Shiba Inu Might Increase in Price by More Than 100%

by Analytics Insight
January 6 2022

More and more Ethereum investors are focusing on Shiba Inu and buying massive amounts of the dog-themed token as it recovers from the recent drop in price. Some investors and traders alike are suggesting that Shiba Inu is preparing to increase its price by 100% at any time. We are sharing this thesis at the moment, as Shiba Inu is in a very good position at the moment.

One crypto whale investing heavily in Shiba Inu by the name of Gimli has recently added 110 billion Shiba Inu coins worth around $3.62 million to his already large crypto portfolio containing a total of $47.8 million in Shiba Inu alone alone.

Shiba Inu recently announced that it will create its own blockchain and Decentralized Autonomous Organization (DAO) in 2022. This puts Shiba Inu in the spotlight for investors and traders alike, as Shiba Inu may drop its memecoin token and become a high-interest token. Another crypto that is making big moves this week is EverGrow. Even after the recent crypto market crash, evergrow It is up over 140% this week. EGC is the first cryptocurrency that rewards 8% of every transaction between its BUSD holders. Since its launch in September, EGC has already paid out more than $31 million in rewards,

It is believed that the reason for the sudden rise in the price of EGC is that in the first quarter of 2022, EGC will launch an NFT lending system with the market, play to win games, staking pools and content subscription platform such as Patreon and Onlyfans with Fiat / Crypto Gateways. Apart from EGC, from our technical analysis, we can see that Shiba Inu has entered new support areas and the previous lines of resistance are now reversing, which indicates that the expansion phase is likely to start soon. When we consider Ichimoku, the current price level appears bearish, yet the price does not fall and as a result, the volume control point at $0.00032 is reached, further confirming our hypothesis.

The control zone volume point is the price zone where most buying and selling of an asset takes place and which eventually leads to the highest gains or losses once the breakout occurs. In this case, there is more potential for a downtrend.

Most traders will probably set their stop loss at $0.000275 and aim for profits around the $0.0000775 area, which would be a 107% gain. Even in the bullish scenario, the downside risk for Shiba Inu is likely to be limited to the 2000 area, which makes the altcoin in a very good position at the moment. Even the recent Bitcoin price drop does not have a significant impact on the Shiba Inu price and the capital flow into memecoin continues to increase.

For on-chain metrics, we see a significant growth in the amount of Shiba Inu Stockholders, as over 1.1 million merchants owned Shiba Inu as of the time of writing. So, in general, we are talking about an asset that is likely to be in high demand with little or no downside risk, in short: a very good investment for the time being.

Overall, we expect Shiba Inu to gain a lot of momentum in the next couple of days, which means volatility will increase significantly, thus creating many opportunities for both bears and bulls alike. Other altcoins on our watch list include Solana and Dogecoin.

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Insight Analytics

Analytics Insight is an influencer platform dedicated to insights, trends, and insights from the world of data-driven technologies. It monitors the developments, recognition, and achievements of AI companies, big data, and analytics around the world.

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