Shiba Inu isn’t new in the cryptocurrency space, with its whopping 46 million percentage growth. That made it the most sought-after digital currency.
The meme token Shiba Inu joined the financial space in 2020 August, introduced by an unknown developer Ryoshi. One of its primary goals was to compete with Dogecoin. That had market players dubbing it “Dogecoin Killer.”
Surging Trade Volume and Historical Data
Loyal supporters contributed to the massive growth of Shiba Inu. Moreover, Elon Musk boosted the token’s demand after declaring his plans to own a Shiba pet. The tween by Tesla billionaire saw the token gaining about 300%.
Nevertheless, Shiba Inu saw a massive plunge from its ATHs, crashing to $0.00002209 from $0.00008. However, the meme token seems ready for rebounds as it displays a positive outlook. For instance, the daily volume surged to $800 million following declines to $480 million.
Nevertheless, SHIB’s weekly trading volume remains low. Yahoo finance data shows the alt has only dipped below this week’s trading volume thrice since 2022 started. However, Shiba Inu holders have increased to nearly 1.19 million from 1.1 million in January.
SHIB Price Prediction
CryptoPredictions.com sees SHIB hitting $0.00003705 before March-end and hovering in the $0.00002537 – $0.00003770 range in Q2. They predict SHIB’s monthly average price to surpass $0.00003 by May. Bullish actions can take the alt to $0.000038 in Q3.
Nevertheless, the momentum will likely dwindle. That way, Shiba Inu’s upside will exhaust at $0.00003791. Experts predict downtrends if bears dominate the market. Nevertheless, Shiba Inu will secure support at $0.00002578 in Q4.
Technical Analysis
Shiba Inu consolidates near a descending triangle, a buy sign. That way, analysts expect SHIB to reverse and explore higher levels. The technical outlook corresponds with the surging trading volume and SHIB holders. That way, bulls taking control will translate to a massive upward push. Also, the NFT development and Metaverse endorsement by celebrities might trigger the colossal growth by Shiba Inu.
Conclusion
Shiba Inu is among the strongest growing cryptos. The token had more than 1 million holders in 2021. Moreover, it benefited from Elon Musk’s endorsement. Though the meme coin suffered crashes, the latest decline exhibits positivity. That can mean a ‘buy’ opportunity. The increasing volumes show SHIB might continue growing.
