The SHIB (Shaiba Inu) is a token that yearns to be an alternative to DOGE, a famous memecoin on Ethereum. SHIB is not scarce like Bitcoin. Instead, it is present abundantly and has an estimated existence of one quadrillion.
The token ecosystem of Shiba Inu holds up projects such as the growth of Shibaswap, a decentralized crypto exchange, and an NFT art incubator.
Let’s discuss Shiba Inu price prediction â up 3% in seven days, can SHIB reach $1?
What Is Shiba Inu?
Shiba Inu was formulated and developed in August 2020 by Roshi, an unidentified person. Similar to the case of Bitcoin and the pseudonym Satoshi Nakamoto used for the unknown founder.
One possibility is that Ryoshi could be the name of the gang running the whole setup.
Shiba Inu, an altcoin of Dogecoin, became just as famous as Dogecoin and its altcoin, Bitcoin. The name Shiba Inu was a Japanese dog breed and hence named after it.
The price prediction of Shiba Inu seems pessimistic as it continues to drop below the 50-day SMA simple moving average at $0.000010, and the shutting down of regular candles down this grade reflects the probability of a bearish trend.
SHIB/USD began at $0.00000936 on December 06, attaining an elation of $0.00000995 and a low of $0.00000933.
Presently, SHIB is marketing at $0.00000982. In the previous 24 hours the rate has surged by 5.60%. Similarly, a 6% increase in SHIB has occurred in the last seven days.
How Did It Become Famous In Such A Short Time?
The reason behind its popularity was that Shiba Inu is a meme currency. Although it was fresh to the market, it still competed with other crypto assets.
The progress and growth of the SHIB system are also the results of strategic affiliations and coalitions.
Shiba Inu worked its way out when almost all virtual currencies were on the edge of collapsing during the crypto market unrest.
Shiba Inu’s multiplicity worked well.
Atheist Shoe Partnership With Shiba Inu:
As per the sources, Atheist Shoes, a shoe factory, approved Shiba Inu as income and has partnered with a cryptocurrency payment solution.
Furthermore, spending with the canine token qualifies for a 10% deal.
How Did The Value Of SHIB Elevate?
The statement of partnership followed a hike in the SHIB price:
Shiba Inu opened its burn portal to lessen the SHIB tokens in circulation. It happened in April.
The forum scorched billions of SHIB tickets through dead wallets. Nevertheless, the impact is subtle, and one can’t say if it affected the SHIB rate.
Shibburn tweeted on December 1 that 666.9 million SHIB tickets got burned in November.
A total of 149 trades were done with burns. The SHIB tokens dropped from $666.9 million to roughly $6162.18.
353.19% hike in the burn price of Shiba Inu’s 37,957,807 got absorbed in the last 24 hours.
However, the SHIB Army holds that the burn rate is inadequate to influence the token’s market rate.
Whereas the rate of SHIB is directly proportional to the price of burning tickets. As the cost of burning tickets increases, so does the rate of SHIB.
Shiba Inu Price Prediction Up 3% In Seven Days, Can SHIB Reach $1?
Shiba Inu is currently trying to strengthen in a limited trading range of $0.0000082 to $0.000010.
However, seeing through the lens of the stock exchange is a plus point since there is an expectancy of increased prices that will lift the SHIB rates from $0.0000117 to $0.0000136.
The Crux:
Shiba Inu is a popularly known platform similar to Dogecoin and bitcoin. Shiba Inu was named after the Japanese dog.
Shiba Inu is a meme currency and quickly got famously known as crypto because of it. Its partnership with Atheist shoe was a positive step towards growth as it accepted Shiba Inu’s payment.
This platform opened its burn portal to lessen the SHIB tokens in circulation. Shiba Inu is currently trying to strengthen in a limited trading range of $0.0000082 to $0.000010.
