Shiba Inu Price Prediction – Can SHIB Become the Biggest Meme Coin?
Shiba Inu price continues under the weather, with declines expected to explore downhill levels below $0.00001000. The second-largest meme coin currently respects the presence of a key descending trend line. A solid support is required to bolster a move past this trend line to shift investor sentiment positively.
Shiba Inu's fundamentals send mixed signals
According to selected on-chain data from Santiment, SHIB is back in the buy zone. The MVRV (Market Value Realized Value) metric holds at -6.22%, which implies that the asset is relatively undervalued.
Santiment outlines that the MVRV reveals the average profit or loss of SHIB holders by tracking the price at which each token was previously moved. Since the price tends to correct to a fair value, Shiba Inu is considered a suitable buy.
In other words, investors looking for long positions in SHIB can do so as soon it taps a solid support area. It is recommended to wait for a confirmed turnaround before activating the orders.
Shiba Inu MVRV Ratio | Santiment
A spike in the number of SHIB tokens held by top non-exchange wallets provides a prelude to the future of the meme coin. On-chain data from the chart below highlights a 6.67% growth from 559 trillion tokens in April to 599 trillion tokens held by this address cohort.
Although Shiba Inu price seems cornered, this may be a temporary situation. A bullish outcome is anticipated in the coming weeks as long as investors – both retail and whales do not lose sight of the potential northbound move in Shiba Inu price.
Shiba Inu supply held by top non-exchange addresses | Santiment
On the other hand, the whale transaction count above the 100,000 USD threshold has been falling since mid-August, when it peaked at 168. There was a considerable jump a month later in September to 133. However, activities have diminished by a large margin, with Santiment showing only a single transaction on October 21.
Shiba Inu whale transaction count (>100k USD)
Shiba Inu Price Prediction
Shiba Inu price is closer to finding a final floor price, where a bullish trend reversal will change its technical perspective from grim to optimistic. The Stochastic RSI elucidates that SHIB is dealing with extremely oversold conditions. For that reason, a rebound is foreshadowed in the coming days, perhaps weeks.
With the price wobbling below the descending trend line on the daily chart, another dip to SHIB's June low at $0.00000700 may be necessary to collect enough liquidity before attacking higher levels at $0.00001200 and $0.00001800.
SHIB/USD daily chart
Can Shiba Inu Become the Biggest Meme Coin?
Shiba Inu has the potential to become the biggest meme coin, but it has to tick a few things on the list before achieving such a milestone. For instance, the community and ecosystem must remain committed to the SHIB token burn program in the long term.
Remember, to be precise, Shiba Inu has an extremely high total supply – 999 trillion. A significant reduction in this supply will greatly impact not only the value of Shiba Inu but the ecosystem at large.
Shiba Inu burn rate
Shiba Inu is the 14th largest cryptocurrency, boasting $5.79 billion in market cap. It comes second to Dogecoin (DOGE), the largest meme coin. SHIB's market cap will need an additional $2.15 billion to overtake DOGE and become the biggest meme coin.
For Shiba Inu to achieve this milestone, numerous factors will have to work together. The development team must keep building solutions for web3. Releasing more use cases for the network and the token is the only way to make Shiba Inu attractive to investors across the board, subsequently growing its value.
Meet Shiba Inu's Newest Alternative – Dash 2 Trade
Shiba Inu has come under heavy selling pressure this year. As analyzed, more declines may come into the picture before it starts to regain the lost ground. However, there are other options for positive returns, even during the ongoing bear market.
In particular, presales have been particularly successful this year. For example, Tamadoge (TAMA) raised $19 million in its presale before witnessing a 1,800% gain after it was listed on OKX.
One promising ongoing presale is Dash 2 Trade, a crypto analytics and intelligence platform for traders and investors. Think of it as a Bloomberg terminal for traders and investors.
The presale for its D2T token kicked off on October 19 and is selling fast. So far, approximately $556 million of the $1,66,000 in stage one has been sold at $0.0476. Its price will go up to $0.05 in the next stage.
While D2T's future price history can't be predicted, its fundamentals make it an interesting platform for investors and traders, so it has every chance of seeing a positive return once it secures its first few listings.
Follow this link to learn more about Dash 2 Trade (D2D)
