Shiba Inu (SHIB) price prediction: the rise continues

The price prediction for Shiba Inu remains bullish, with the token rising over 8% in the last 24 hours and over 29% in the previous seven days to trade at $0.000013.

This bullish bias was triggered by an increase in trading volume that exceeded $1 billion yesterday.

An active community on Twitter

The team behind SHIB are particularly good at mysterious tweets that get the community excited. On October 29, the following tweet had been publishedthat invites the community to share their thoughts on what the SHIB token meant to them.

In addition, the community is regularly informed of updates on the SHIB ecosystem.

The tweet below had sparked the comparisons between Satoshi Nakamotothe creator of Bitcoin and ryoshi, the creator of the Shiba Inu. Like Nakamoto, Ryoshi had deleted all his social media posts and disappeared, leaving the Shiba Inu in the hands of users. Community confidence in the SHIB token remains strong, which certainly contributes to the increase in the price of SHIB/USD.

According to data from CryptoDep, SHIB was mentioned more than 13 million times on Twitter on October 25 through both upvotes and retweets. In comparison, Dogecoin (DOGE), its biggest competitor, had 18.2 million mentions on social media.

DOGE followers control only 1.33% of the social media market, while SHIB followers control 2%.

SHIB could follow in DOGE’s footsteps

Shiba Inu (SHIB) could experience the same trajectory as Dogecoin (DOGE), which had a very successful week after the acquisition of Twitter by Elon Musk. Actually according to Sanitation, SHIB benefits from higher DOGE prices. This conclusion is supported by the fact that the price of SHIB increased by 19% in the seven days following the increase in the price of DOGE.

On the other hand, the volume of DOGE and SHIB has increased over the past few days. Another indicator of SHIB’s potential growth is the increase in new addresses forwarding SHIB to the network for the first time.

According to the Whale Watching site WhaleStats, the first 2000 ETH whales completed multiple trades on SHIB on October 28th. Additionally, the top 5,000 ETH whales currently hold approximately $94 million worth of SHIBs.

Increased SHIB burn rate

Over the past week, Shibburn has reported that 14,896,832 SHIB tokens have been burned as the in-development SB Visa card quickly gains popularity.

Shiba Inu Burn Rate – Source: Shibburn

This card will make it easier for SHIB holders to make payments anywhere VISA is accepted. Every time a transaction is made, a number of SHIB tokens are also burned.

Many crypto influencers believe that the SHIB burn rate will eventually trigger another bullish phase. Implementation of Shibarium should further motivate the community to burn SHIBs.

Price forecast for Shiba Inu

The current Shiba Inu price is $0.000013 and the 24-hour trading volume is $950 million. The SHIB/USD pair opened the day at $0.0000119 on October 31st, reaching a high of $0.0000124 and a low of $0.00001172.

Shiba Inu is up over 1% in the last 24 hours and has a live market cap of $6 billion.

Price of SHIB and Tokenomics, Source: Coinmarketcap

Upside potential for Shiba Inu remains strong, with an immediate target of $0.000014, a break above this level could extend the uptrend to $0.000017. Meanwhile, support is still at $0.000012.

Shiba Inu Price Trend – Source: Tradingview

With the RSI and MACD both in the buy zone, investors should look to buy $0.000012 or more today.

A break below $0.000012, on the other hand, could expose Shiba Inu to the $0.000010 or $0.0000095 levels.

An alternative to consider – Dash 2 Trade

The Dash 2 Trade presale has already raised over $3.6 million in less than two weeks, which is a sign of investor interest in the Ethereum-based trading intelligence platform.

The platform, which is expected to launch in 2023, will provide real-time analytics and social data to investors.

In less than two weeks, Presale Phase 2 raised $3,669,015 out of a total of $5,166,000 at a rate of 1 D2T = 0.05 USDT.

Join the Dash 2 Trade Pre-Sale now

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