SHIB price preps for 75% boom as Shiba Inu teases L2 blockchain launch

January 18, 2023 Coin Telegraph

Shiba Inu traders are in FOMO with the Shibarium launch but it might not be the best time to buy SHIB yet.

Shiba Inu is hoping to become more than just a Dogecoin-inspired meme cryptocurrency as it comes closer to launching its layer-2 network called Shibarium. Meanwhile, the SHIB token has emerged as one of the best-performers so far in 2023.

SHIB price jumps 60% in 2023

SHIB's price has rallied nearly 60% year-to-date (YTD) to $0.00001294, its highest since early November 2022.

*SHIB/USDT daily price chart. Source: TradingView*

The gains started appearing mainly due to favorable macro conditions that prompted similar rallies elsewhere in the crypto market. Nonetheless, the Shiba Inu price rally picked up momentum as investors assessed its announcement of the upcoming beta release of Shibarium.

Shibarium is reportedly a layer-2 network that would run atop the Ethereum blockchain mainnet. In other words, it would enable developers to build and launch decentralized applications (dapps) while aiming for lower transactional costs and improved network scalability.

Shiba Inu price is now up 25% since Jan. 16 when the Shiba Inu team teased its audience with the Shibarium launch announcement.

Introduction to Shibarium: Shiba Inu's Layer 2 Network — Rejoice #ShibArmy! Shibarium Beta is about to be launched, and through this article we want to introduce some basic concepts in order to provide clarity to the community.

Read more: https://t.co/xWyPaVlQQ4
— Shib (@Shibtoken) January 15, 2023

Shiba Inu price: Another 75% boom ahead?

Shiba Inu's rally has made it an excessively bought asset on a daily timeframe, according to its relative strength index (RSI) reading at almost 86 on Jan. 18 — sixteen points above the overbought threshold of 70.

Ideally, an overbought RSI prompt investors to unload their positions, leading to a price correction. In other words, SHIB risks dropping toward its 200-day exponential moving average (200-week EMA; the blue wave) near $0.00001120.

However, on a long-term basis, SHIB's price rally is likely to continue, if the bullish reversal pattern on the weekly chart is to be believed.

Dubbed the "falling wedge," the pattern develops when the price trends lower inside a range defined by two descending, converging trendlines.

It resolves after the price breaks above the upper trendline toward the level at a length equal to the wedge's maximum height.

SHIB has entered the breakout stage of its falling wedge pattern, as shown below. It now sees an extended upside toward $0.00002063 by March 2023, up 35% from current price levels.

*SHIB/USDT weekly price chart featuring falling wedge. Source: TradingView*

Alternatively, a potentia bearish scenario scenario would see SHIB falling short of the wedge breakout target if price reverses from its interim resistance level at the 50-week EMA (the red wave) near $0.00001309.

Such a downturn would risk sending the Shiba Inu price toward the wedge's upper trendline near $0.00000800, or down 40% from current price levels.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Top dogs: Newbie Shiba Inu bites back, gains 25% vs. Dogecoin in February

February 10, 2022 Coin Telegraph

Altcoin Analysis

Metaverse craze, token burning events, and increasing merchant adoption have made Shiba Inu outperform Dogecoin so far this month.

Shiba Inu (SHIB) is now the 13th-largest cryptocurrency with its market valuation sitting near $18 billion, right behind its rival meme-cryptocurrency Dogecoin (DOGE), worth roughly $20 billion.

But despite falling behind in ranks, SHIB's price has outperformed DOGE in 2022. February has seen a sharp recovery for the SHIB/DOGE pair, in particular, rising by over 38% month-to-date (MTD).

As a result, Shiba Inu gained more than 50% MTD against the dollar versus Dogecoin's 11%, as shown in the chart below.

*SHIB/USDT vs. DOGE/USDT daily price performance. Source: TradingView*

Most of the February's — and, in fact, 2022's — gains in the SHIB market surfaced on two dates: Feb. 6 and 7. SHIB's price rose by a net 41% led by back-to-back optimistic updates in the Shiba Inu market compared to DOGE's 12.5% gain.

Welly's adoption, burn party, other bullish catalysts

Shiba Inu's rally in February primarily came in the wake of multiple bullish catalysts, including merchant adoption, a token burning event, and the announcement of a layer-2 blockchain solution.

