SHIB : Does SHIBA INU Have a Future?🤔

17 בינו׳

📉Hi Traders, Investors and Speculators of Charts📈

Shiba Inu (SHIB) was initially created as a joke, based on the popular Shiba meme. However, unlike prior meme coins such as Dogecoin, SHIB operates as an ERC-20 token on top of the Ethereum blockchain, which means that the Shiba Inu network has access to a range of decentralized applications (dApps). This is one of the reasons that Shiba Inu is often referred to as the “Dogecoin killer.”

There is a fixed supply of one quadrillion SHIB tokens but Shiba Inu utilizes a token burn strategy, including manual and automatic burns, to manage token value and stabilize prices. The current circulating supply of Shiba Inu is 589.28T.

There is a larger network of cryptocurrency projects built around Shiba Inu, including:

👉 Shibaswap — a decentralised exchange (DEX)
👉 Shibarium — a layer 2 scaling solution for Ethereum
👉 Shiba Eternity — a play-to-earn (P2E) game
👉 Shib.io — the Shiba Inu metaverse
👉 Shiboshis — a non-fungible token (NFT) collection

In terms of future prospective, SHIB offers a unique value proposition as a meme-based cryptocurrency that has real dApps built around it. While most meme coins disappear quickly, Shiba Inu has the potential to continue building a community that can stand the test of time. The fact that Shib is still around and has such a large community has to count for something.

But let's talk about the biggest problem and obstacle to the price - the supply. In December 2023, Shiba Inu (SHIB) lead developer Shytoshi Kusama has teased that the project might undertake a massive burn soon. According to Kusama, almost $1.2 million worth of SHIB tokens might face incineration. SHIB's burn rate has taken a back seat in 2023, with sporadic, untimely burns occurring randomly.

The effect of this is evident on the chart, as the price fails to make new highs under the pressure of infinite amounts of coins/supply/sellers.

💭My personal take is this - Shiba Inu can be traded, and if a big burn occurs it will definitely be bullish for the price... but for how long? For now, the supply is the biggest downside and until the burn-rate is improved, it's a big chance to take based on a "tease".

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SHIB SHIBUSDT

17 בינו׳

הערה

It's possible for the price to wick as low as the white trendline, short term:

18 בינו׳

הערה

If the lower green trendline breaks, the price is in trouble. Upper white is first immediate resistance and wick zone:

19 בינו׳

הערה

Short term bearish for SHIB as BTC takes everything down: