Price prediction for Shiba Inu (SHIB): the rise continues

The price prediction for Shiba Inu remains bullish, with the token rising over 8% in the past 24 hours and over 29% in the previous seven days to trade at $0.000013.

This bullish bias was triggered by an increase in trading volume that surpassed $1 billion in the day yesterday.

An active community on Twitter

The team behind SHIB is particularly adept at mysterious tweets that get the community excited. On October 29, the following tweet had been publishedinviting the community to share their thoughts on what the SHIB token meant to them.

In addition, the community is regularly informed of updates on the SHIB ecosystem.

The tweet below had fueled the comparisons between Satoshi Nakamotocreator of Bitcoin and ryoshi, creator of Shiba Inu. Like Nakamoto, Ryoshi had deleted all of his social media posts and disappeared, leaving Shiba Inu in the hands of users. Community confidence in the SHIB token remains strong, which is certainly contributing to the rise in the price of SHIB/USD.

According to data from CryptoDep, SHIB was mentioned more than 13 million times on Twitter on October 25, through both upvotes and retweets. In comparison, Dogecoin (DOGE), its main competitor, had 18.2 million mentions on social media.

DOGE supporters control only 1.33% of the social media market, while SHIB supporters control 2%.

SHIB could follow in DOGE’s footsteps

Shiba Inu (SHIB) could experience the same trajectory as Dogecoin (DOGE), which had a very successful week following the acquisition of Twitter by Elon Musk. Indeed, according to Saniment, SHIB benefits from higher DOGE prices. This conclusion is supported by the fact that the price of SHIB increased by 19% in the seven days following the surge in the price of DOGE.

On the other hand, the volume of DOGE and SHIB has increased over the past few days. Another indicator of SHIB’s potential growth is the increase in new addresses forwarding SHIB into the network for the first time.

According to the Whale Watching site WhaleStats, the first 2000 ETH whales completed multiple trades on SHIB on October 28. Additionally, the top 5,000 ETH whales currently hold SHIBs worth approximately $94 million.

Increased SHIB burn rate

Over the past week, Shibburn has reported that 14,896,832 SHIB tokens have been burned as the SB Visa card in development rapidly gains popularity.

Shiba Inu Burn Rate – Source: Shibburn

This card will make it easier for SHIB holders to make payments wherever VISA is accepted. Each time a transaction is made, a number of SHIB tokens are also burned.

Many crypto influencers believe that the SHIB burn rate will eventually trigger another bullish phase. Deploying Shibarium should further motivate the community to burn SHIBs.

Price forecast for Shiba Inu

The current Shiba Inu price is $0.000013, and the 24-hour trading volume is $950 million. The SHIB/USD pair opened the day at $0.0000119 on October 31 and reached a high of $0.0000124 and a low of $0.00001172.

Shiba Inu is up over 1% in the last 24 hours and has a live market capitalization of $6 billion.

Price of SHIB and Tokenomics, Source: Coinmarketcap

The upside potential for Shiba Inu remains strong, with an immediate target of $0.000014, a break above this level may extend the uptrend to $0.000017. Meanwhile, support is still at $0.000012.

Shiba Inu Price Trend – Source: Tradingview

With the RSI and MACD both in the buy zone, investors should be looking to buy $0.000012 or more today.

A break below $0.000012, on the other hand, could expose Shiba Inu to the $0.000010 or $0.0000095 levels.

An alternative to consider – Dash 2 Trade

The Dash 2 Trade pre-sale has already raised over $3.6 million in less than two weeks, which is indicative of investor interest in the Ethereum-based trade intelligence platform.

The platform, which is expected to launch in 2023, will give real-time analytics and social data to investors.

In less than two weeks, Presale Phase 2 raised $3,669,015 out of a total of $5,166,000, at a rate of 1 D2T = 0.05 USDT.

Take part in the Dash 2 Trade pre-sale now

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