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Last week, SHIB’s price was at $0.000013. Today, its price has touched $0.00001384. This means that over the last seven days, SHIB’s price saw a growth of 0.582%. It saw a maximum of $0.00001382 and a minimum of $0.00001261. In the last 24 hours, SHIB’s price has increased by 6.91%. The sentiment in the crypto market regarding SHIB is currently bullish.

Shiba Inu Current Price Status

SHIB’s market capitalization currently stands at $7.5 Billion. It has a 24-hour volume of $496 million. SHIB’s circulating capital, at the time of writing this article, was at 549,064 B SHIB. With a current price of $0.00001384, it is about a -26.9% drop from its 7-day all-time high of $0.00001398. Its price is currently trading above 18% from its 7-day all-time low of $0.00001180.

According to SHIB’s price chart in the last 30 days, it witnessed a 30-day all-time high of $0.00001589. Whereas, SHIB’s 30-day all-time low was around $0.00001047.

Additionally, SHIB’s trading price in the last three months touched a 90-day all-time high of $0.00001573. While its 90-day all-time low was around $0.00000784. However, SHIB’s previous all-time high in October 2021, was $0.000086, which is 83.9% more than its current price.

Before we dive into more statistics and technical analysis, let’s try and understand SHIB’s history and previous trends.

What is Shiba Inu?

Shiba Inu was launched amidst the pandemic in August 2020. It was created by creators who called them ‘Ryoshi’. Whether Shiba Ina’s creators are a single person or a group of people is not known, and their anonymity is maintained to date.

The token was originally launched to the public as meme coins. Meme coins are cryptocurrencies which go under a theme. In the case of Shiba Inu, the theme is a Japanese breed of hunting dog called ‘Shiba Inu’. In the crypto market, Shiba Inu (SHIB) is widely known as a popular alternative to Dogecoin, even though Doge was launched in the year 2013. So much so that, SHIB has been dubbed as ‘the Dogecoin killer’ by the supporters of SHIB who call themselves SHIBArmy.

Shiba Inu is an altcoin and is based on Ethereum. One year after its launch, in October 2021, SHIB’s price increased and it was successful in accumulating a massive market capitalization of more than $40 billion. Over the years, its market capitalization saw a drastic sharp drop and is currently at $7.5 billion. Luckily, this has not affected SHIB’s popularity in the market. SHIB is still acknowledged among the top 10 meme coin lists.

A Quick Look at the Shiba Inu Ecosystem

The creator of Shiba Inu (SHIB) mentioned their guiding principles in a joke version of the ‘white paper’ called the “woof paper”. As per the statement, Shiba Inu was created to see what would happen if a crypto current was launched, managed, and run completely and fully by the crypto community. Ryoshi states that Shiba Inu is an experiment in the spontaneous and decentralized creation of wealth by the community. Ryoshi believes that a decentralized community collectively can build something far superior to a centralized organisation.

Thus, the project of Shiba Inu started from the ground, with nothing, and aims to create something superior out of this nothing. It was not founded by a pre-determined team or organisation, it is 1005 spontaneous and gives the entire community full freedom to run it. The supporters of Shiba Inu were also bonded with each other for their collective love of Shiba Inu dogs.

Ryoshi also states in the “woof paper” why Shiba Inu was not based on its blockchain. According to them, Ethereum is an already established and secure blockchain. It facilitates projects to be decentralized. Thus, Shiba Inu is an Ethereum based altcoin.

SHIB is Shiba Inu’s native foundational currency. It started its journey in the crypto world with a supply of 1000 trillion. 500 trillion from that was kept away by Ryoshi in a decentralized digital currency exchange platform for liquidity requirements. The remaining 500 trillion was sent to Ethereum for safekeeping.

The other two coins of Shiba Inu’s ecosystem are: the second coin in the system is called Lease or LEASH. It has a worth of only a fraction of SHIB’s total supply. The third coin is called Bone or BONE. Bone’s value lies somewhere between SHIB and LEASH in terms of market capitalisation and total supply.

Is 2023 a good year for SHIB?

As per technical experts in the field, SHIB is having a bullish movement at present. Its price has steadily increased over the last 7 days, with a growth of 0.582%. SHIB’s current price is lower than its past 30-day all-time high of $0.00001589. However, it is speculated that SHIB’s price may pick up in the next month, and will draw in close to $0.000014. This means that growth of 4% looks like a possibility shortly.

In the last month, SHIB recorded an approx of 58% green days. Its price volatility over the last month was at 8.2%.

Shiba Inu’s (SHIB) 200-day simple moving average is indicating BUY for over a month now. Its current trading price is above its 200-day SMA. SHIB’s 50-day SMA has also been indicating BUY for the last 40 days.

It looks like there is going to be an increase in its 200-day simple moving average and 50-day simple moving average before the 20th of March, 2023.

SHIB’s RSI score is just above 60, which signals a neutral position in the SHIB market.

According to crypto price watchers, SHIB’s support zone is predicted to be at $0.0000113 even in 2023 even in the most pessimistic scenario. On the bright side, SHIB’s price is expected to hit $0.000030 during the year 2023.

In the year 2024, SHIB’s forecasted price is $0.000028. The price throughout the year, shouldn’t fluctuate beyond the range of $0.000030 to $0.000019. This means that 2024 is slightly bearish for the SHIB market.

Final words

The cryptocurrency market is significantly volatile. Prices may fluctuate a lot from day to day. There are many external factors like- public sentiments, the performance of other top altcoins, and the performance of the dollars, which affect the market movement. SHIB is no exception to this.

Although the price graph is indicating a good year to invest in SHIB. It is important to note that Shiba Inu is a risky investment. Its current gains increase its vulnerability and make it more prone to resistance. Additionally, the Shiba Inu token has constrained usability, which may change the tide anytime to its disadvantage. There is also speculation that SHIB’s prices are heavily influenced by social-media craze and discussions.

It’s always advised to be cautious when investing in any cryptocurrency. Prior research and study of previous market trends and patterns are of utmost importance before taking any major decision.