Shiba Inu is a real dog-based cryptocurrency that was an attempt at taking on the success of Dogecoin. But despite moving in a consolidated price movement. Shiba Inu has had a notable price action trend of close to 200% in the last four days, which helped it jump to the 21st position in market capitalization.
We now stand at $8.5 billion with a total circulation supply of 394,796 billion coins, but the crazy thing is that the last 24-hour trading volume is double that of the circulating supply at 668,118 coins. As a result, Shiba Inu is currently priced at $0.00002164. Still, since the trading volumes are much higher than the actual supply, there is a higher probability of forced price alleviation being done by a select few accounts.
Shiba Inu Price Analysis
Shiba Inu has moved in a clear uptrend with intense buying action, consistently marking a double-digit movement over the last three days. It has helped the SHIB coin value shift one digit to the right, and it stands just four decimal places away from a $1 valuation.
$0.00000514 was a strong support level, completely turning the selling pressure into a buying sentiment. This is because of the total unliquidated supply of 1,000,000 and holds a good chance at prolonged volatility. A small chunk of wallet holders having the highest value has brought a critical issue to light.
Furthermore, the shift towards the NFT market and creating a demand for artistic Shiba items will be leading the charge towards making this cryptocurrency a Dogecoin killer.
As per our Shiba Inu price prediction, one can and should hold a small amount of Shiba coins to take advantage of this rally in the future. You wouldn’t want to regret not taking a risk at this point. But make sure to limit your Shiba holding to less than 5% of your total investment portfolio, considering this investment as a total write-off.
