- Shiba Inu trading sentiment shows ‘Greed’ despite the current drawdown.
- The SHIB ecosystem is making plans for automatic token burning that might push prices higher.
Shiba Inu (SHIB) has captured the attention of the crypto market with its resilient “Greed Factor” even in the face of the week-long decline in its price. Currently priced at $0.000009038, up 1.7%, SHIB has displayed a fascinating contrast of decreasing trading volume (down by 35% in the last 24 hours) and increasing market capitalization (up by 1.7% to $5.3 billion).
Fear & Greed Index and Price History of SHIB
According to recent data from Coincodex, the Shiba Inu price prediction sentiment is currently bearish, yet the Fear & Greed Index stands at 63 (Greed). The historical context reveals SHIB’s all-time high of $0.00008819 on Oct 28, 2021, and its all-time low of $0.00000000005637 on Nov 28, 2020. Notably, the lowest price since its all-time high was $0.000005603, while the highest price since the last cycle low was $0.00001179.
One potential driver of the current greed sentiment in the Shiba Inu community is the anticipation surrounding Shibarium. Rumors suggest the burning of 10 trillion SHIB monthly this year as the automatic transition phase of the burning mechanism commences.
The burn mechanism’s efficiency is tied to the network’s adoption rate, and as Shibarium undergoes upgrades, the correlation between network usage and burning efficiency is expected to strengthen. This development positions Shibarium as an attractive platform for users and investors alike.
Additionally, Shiba Inu’s lead developer, Shytoshi Kusama, has recently hinted at undisclosed Artificial Intelligence (AI) projects in collaboration with the Bad Idea AI team. While details remain elusive, Kusama’s acknowledgment of “secret and not-so-secret AI initiatives for Shib” has sparked speculation within the SHIB community. The promise of technological advancements adds to the positive outlook for Shiba Inu.
Market Analyst’s Perspective on Shiba Inu
Furthermore, Market analyst Ali Martinez, relying on the TD Sequential indicator, has provided a glimmer of hope amid the downward trend. Martinez noted that the “buy signal” from the green nine suggests a potential breather for the bearish trend and a chance for a bullish run. He suggests price targets of $0.010 and $0.011, aligning with Fibonacci retracement levels and representing crucial resistance points.
It is worth mentioning that despite Shiba Inu’s rapid rise to fame, fueled by a viral token launch and support from influencers, it faces challenges. Shiba Inu’s real-world application is limited and it relies more on speculation and community hype for price movement.
With global leaders advocating for more stringent crypto regulations, the lack of concrete utility may hinder SHIB’s long-term market dominance. Whether Shiba Inu can evolve beyond its meme coin status and offer unique value remains to be seen.
While the future trajectory is uncertain, SHIB continues to attract attention as a meme coin worth watching. The challenge lies in navigating the crypto ecosystem and adapting to potential regulatory changes for sustained success.