On Feb. 3, Welly's — a fast-food chain selling burgers and french fries — announced a tie-up with Shiba Inu. In doing so, the firm decided to rebrand its stores to integrate Shiba Inu-themed products, including non-fungible tokens (NFTs) featuring their mascot dog's imageries.

SHIB X WELLY (.@wellyfriends)! Exceptional Shib Branded Fast Food available NOW, Shib Ecosystem integration, Global Store Expansion and our first bold step into "in-real-life" products all explained in this medium! Don't eat like a clown, eat WELL. https://t.co/jgs4pWQNHw
— Shytoshi Kusama™ (@ShytoshiKusama) February 2, 2022

Welly's customers will be able to buy their products using SHIB tokens while participating in their food chain's expansion via Shiba Inu's decentralized autonomous organization "Doggy DAO." A day after the announcement, SHIB's price rose by 7% to $0.00002219.

On Feb. 5, a day before the big Shiba Inu rally, crypto company Bigger Entertainment announced a massive "coin burn" involving SHIB tokens on Valentine's Day, effectively removing 162 million SHIB from circulation.

On the same day, Singaporean blockchain solutions firm Unification, which has previously worked with Amazon and Google, announced that it had been engaging with the Shiba Inu creators to develop a layer-2 solution called Shibarium, optimized for gaming.

In contrast, Dogecoin's ecosystem stayed far from hype-building scenarios and traded, more or less‚ in sync with broader crypto market trends. Its last big update came on Jan. 14, when billionaire entrepreneur Elon Musk announced that his electric vehicle manufacturing company, Tesla, would accept payments in DOGE.

Tesla merch buyable with Dogecoin
— Elon Musk (@elonmusk) January 14, 2022

DOGE rallied to as high as $0.2148 after the Tesla news on Jan. 14 but has since dropped to near $0.1500.

Next Shiba Inu hype in focus: metaverse

Unlike Dogecoin, Shiba Inu has been holding its recent gains. On Thursday, SHIB was trading merely 5% lower than its year-to-date high of $0.00003523 while eying a breakout above its interim resistance level of $0.00003331.

SHIB held its bullish bias as Shiba Inu creators announced on Wednesday that they would foray into the emerging metaverse sector. In doing so, they would enable users to buy plots on virtual lands. However, they did not disclose when they plan to launch the yet-to-be-named project.

The news also helped LEASH, a token that would enable users to purchase and auction lands inside the Shiba Inu metaverse, rally by 45% on Feb. 9. This also coincided with someone purchasing 3.4 trillion SHIB worth almost $116 million in a single sale.

On Feb. 8th a new Shiba Inu whale purchased 3.4 trillion $SHIB ($115.9 million USD)

SOMETHING BIG COMING!!
— Shiba Inu News (@ShibReports) February 10, 2022

But SHIB comes with its own set of risks. For starters, the token's upside boom has done little in boosting its use case outside the cryptocurrency exchanges. For example, Cryptwerk, an online crypto directory, shows that only 618 merchants globally accept payments in SHIB. In comparison, more than 2,000 merchants have integrated DOGE into their checkout page.

Extreme price volatility also puts Shiba Inu at risk of facing massive pullbacks.

SHIB's recent history shows that it has corrected 80-90% during its previous two bearish cycles. As the token now eyes a decisive close above $0.00003331 to ensure its long-term bullish bias, a pullback of equal proportion could have it wipe 40% of its recent gains, with the next downside target sitting near $0.00002091.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

Is Shiba Inu overheating after SHIB price gains 75% in two weeks?

February 7, 2022 Coin Telegraph

Analysis

One analyst suggests shorting the ongoing SHIB price rally brings "excellent opportunities."

Shiba Inu (SHIB) looks poised to undergo sharp price corrections after rallying nearly 75% in almost two weeks.

SHIB price rallied to mid-January highs

On Monday, the meme-token climbed to $0.00002961, its best level since Jan. 18, amid renewed buying interests across the cryptocurrency market. Before the retracement, SHIB's price had crashed by almost 80% from its record high of $0.00008870.

Nonetheless, the wild price recovery also came closer to triggering two classic sell signals. First, SHIB's daily relative strength index (RSI), a technical indicator that fluctuates in the range between 0 and 100 to signal whether an asset is overbought (RSI>70) or oversold (RSI

Last, SHIB's daily relative volatility index (RVI), which measures the standard deviation of low and high prices, dropped below 50, a sell signal. In a "perfect" scenario, traders close their long positions after the RVI drops below 40. At press time, it came out to be near 48.

