Shiba inu is a cryptocurrency that started in 2020. The developers are anonymous persons called Ryoshi, and its name comes from a Japanese dog breed called Shiba inu. The developers build the Shiba Inu in the Ethereum blockchain. Shiba inu launched like a crypto joke rather than a crypto with actual utility.
But over time, It has gained fame and investments from the crypto world. It has become a major rivalry of the famous meme coin Dogecoin that launched in 2013. It is the Ethereum alternative of Dogecoin. Shiba Inu users refer to the altcoin as the dogecoin killer. The Shiba Inu has three main tokens in circulation. The SHIB, LEASH, and BONE. However, SHIB is the most used token with the highest number of circulating coins.
At the time of writing, Shib is selling for $0.00005373 with a market cap of $29.884billion and a trading volume of $3.429 billion. The total number of Shib tokens in circulation is 549.152 trillion, with a maximum of a quadrillion tokens in the market.
SHIB had its highest annual selling price of $0.00008616 on Oct 28, 2021, and the lowest annual trading price of $0.000000000056 on Nov 28, 2020. Currently, the coin is trading at 37.0% lower than its highest price and at 96256006.9% higher than its all-time low. Investors who bought when it was at an all time low and held the coin to date have a 96256006.9% increase in their SHIB value.
Current Price Overview
According to TradingView charts, Shiba Inu has had a bullish year. This is because the bullish rallies are trendy and impulsive. The bearish moves, on the other hand, are trading in a range with reducing volumes.
On May 11th, the prices hit an all time high of $ 0.00005000. The price then had a bullish rally to $0.00000565 on May 19th. Since then till October, the prices have been in a range between $0.00000565 and $0.0000099. Between Oct 3rd and 5th, Shiba Inu had a bullish rally to $0.00003551 before going in a range-bound for a week then moving to the all time high of $0.00008616. Currently, the price is in a bearish retracement.
November Price Prediction
November has been a bearish month with a retracement from the main bullish Shiba Inu bias. Looking at the long term Shiba Inu TradingView charts, we can see two main points that can stop the price from the short term bearish move.
The $0.00003569 support price point and the $0.00003000 unclaimed demand zone. The $0.00003000 is also an important psychological point. In November, we expect the price to trade between $0.00003000 and $0.00003569 then start a bullish rally that will take out the all time high.
If we zoom out charts to a smaller time frame, we can see the same trend. The bearish trend has smaller candles and reduced trading volume. If we compare the trading volumes when the Shiba Inu market was in a bullish trend and a bearish trend, we see very little volume in the bearish trend. But still, the short term charts show that the markets will possibly reach the Demand and Support zone in the long term charts.
Therefore we expect that price will reach these levels by mid-November and then continue with the bullish rally that will take out all time high. Because the Bullish momentum has very high volumes, we expect the prices to be $0.000075000 and $0.000075000 by the end of November. If the volumes do not dry up, the Shiba Inu might take out the all time highs by the end of the year.