The Shiba Inu price has been in a strong bullish momentum lately. The SHIB coin has skyrocketed by more than 43% from its all-time low and is trading at $0.0000079, which is still about 80% below its all-time high. The coin has a market capitalization of more than $3 billion, making it the 40th biggest coin in the world.
Shiba Inu is a relatively mysterious cryptocurrency that came to the scene in May this year. After its launch, its price rocketed higher as retail traders viewed it as the best proxy for Dogecoin. At its peak, the coin was valued at more than $10 billion and was among the top 15 biggest digital coins in the world.
Shiba Inu price then collapsed during the recent month’s crypto sell-off. Many watches started writing obituaries about the meme coin. However, recently, the SHIB price has rebounded as the market reflects to key developments in the industry. For one, the prices of most cryptocurrencies have jumped, helped by the fact that Bitcoin has risen above $45,000.
Shiba Inu also rallied after the developers concluded the recent burn. Burning is when a certain supply of cryptocurrencies is completely removed from circulation. This is seen as a bullish factor since it reduces supply.
During its development, Shiba Inu’s mysterious developers created 1 duadrilion SHIBs. They then gave half of those coins to Vitalik Buterin, Ethereum’s founder for safe-keeping. Buterin then burned about 40% of all coins that he was given, which also impacted supply. In addition to the ongoing cryptocurrencies rally, the Shiba Inu price has rallied because of the recent burn.
In addition to SHIB, the developers also launched LEASH, which has a maximum supply of 107,656 coins and BONE that has 250 million tokens. So, is the Shiba Inu price too cheap to ignore?
Shiba Inu price prediction
At face value, Shiba Inu is incredibly cheap considering that it is trading at $0.0000079. This means that you can buy more than 100k coins with just a dollar. However, fundamentally, I honestly don’t see the intrinsic value of the coin. That said, we are in an era of easy money, which tends to inflate assets, meaning that it is wrong to ignore SHIB price.
Turning to the 4H chart, we see that the coin is bouncing back and is attempting to retest the key resistance level at $0.0000088. It remains above the short and longer-term moving averages. In my view, I suspect that the coin will rise and retest the key resistance at $0.000088 as it forms a double-top pattern. A double-top pattern is usually a bearish sign.