*SHIB/USD daily price chart featuring RSI and RVI signals. Source: TradingView*

Additional bearish signals

More cues for a possible SHIB price correction came from three other technical indicators. First, the Shiba Inu token's current upside momentum showed signs of weakening near its 50-day exponential moving average (50-day EMA; the red wave in the chart below), at around $0.00002761.

Second, the SHIB price's ongoing uptrend accompanied lower volumes, i.e., they came out to be nowhere closer to the volumes witnessed during the token's October 2021 price rally. That showed scant liquidity in the Shiba Inu market, making it harder for traders to execute buy and sell orders at desired levels.

As a result, a lower liquid market tends to witness wilder price swings in either direction.

*SHIB/USD daily price chart. Source: TradingView*

Third and last, SHIB price neared a key pullback level of $0.00003358 that coincided with the 0.618 Fib line of the Fibonacci retracement graph drawn from the $0.00000507-swing low to the $0.00007971-swing high. In conjugation with alarmin RSI and RVI reading, the $0.00003358-level posed as an ideal derisk zone for traders looking to secure interim profits.

Short the SHIB rally?

Norok, an independent market analyst, wrote that the latest SHIB price rally has brought out "excellent short opportunities." He cited a fractal from November 2021 that showed SHIB undergoing a fake recovery rally of nearly 42% in two days but followed it with a 70% downside move later.

*SHIB/USD daily price chart. Source: Norok, TradingView*

"Each rally, far from being the fresh breath of hopium owners desire, has provided excellent short opportunities for months," Norok explained, adding:

"This one is a clear pullback to test and hold Resistance and a good opportunity to add to the short where profit was taken at the start of January."

The statements appeared as bearish positions lost millions of dollars during the recent SHIB price recovery. For instance, data from Coinglass showed over $10 billion worth of liquidations for traders of Shiba Inu-backed investment products, out of which around 75% were short entries.

Nonetheless, Binance's 1000SHIB futures product, which holds 1,000 Shiba Inu tokens per contract, looked slightly skewed toward bears, with its long/short ratio coming out to be 0.93 on a 24-hour adjusted timeframe.

In detail, the Long/Short Ratio represents the amount of net long positions opened against the net short positions opened. A reading above 1 indicates that most open market positions are skewed long. Conversely, a reading below 1 indicates that the market bias is currently skewed toward shorts.

*1000SHIB Long/Short Ratio. Source: Coinglass*

Meanwhile, the long/short ratio of SHIB futures on FTX also was near 0.97, suggesting the market's bearish outlook on a 24-hour adjusted timeframe.

Shiba Inu gains over 30% in just 2 days as Kraken announces SHIB listing

November 30, 2021 Coin Telegraph

Bitcoin

The upside move in the Shiba Inu instruments also comes in the wake of broader price rebound across leading crypto assets, including Bitcoin.

Shiba Inu (SHIB), a Dogecoin-inspired meme cryptocurrency, has emerged as one of the best performers across traditional and crypto markets entering the new weekly session as its price climbed by over 30% week-to-date.

SHIB’s price reached $0.00005155 Tuesday after bouncing from its technical support near $0.00003560 at the beginning of this week. Its rebound signaled a shift in trend, especially after the last week’s broader market sell-off, induced by concerns related to the new COVID-19 strain, dubbed Omicron.

Bullish catalysts for SHIB’s price

At the core of Shiba Inu’s upside retracement was Kraken, a United States-based cryptocurrency exchange that announced Monday it would effectively enable SHIB trading on its platform from Nov. 30. However, Kraken clarified that it would not offer SHIB futures and margin trading services.

New Listing on Kraken: @Shibtoken $SHIB deposits begin NOW! Trading is live November 30.

➡️ Learn more: https://t.co/yUUKaBXKBq pic.twitter.com/L2IUHugyG0
— Kraken Exchange (@krakenfx) November 29, 2021

Additionally, at the beginning of this week, Shiba Inu received bullish cues from a broader recovery across the top digital assets, including Bitcoin (BTC) and Ether (ETH). Bitcoin rallied by more than $3,000 from its Nov. 26 low near $53,500 — the day the Omicron variant caused turbulence across the traditional and crypto markets.

*Correlation between SHIB/USDT and BTC/USD on a daily price chart. Source: TradingView*

Meanwhile, Ether, which has a higher degree of positive correlation with Bitcoin, surged from nearly $3,900 to around $4,500 in the same period.

