Shiba Inu price has struggled in the past few weeks even as other cryptocurrencies bounced back. The SHIB token is trading at $0.000011, which is about 63% above the YTD low. It has remained in this range in the past few days, bringing its total market cap to about $6.4 billion. However, the coin has dropped by more than 88% from its all-time high.
Shiba Inu is a leading cryptocurrency that has become the second-biggest meme coin after Dogecoin. However, in the past few months, the developers have been transitioning it from a mere meme coin to a real blockchain project. They initially did this by launching Shibaswap, a decentralized exchange (DEX) with a total value locked (TVL) of over $140 million at its peak.
In Shibaswap, users can swap tokens, provide liquidity, stake coins, earn a reward, and even trade non-fungible tokens (NFT). According to its website, ShibaSwap has a total value locked (TVL) of over $40 million. Another catalyst for the Shiba Inu price was the recent announcement that the developers would launch a new stablecoin. The stablecoin will be used to transact in the DeFi and metaverse platform the developers are building.
At the same time, Shiba Inu’s burn rate has continued rising in the ecosystem. Already, over 410 trillion worth of SHIB tokens has been burnt. However, the burn rate has recently declined, with only 1.3 billion coins being burnt.
Shiba Inu price prediction
The daily chart shows that the SHIB price has been in a tight range in the past few days. As a result, the price is oscillating along the 25-day and 50-day moving averages. Similarly, the Average True Range (ATR) has moved slightly lower while the Relative Strength Index (RSI) has moved to the neutral point at 50.
Therefore, Shiba Inu will likely have a bullish breakout in August since it has formed what looks like an inverted head and shoulders pattern. Therefore, if this happens, the next key resistance leve to watch will be at $0.000015, which is about 35% above the current level. A drop below the support at $0.0000071 will invalidate the bullish view.