Will Shiba Inu Go Down Further?

Will Shiba Inu Go Down Further?

Read a detailed analysis on Will Shiba Inu Go Down Further?


Shiba Inu is a meme token created as an alternative to another meme token Dogecoin. The price of Shiba Inu has been crashing regularly and now it is below $0.000010. Therefore, a question arises, Is Shiba Inu a safe investment, or will Shiba Inu Go Down Further?

We will be highly cautious when answering this question as investing in cryptos includes finances and wrong advice could lead to huge financial losses.

While there certainly was a time when Shiba Inu showed tons of potential, it’s been quite a while since that happened. It’s been on a steady decline for all of 2022, and it doesn’t seem like it’s going to make a bounce back any time soon. It’s another reason so many analysts are bearish on Shiba Inu.

Shiba Inu has had one of the most remarkable journeys which began in January 2021. Here is how Shiba Inu’s price Changed since January 2021:

  • December 31, 2020 – $0.000000000077
  • January 31, 2021 – $0.0000000050
  • March 31, 2021 – $0.000000056
  • April 30, 2021 – $0.0000020
  • October 2022 – $0.000012
  • November 2022 – $0.000008

Is Shiba Inu a Good Investment?

Will Shiba Inu Go Down Further: Factors Affecting the Price of Shiba Inu

  1. Whales: Shib’s price in the past has been mostly driven by the Whales. The Whales have come to the rescue of Shiba on many occasions. This time, the whales seem to have deserted Shib and allowed the price of SHIB to free fall. However, one piece of data shows that SHIB is the biggest altcoin or the favorite altcoin among the ETH whales.
  2. Development Efforts: Currently the SHIB team is implementing many of the plans outlined earlier. However, none of them have actually been fully implemented

Here are the few plans which have been implemented and the plans yet to be implemented:

Implemented

  • Shib Burn
  • Doggy DAO
  • Shib Eternity

Yet to Be Implemented

  • Shibverse
  • Shibarium

Will Shiba Inu Go Down Further?

The Shiba Inu community has been working to push the price of Shib higher but with the current supply and the market condition it has been impossible for the price of Shiba Inu to rise. After the price fell below $0.0000090, the next support of Shiba Inu stands at $0.0000075. Any break below this level will bring down the price of Shiba Inu to its last demand zone and prices could fall as low as $0.00000500.

The current market condition indicates SHIB may fall further. For Shib to come out of its current bearish momentum it will have to break the higher limits at  $0.00001300 and $0.00001657. But it is unlikely for it to happen, therefore, unless there is some active participation of Whales, Shiba Inu’s price may go down further.

Nitesh Singh

Nitesh Singh

Nitesh is primarily focused on political analysis and creates political opinions based on data. He also takes interest in writing Crypto articles mostly related to price predictions.

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