The market catalysts helped boost internet searches for the keyword “Shiba Inu,” data on Google Trends showed on a seven-day timeframe. That coincided with a spike in internet queries for the keyword “SHIB,” underscoring a recovering retail interest in the cryptocurrency this week.

*“SHIB” interest searches recover. Source: Google Trends*

SHIB price chart technicals

Shiba Inu’s latest rebound also activated a bull flag pattern that projects its price per token at around $0.00010000.

*SHIB/USDT daily price chart featuring bull flag setup. Source: TradingView*

In detail, SHIB’s price broke above the flag’s upper trendline, accompanied by a rise in intraday trading volumes. That typically prompts traders to shift their profit target to a level that is at length equal to the previous uptrend’s height.

Simultaneously, SHIB also confirmed breaking out of a falling wedge pattern, a bullish reversal indicator, as shown in the chart below.

*SHIB/USDT daily price chart featuring falling wedge pattern. Source: TradingView*

The profit target of the wedge pattern can be found at the length equal to the maximum distance between its upper and lower trendline, about $0.00003053 above the breakout point — i.e., around $0.00007500.

Shiba Inu slump continues: Data shows retail interest waning as SHIB down 60% in 4 weeks

November 24, 2021 Coin Telegraph

Coin Telegraph

Conflicted technical setups emerge in the wake of Shiba Inu’s latest price decline, with price targets sitting as high as $0.0001.

Shiba Inu (SHIB) edged further down on Nov. 24 as its appeal among the army of retail traders, who helped it rally by more than 535% to a record high of $0.00008854 earlier this year, declined.

SHIB’s price dropped by nearly 60% after establishing the said all-time high on Oct. 28, signaling that traders have been actively locking their Shiba Inu profits. That has further resulted in a substantial drop in SHIB’s benchmark instrument of SHIB/USDT volumes on Binance, underscoring a weak retail interest.

In doing so, SHIB’s reported market capitalization slipped to $21.30 billion from around $28.31 billion in just five days beginning on Friday.

Google’s keyword search data also showed a declining interest in the “Shiba Inu” markets, with its score on a 12-month timeframe dropping down from a perfect 100 to 20, much in line with SHIB’s 60% price correction.

Alex Krüger, an independent market analyst, referred to the dropping Google Trends for the keyword “Shiba Inu” as a sign that the token has been topping out — i.e., the beginning of its bear cycle.

*Internet searches for the keyword “Shiba Inu.” Source: Google Trends*

More sell-off ahead?

The latest bout of selling in the SHIB market pushed its prices below a critical upward sloping support (the velvet trendline), triggering its potential to undergo further declines.

For instance, the levels defined within the scope of the Fibonacci retracement graph, drawn from a swing low of $0.00000614 to a swing high of $0.00008933, provided potential entry and exit points as SHIB’s price trended lower, as shown in the chart below.

*SHIB/USDT daily price chart featuring Fibonacci retracement levels. Source: TradingView*

It appears SHIB’s latest price had it test the 0.618 Fib line at $0.00003792 as its interim support level. A rebound off the said price floor raised SHIB’s potential to retest the upward sloping trendline as resistance, which coincides with the 0.5 Fib line at $0.00004773.

Conversely, a move below $0.00003792 may risk sending SHIB’s price to the 0.786 Fib line at $0.00002394. Market analyst IncomeSharks also highlighted the area around $0.00002394 as a potential “buy zone” while referring to a weekly SHIB chart.

$SHIB - Think we see weekly supertrend support eventually touch. This is where I would look to get back in if I was to play this. pic.twitter.com/nBmtfB77n6
— IncomeSharks (@IncomeSharks) November 23, 2021

SHIB price bull flag setup

Offsetting the sell-off fears in the SHIB market is the occurrence of a potential bull flag setup.

In detail, SHIB’s price has been trending lower inside a downward sloping channel since topping out at $0.00008854 on Oct. 28. The channel more or less appears like a bull flag, a bullish continuation indicator that appears as a consolidation phase following a strong move higher, as shown in the chart below.

Typically, traders place their upside target at a length equal to the height of the previous uptrend (called a flagpole), anticipating that the instrument will break above the flag range with higher volumes. As a result, SHIB has the potential to rally by as high as $0.00005100, its flagpole’s height.

That puts the Shiba Inu token en route toward $0.00010000.

