12 Oct 2022 · 2 min read

Shiba Inu Price Prediction – Can SHIB Overtake Bitcoin?

Shiba Inu price prediction remains bearish, as the pair has broken through the upward trendline that has been supporting it near $0.0000106. Shiba Inu is currently gaining immediate support at a triple bottom level of $0.00001001.

According to market data, Indian traders chose Shiba Inu over Bitcoin and Ethereum. Despite the country's strict tax regime, SHIB has a relatively high volume.

Over the recent weeks, the Shiba Inu cryptocurrency has seen a number of milestones, including its inclusion on major platforms. On October 10, BitMEX announced they will be adding support for six new cryptocurrencies, one of which is SHIB.

SHIB Becomes the Most-traded Asset on Indian Crypto Exchanges

It looks like the top investors on the market, who are Indian, are buying the Shiba Inu token (SHIB), which is a well-known meme token, instead of Bitcoin or Ethereum. It has become the most liquid cryptocurrency on India's three biggest cryptocurrency exchanges, WazirX, Zebpay, and CoinDCX.

Shiba Inu on Zebpay: Source: Nomics

According to Nomics, the SHIB token is involved in 9% of all cryptocurrency transactions in the country. Trades involving SHIB on Zebpay, which is looking to leave India due to the country's strict tax requirements, have totaled roughly $120 million since the beginning of the year. 

WazirX statistics suggest that the meme token accounts for almost 10% of all trades. Over the past ten months, traders have traded over $970 million. Over 5% of the volume traded on India's other major exchange, CoinDCX, is in SHIB.

Shiba Inu Price Prediction – Can SHIB Overtake Bitcoin?

Shiba Inu is trading at $0.000010 with a 24-hour trading volume of $132 million. Shiba Inu has decreased by 2.19% in the previous 24 hours. 

CoinMarketCap now ranks 15th, with a live market cap of $5.5 billion. The circulation supply is 549 trillion SHIB coins. Bitcoin's live market cap, on the other hand, remains at $366.3 billion. Shiba Inu is not likely to overtake Bitcoin anytime soon.

Shiba Inu Price & Tokenomics - Source: Coinmarketcap

Shiba Inu has disrupted the upward trendline that had been supporting the coin near $0.0000107. A triple bottom pattern is currently extending immediate support near the $0.00000992 level. 

A break below $0.0000099 may allow for more selling until the next support area of $0.0000088. Further down, the next level of immediate support is at $0.0000077. 

Shiba Inu Price Chart - Source: Tradingview

The RSI and MACD indicators indicate a selling trend, and the 50-day moving average also indicates a selling bias for Shiba Inu. The 50 MA is likely to provide significant resistance at $0.0000117, and a bullish breakout will expose the SHIB price to the next resistance level at $0.0000133.

Meme Coin Alternative - Tamadoge

Tamadoge, the meme coin, remains in the spotlight as it is far more likely than any other meme coin to reach $1 due to its massive surge following its September listing. TAMA's price has fallen since its all-time high of $0.1940, but Etherscan stats show that the number of holders has remained stable.

There were approximately 28,000 holders at the project's peak. There are now only about 26,000 holders, indicating that many buyers have sold some of their holdings but remain invested in the project.

Tamadoge's ecosystem, which also contains a play-to-earn game and NFT ownership, is more useful than DOGE and SHIB and has a much smaller supply. The project is 275,000 times smaller than SHIB and has a maximum supply of 2 billion TAMA, a 5% burn mechanism for the play-to-earn game Tamadoge, and is 275,000 times smaller than SHIB.