries. Furthermore, the game’s primary creator, Shytoshi Kusama, stated that he has been playing it for quite some time and is excited to see it go public.

Meme currencies have long been chastised for offering users little more than an infinite supply of tokens. Shiba Inu’s goal is to solve this. If Shiba Eternity is a success, the GameFi utility could significantly impact SHIB/USD, which has already risen considerably.

SHIB Burning in Progress

The SHIB team is involved in several community-related projects. Shibarium, which will be released soon, and Shiba Eternity, a video game, are two of them. 

Shiba Inu burning was one of the efforts to create scarcity, and the burn initiative seeks to remove SHIB from circulation by directing it to inactive wallets.

In a recent tweet on October 4, Shibburn highlighted the three primary ways that the platform burns SHIB. The Shibburn website is the first technique. The second approach is Shibburn Radio. 

Third, users can pay to join Twitter Super via Twitter Super Followers and use the money to help Twitter Super burn more SHIB. This burning procedure will increase demand while increasing the SHIB/USD price.

Shiba Inu Price and Tokenomics 

The current Shiba Inu price is $0.000011, and the 24-hour trading volume is $278059395. Shiba Inu has decreased by 0.91% in the last 24 hours.

CoinMarketCap currently ranks 14th, with a live market cap of $6,247,761,700 USD. The circulating supply is 549,063,278,876,302 SHIB coins; the maximum supply is unknown.

Shiba Inu Price Chart – Source: Tradingview

Shiba Inu has found immediate support at $0.00001119, which is backed up by the 50-day moving average. A bearish crossover below the 50 MA will almost certainly send SHIB to $0.00001093, the next level of support.

Increased selling pressure might send SHIB below the $0.00001093 triple bottom support level and into the $0.00001051 region.

Given the good fundamentals, Shiba Inu has the potential to trade bullish; hence, the odds of a bullish trend continuation remain high above $0.0000111. The primary resistance level is near $0.00001157; a break above this level might take SHIB to $0.00001195.

Can This New Meme Token Overtake SHIB and DOGE?

Tamadoge, the new meme token, is still in the spotlight, having gained nearly 400% from its all-time low of $0.01683. There are no definitive answers as to how well-known meme coins Dogecoin (DOGE) and Shiba Inu (SHIB) will fare in the upcoming bull run or whether Tamadoge (TAMA) will be able to overtake these two coins. 

Tamadoge, on the other hand, is clearly a good option, with massive gains and all the attention.

Investors’ attention has been piqued by Tamadoge’s listing on the LBANK and MEXC exchanges on October 5. The Tamadoge team isn’t done yet; they’ve just announced upcoming listing details. 

CEX Listing Announcement!