Shiba Inu in danger of ‘topping signal’ as SHIB price loses 50% in 3 weeks

November 19, 2021 Coin Telegraph

Bitcoin

The meme cryptocurrency is hinting at undergoing a price rebound as it paints a classic bullish continuation setup.

Meme-cryptocurrency Shiba Inu (SHIB) has lost more than 50% of its market valuation in three weeks since its all-time highs in late October.

SHIB’s price dropped to as low as $0.00004251 on Nov. 19 after correcting by almost 55% from its all-time high of $0.00008854. Its price recovered a small portion of its losses on Friday, but the move looked indecisive due to weaker trade volumes — i.e., few traders supported the rebound trend.

Some analysts noted that a sharp pullback in the SHIB market was unavoidable after its price had skyrocketed by more than 1,100% since Oct. 1.

For instance, an independent market analyst, under the pseudonym John Wick, called SHIB’s ongoing price correction a “topping signal,” thus suggesting additional selloffs in the sessions ahead.

*SHIB/USD four-hour price chart. Source: TradingView, John Wick*

“Buying the dips”

Price swings of 50% or more are not too uncommon in the cryptocurrency market. For example, Bitcoin (BTC) had plunged from around $65,000 to below $30,000 in less than 30 days earlier this year. But later, BTC rebounded to establish a new record high at $69,000.

At the core of Bitcoin’s volatile rebound was a well-circulated narrative that projected it as a hedge against rising inflation all across the world. Meanwhile, for Shiba Inu, the core bullish narrative remains “community,” as stated by one of the coin’s most popular endorsers, David Gokhshtein.

The founder of Gokhshtein Media and CEO of PAC Protocol reminded that Shiba Inu’s bullish performance this year has come on the back of strengthening community support and despite the absence of major endorsements by celebrities and billionaires.

$SHIB going to bring more people into the #crypto space just like $DOGE did.

Even $FLOKI with their marketing will bring my eyes here.
— David Gokhshtein (@davidgokhshtein) November 13, 2021

Gokhshtein tweeted Friday, asking his followers who among them is “buying the dips,” thus also reiterating his faith in a potential SHIB price rebound even after a 50%-plus price correction.

Bullish technical outlook

Shiba Inu’s ongoing price correction had it trend lower inside what appeared like a bull flag range, raising possibilities that the coin would continue its move higher in the future.

In detail, bull flags occur as a brief pause in the trend after a strong price move higher.

The pattern looks like a downward sloping channel/rectangle represented by two parallel falling trendlines. Typically, bull flags result in the price breaking out of the upper trendline to levels at length equal to the height of the previous uptrend (called a flagpole).

*SHIB/USDT daily price chart featuring bull flag. Source: TradingView*

With that said, SHIB’s next attempt to break above its flag’s upper trendline, if accompanied by a rise in trading volume, could result in a price leg higher toward $0.00010000.

Elon Musk-named meme token ‘Dogelon Mars’ gains nearly 4000% in October

October 30, 2021 Coin Telegraph

Bitcoin

The humongous bull run appeared in sync with similar price rallies across Dogecoin-inspired joke cryptocurrencies, notably Shiba Inu.

A so-called meme cryptocurrency named after Tesla and SpaceX CEO Elon Musk is rising in value, namely by a whopping 3,780% in October.

Dubbed Dogelon Mars (ELON), the cryptocurrency reached $0.00000233 Saturday—its highest level since May 13—after opening the month at $0.00000005 (data from Poloniex).

The massive upside move pushed Dogelon Mars' market cap from around $26 million on Oct. 1 to as high as $1.19 billion on Oct. 30, thus making MUSK the 92nd-largest cryptocurrency in the world by market capitalization.

*ELON/USDT daily price chart featuring its all-time high. Source: TradingView*

What launched ELON price to the moon?

A major portion of ELON's October gains came from its performance on Oct. 29 and 30, when the token rallied by more than 200% alongside a listing on OKEx and Crypto.com on Oct. 29.

Thank you Martians for all of your overwhelming support to get us listed on OKEx. It is only one of many stops on our intergalactic mission. $ELON emissions are being transported to your wallets right now!
— Dogelon Mars (@DogelonMars) October 28, 2021

ELON's impressive gains come amid an ongoing retail mania across Dogecoin-like meme cryptocurrencies.

