Shiba Inu is a community-building cryptocurrency as an alternative to Dogecoin. It is also considered a ‘dogecoin killer.’ It does not have its own network and currently runs on the Ethereum blockchain. After the arrival of Shiba Inu, Dogecoin lost its market share, and SHIB has become popular in the last two years.
According to experts, Shiba Inu does not have similar support as Dogecoin, which Elon Musk backs as a ‘People’s Coin.’ However, the SHIB price will increase multifold as soon as it gets support like Dogecoin. This can be a good reason for long-term investment.
The best part is Shiba Inu has a limited supply of 1 Quadrillion, but it is a huge number! Like all meme coins, the future success depends on speculation and its potential to become the next Dogecoin.
The recent price action indicates a huge bullish rally or a bear’s trap as the continuation of the consolidation phase. Before making any investment decision, it is better you read SHIB price prediction and study fundamental and technical analysis.
As the meme coin, the movement of SHIB/USD depends on the community sentiment. At the time of writing this post, it was trading around $0.00001232, which seems to be strong resistance on the chart.
Though it seems to be a breakout, we do not think so, and we think the price of Shiba Inu will come back to the level of $0.000001, which is a support level in this consolidation phase. Meme coins are famous for making quick gains for investors, but it is not the ideal time for short-term investment.
Generally, we do not suggest investing in meme coins for a long time. The weekly chart seems bullish from this support level of $0.000007. Now, if it grows from the present price level, the SHIB price will go up to $0.000017, which can be a good long-term gain but do not treat it as a recommendation.
It is better to avoid meme coins as a long-term asset, and you can switch to less risky options such as Bitcoin and Ethereum. Overall, it is not the time for a short-term investment but can go for the long term.
