Shiba Inu soars over a reliable support level, showing that the recent SHIB price increase was not an exception. Shib’s price increased by 64% after getting tested the imbalance between $0.0000082 and $0.0000093, reaching a swing high of $0.00000151. Heavy profit-taking followed by this move caused the daily candlestick to close 15% down at $0.00000129. Shib appears to be maintaining its position above the $0.0000118 assistance level despite the sell-off.
Shiba Inu utility
One of the most widely used cryptocurrencies in the world today is Shiba Inu. Many investors drawn to the dog-themed meme coin SHIB by its cheap price and widespread availability in an attempt to try their luck at making a fast profit from the token’s rise and fall.
Shiba Inu, never got widely regarded as a long-term investment. Many people just regard the token as a speculative asset and believe it to be a meme currency with no usefulness. Shiba Inu’s long-term price forecasts are very uncommon.
Nobody can predict with confidence when SHIB will hit US$1. However, this cryptocurrency has increased by 1,294,881.3% since its inception. Nobody could have predicted in 2020 that a $100 investment in SHIB could increase to millions of dollars in just over a year. SHIB may hit US$1 by the end of 2023 if the currency performs a similar approach in 2023.
Many analysts are upbeat and maintain a bullish perspective for the token despite the unfavorable long-term prognosis offered by detractors of the project development.