Most notable is Shiba Inu (SHIB), a Dogecoin-inspired joke cryptocurrency, which rose by more than 850% in October to attain a market cap of around $38.50 billion and even surpassing Dogecoin itself.

*Top meme cryptocurrencies by market cap. Source: CoinMarketCap*

Similarly, Samoyedcoin (SAMO) surged by around 2,925% to reach a market valuation of around $458 million. Hoge Finance's (HOGE) rallied by 2,923% in October to become a $458 million asset in comparison to $15 million at the beginning of this month.

“Whenever one of these coins starts to pump a little bit, everyone starts to think this could be the next nonsensical rally,” Eric Wall, chief investment officer of cryptocurrency investment firm Arcane Assets, told the Wall Street Journal.

“It’s a casino, and it’s more fun than a roulette table.”

Bull Flag in play

The Dogelon Mars price corrected by almost 30% after topping out for the year at $0.00000233. In doing so, it formed a parallel descending channel that appeared like a Bull Flag, a bullish continuation indicator.

*ELON/USDT hourly price chart featuring Bull Flag. Source: TradingView*

Bull Flags appear as the price consolidates lower after a strong move upside, known as Flagpole. Typically, traders anticipate the price to break above the Flag's upper trendline and rise by as much as the Flagpole's height afterward.

The Flagpole's height in ELON's case is around $0.00000102.

Conversely, if the price breaks below the Flag's lower trendline, accompanied by strong volumes, then it risks invalidating the entire bullish setup. Should it happen, ELON may fall towards its 50-hour exponential moving average (the velvet wave) around $0.00000140.

Dogecoin jumps 44% in one day as traders rotate Shiba Inu profits into DOGE

October 28, 2021 Coin Telegraph

amc theater

The DOGE price rally appeared after Shiba Inu briefly flipped Dogecoin to become the ninth-largest cryptocurrency by market capitalization.

Dogecoin (DOGE) soared on Oct. 28 amid massive capital rotations out of its top meme coin rival’s market, Shiba Inu (SHIB).

Notably, DOGE’s price rallied by a little over 44% to reach its intraday high of $0.3449. Its gains appeared in contrast to SHIB’s losses in the same period. On the other hand, the so-called “Dogecoin killer” dropped almost 28% to log an intraday low at around $0.000057; in the same hour, DOGE printed its daily top.

*SHIB/USD vs. DOGE/USD daily price chart noting inverse correlation. Source: TradingView*

The sudden price rally also pushed DOGE’s market capitalization to over $40 billion, a mettle that Shiba Inu achieved hours before, with the two cryptocurrencies now neck-and-neck and currently battling for the ninth place by market cap.

Traders started flocking into Dogecoin markets hours after Elon Musk, CEO of Tesla and SpaceX, posted a new tweet about the meme cryptocurrency.

If I send you 2 Doge, will you promise to send me 1 Doge?
— Elon Musk (@elonmusk) October 27, 2021

Musk’s earlier supportive tweets prompted DOGE to climb by more than 1,500% in the first five months of 2021.

Long DOGE, short SHIB

Shiba Inu rallied exponentially heading into Q4, rising by around 1,200% in October on hopes that it would gain a listing on Robinhood, a United States-based zero-fee trading app, and its foray into the emerging decentralized finance and nonfungible token sectors with new product launches.

Nonetheless, SHIB’s supersonic bull run has also made it overvalued, based on some key metrics, notably the Relative Strength Index. Thus, it appears that spot and derivative traders have decided to secure and/or rotate their profits.

Su Zhu, co-founder, CEO and chief information officer of fund management firm Three Arrows Capital, noted earlier on Thursday that traders rotated their easy-to-short Shiba Inu perpetual swap profits — as SHIB topped out at $0.00008854 — into the Dogecoin perpetual market.

The former Deutsche Bank trader suggested that DOGE can rally toward $0.88 next should traders rotate profits from SHIB to Dogecoin.

88e-6 $shib touched

rotatooor to .88 $doge now? pic.twitter.com/AqRd85rCSk
— Zhu Su (@zhusu) October 28, 2021

Around $20.8 million DOGE rekt

Dogecoin’s price moves also caught derivatives traders off-guard as they lost about $20.8 million in total liquidations across the previous 24 hours. Around $18.17 million worth of those liquidations emerged out of leveraged long bets after DOGE’s price dropped to its weekly low of $0.2179 on Wednesday.

