What exactly is happening with Shiba Inu (SHIB/USD)?

Shiba Inu (SHIB/USD) has recovered more than 10% over the past week. Profits will come as investors develop risk-on sentiment around the meme token. Dogecoin is already riding positive sentiment. Investors are interested in whether the sister Shiba Inu makes similar moves.

Shiba Inu have endured tough times as prices have fallen significantly. At the time of writing, Meme his token is trading at $0.000011, recovering from a drop to $0.0000098. Profit came when crypto exchange Bitstamp listed the token. Next, we look at some developments that may affect the price.

Fundamentally, the development of SHIB varies. First, Shiba Inu’s burn rate soared to 14,267% as of October 27th. However, only 14.07 million tokens were burned. Recently, the burn mechanism has not had much impact on the price of SHIB.

Elsewhere, data from WhaleStats show whales with SHIB are below $100 million. As of October 28, the top 100 ETH whales held $89,781,650 of SHIB. The development comes after he WhaleStats showed that the top 500 Ethereum wallets added $6 million worth of his SHIB.

SHIB Holds Resistance at $0.000012

Source TradingView

Technically, the SHIB is about to break out of the 50-day moving average. Cryptocurrencies are currently still supported by the 20-day moving average. The Relative Strength Index remains above the midpoint rather than in an overbought state.

The Shiba Inu needs to clear the $0.000012 resistance to maintain its bullish momentum. The move will depend on cryptocurrency sentiment and risk assessments by investors around the meme token.

Should I buy a Shiba Inu?

SHIB Price It is known to make parabolic movements in the market. Therefore, positive sentiment around Twitter’s acquisition could give a boost to the token. For now, we remain cautious as long as tokens remain below $0.000012.

Where can I buy it

eToro

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Disclaimer

bit stamp

Bitstamp is a leading cryptocurrency exchange offering fiat or cryptocurrency trading in general. Bitstamp is a fully regulated company that offers its users an intuitive interface, high security of their digital assets, excellent customer support and multiple withdrawal methods.

Buy SHIB now on Bitstamp