In contrast, the ongoing 12-hour timeframe saw bears taking more losses than bulls, with $8.9 million worth of bearish Dogecoin bets getting liquidated against $5.22 million worth of bullish bets concerning the same token.

*DOGE total liquidations across all exchanges. Source: Bybt*

On the whole, however, Dogecoin traders were the majority short in the previous 24 hours, with FTX and OKEx users turning out to be exceptionally bullish, with 58% and 77% of their net positions skewed long, respectively.

A sudden bearish reversal in the Shiba Inu market also led to SHIB liquidations worth $31.41 million, the third-highest among all cryptocurrencies in the previous 24 hours.

PostyXBT, an independent market analyst, warned about excessive leverages in both SHIB and DOGE markets.

“Play spot and not leverage,” he said, adding, “The volatility could quite easily wipe out before a big move in intended direction.”

Shiba Inu could surpass Dogecoin after a 700% SHIB price rally in October

October 27, 2021 Coin Telegraph

amc theater

In comparison, Dogecoin’s October gains so far have come out to be a little over 8%.

Shiba Inu (SHIB) continued its march upward on Oct. 27, with its price hitting a record high of nearly $0.000060 before correcting lower.

SHIB rallied by more than 25% to an all-time high of $0.00005959, crossing above its previous all-time high of 0.00005000, according to data from Binance. The latest move upside pushed the token’s month-to-date (MTD) returns to approximately 726%, making it the fifth-highest grossing cryptocurrency entering the final quarter of 2021.

SHIB’s October gains had slipped to near 606% following a price correction from its record high, still higher than the rest of the top-cap crypto rivals, including Bitcoin (BTC), Ether (ETH), Cardano (ADA) and Solana (SOL).

*Top five cryptocurrencies ranked according to their October gains. Source: Messari*

Still, SHIB’s superior performance particularly stands out against its meme coin rival, Dogecoin (DOGE), whose MTD gains are currently only about 8%. Moreover, Shiba Inu’s market capitalization has now reached $22.1 billion — the 11th-largest — putting it right behind Dogecoin’s $31.53 billion in 10th place.

SHIB copying DOGE bull run?

Shiba Inu was launched in 2020 after taking heavy inspiration from Dogecoin, a 2013-born joke cryptocurrency fashioned after the Japanese dog breed. Eight years since its introduction, Dogecoin’s popularity emerged with its use as payments by sports teams, AMC theaters and as a speculative investment vehicle thanks to Tesla CEO Elon Musk’s social media endorsements of the token.

DOGE’s price underwent an incredible upside boom in the first five months of 2021, rising more than 15,000% amid a retail-led frenzy. In doing so, the king meme token reached its record high of $0.76 on May 8, only to correct by over 68% to trade around $0.23 at press time.

*DOGE/USD daily price chart. Source: TradingView*

Overall, Dogecoin went through extreme trends in the previous 12 months, starting with a long period of consolidation, eventually following it up with an extended bullish breakout and further by a massive price correction.

It appears Shiba Inu’s price trends in recent months took cues from Dogecoin’s consolidation and breakout phases, as the SHIB/USDT chart shows below.

*SHIB/USDT daily price chart featuring Dogecoin’s three phases. Source: TradingView*

A Dogecoin-like 1,500% price boom in the Shiba Inu market puts its long-term profit target near $0.00013500. Nonetheless, the fractal also warns about massive, periodical price corrections toward the 20-day exponential moving average support (the green waves in the charts above) as the price increases.

The overall Shiba Inu dominance in the cryptocurrency market has surged from 0.16% to 0.91% MTD. On the other hand, Dogecoin’s control on the market has reduced from 1.5% to as low as 1.20% in the same period.

SHIB price macro fundamentals

Joe Wiesenthal, editor at Bloomberg Markets, noted that Shiba Inu has “advanced smart-contracting capabilities,” making it better than Dogecoin.

“You can check out Shibaswap, a Uniswap-like decentralized exchange for the SHIB community. It’s got NFT, liquidity mining. All of it. Meanwhile, Dogecoin doesn’t have any of this right now.”

As Cointelegraph covered, the recent SHIB price rally may have also taken cues from the Monday launch of the Shiboshis Social Club. This online community rewards exclusive perks to people who own exclusive Shiba Inu-generated nonfungible tokens (NFT), dubbed Shiboshis.

As a result, retail appears to have been tailing Shiba Inu’s speculative bull run, with a recent study by Bacancy Technology showing that it received 2.8 million Google searches on average in 2021, the third-highest after Bitcoin and Ethereum.

In comparison, search volume of Dogecoin came as the sixth-largest.

Meanwhile, a petition on Change.org pleading with Robinhood to list SHIB tokens on its zero-fee trading app garnered over 500,000 signatures. Robinhood CEO Vlad Tenev said during the company’s earnings call Tuesday that Robinhood is considering adding new coins to the service portfolio, albeit without mentioning their names.

That may have pushed Shiba Inu’s price to its record high Wednesday, further signaling booming retail interest in the meme crypto.

“Memes have value and have been an investible thesis in 2021,” Jonathan Cheesman, head of over-the-counter and institutional sales at crypto-derivatives exchange FTX, told Bloomberg, adding:

“Lower dollar-price tokens are attractive to retail.”

But according to Ben Caselin, head of research and strategy at crypto exchange AAX, SHIB traders should tread ahead carefully due to excessive speculation, citing prior patterns that indicate that the token would likely “shed much of its value” as it gets challenged by other meme projects.

Shiba Inu risks drop with SHIB’s 574% October’s price rally near exhaustion

October 26, 2021 Coin Telegraph

Altcoin

Shiba Inu's massive gains all across October may pare on potential bearish divergence signals and an overvalued relative strength index.

Shiba Inu (SHIB) may see a pullback by almost 25%-35% on fears that the cryptocurrency's excessive price rally in October has left it overvalued, a key indicator shows.

Dubbed Relative Strength Index (RSI), the indicator measures the magnitude of an instrument's recent price changes to evaluate its oversold and overbought conditions. The result can be anywhere between the number 0 and 100, with a reading below 30 showing the instrument's oversold and above 70 showing its overbought status.

SHIB crossed above 70 on Oct. 3 and peaked around 94 three days later. Ideally, its overbought reading could have resulted in price correction. But SHIB continued its rally as the monthly session progressed, eventually rising over 574% to its five-month high at $0.00004860 on Tuesday.

Bearish divergence

On the other hand, Shiba Inu's RSI slipped lower, thus creating a broad divergence between SHIB's price and momentum. That reflected an underlying weakness in the cryptocurrency's ongoing uptrend, raising possibilities of a pullback in the coming days.

*SHIB/USDT daily price chart featuring divergence between the rising price and falling RSI. Source: TradingView*

Additionally, the last three price candles on the Shiba Inu daily chart formed a sequence of higher highs at their close. But that coincided with declining trading volumes three days in a row, thus further validating the SHIB uptrend's underlying weakness.

That does not mean an immediate price correction. According to the breakout that followed the formation of a Bull Pennant indicator, SHIB bulls appeared to have been eyeing $0.00005222 as their next upside target.

25%-35% SHIB price pullback?

A Fibonacci Retracement graph between the Shiba Inu's swing high of $0.00003466 and the swing low of $0.00000621 presented a string of levels that earlier served as support and resistance.

For instance, the 1.618 Fib line of the graph coincided almost with the Shiba Inu's Bull Pennant target, just a two-notch upward at $0.00005224.

Thus, the resistance confluence of the 1.618 Fib line and Bull Pennant target raised SHIB's potential to test the $0.00005222-$0.00005224 price range before undergoing a strong price correction.

In doing so, the cryptocurrency's next downside target is near the 1.0 Fib line of $0.00003466, almost 25%-35% below the current price and $0.00005224.

On the other hand, a break above the 1.0 Fib line risked invalidating the entire bearish setup temporarily. That said, a bullish move may still make SHIB excessively overvalued based on its RSI readings, raising the potential of a correction in future sessions.

meme cryptocurrency

SHIB price jumps 60% in 2023

Shiba Inu price: Another 75% boom ahead?

Welly's adoption, burn party, other bullish catalysts

Next Shiba Inu hype in focus: metaverse

SHIB price rallied to mid-January highs

Additional bearish signals

Short the SHIB rally?

Bullish catalysts for SHIB’s price

SHIB price chart technicals

More sell-off ahead?

SHIB price bull flag setup

“Buying the dips”

Bullish technical outlook

What launched ELON price to the moon?

Bull Flag in play

Long DOGE, short SHIB

Around $20.8 million DOGE rekt

SHIB copying DOGE bull run?

SHIB price macro fundamentals

Bearish divergence

25%-35% SHIB price pullback?

Share this video