Shiba Inu Price Prediction as Original Dog Behind Meme Becomes Unwell – Sell-Off Incoming?
Shiba Inu price hangs in the balance following news that Pumpkin, the original dog behind the meme coin, is unwell. The dog's state touches the community, with most wishing her a quick recovery. Some enthusiasts are offering to pay for the dog's medical expenses.
Shiba Inu Price Prediction with SHIB In the Buy Zone
Shiba Inu price, like its peers in the market, is in the red ahead of the New Year. Buyers have set camp at $0.000008 as SHIB exchanges hands at $0.00000830. A rebound may stem from the demand area between $0.00000771 and $0.00000822.
Following the recent oversold conditions exhibited by the Stochastic oscillator, Shiba Inu price recovery could gain momentum. Moreover, the extended downtrend in 2022 SHIB has formed a falling wedge pattern likely to lead to a trend reversal.
The falling wedge is a bullish pattern, implying that an upside price action is on the horizon. Traders must wait for Shiba Inu to break above the upper trend line to confirm a 66% move to $0.0000015. This target is often exact and predetermined by measuring the distance between the widest points extrapolated from the breakout point.
Investors are likely buying SHIB now that the market value realized value (MVRV) is holding at -6.81%. Santiment outlines that MVRV readings below 1 infer SHIB is trading below the fair market value. Moreover, investors prefer to hold onto their tokens until the ratio returns above the mean line at 1.
As demand rises behind the token, a recovery is bound to ensue, prompting profit booking. An MVRV ratio above the mean line suggests that SHIB is back above its fair market value.
SHIB whale and shark addresses are not wasting any time based on blockchain data from Santiment. As observed below, addresses with between 1M and 10M coins now hold 0.985% of Shiba Inu's total supply, up from 0.963% recorded on December 1.
Addresses have reflected a similar growth pattern with 10M to 100M. This investment tier holds 0.204% of SHIB's supply, up from 0.201% over the same period. This rise in demand for the meme coin shows investors have a long-term positive outlook on Shiba Inu price. Therefore, retail investors may consider returning to the market and remain unbothered by the seemingly endless crypto winter ahead of a possible rally in 2023.
Is A Shiba Inu Price Rally in The Offing?
Shiba Inu price may take longer to reverse the trend upward, considering a 71.26% drop in the network's burn rate. According to Shibburn.com, 12 million SHIB tokens have been obliterated from the supply in 24 hours.
The token burn drive has removed 410 trillion from the circulating supply. Shiba Inu has 562 trillion in circulating supply and a total supply of 562 trillion with 26 trillion in staked supply.
Although the burn rate has stopped in the last 24 hours, it will likely pick up the pace in the New Year. Moreover, the ecosystem is looking forward to launching Shibarium; a protocol focused on enabling faster and cheaper transactions.
Shibarium's release date has been postponed severally this year, but the network's lead developer recently confirmed that it may launch in the first quarter of 2023. Investors hope that the launch of Shibarium will trigger a rally in Shiba Inu price. Hence, investors may take advantage of a lower-priced SHIB ahead of a potential bullish move.
Shiba Inu Alternatives Promising Quicker Gains
Shiba Inu's price has the potential to rally in the first quarter of 2023. However, investors may be interested in newer projects in their presales. The tokens listed here exhibit strong fundamentals to rally following the initial exchange listings. Some, like Dash 2 Trade (D2T), will start trading in January and are ahead of the roadmap development schedule.
FightOut (FGHT)
FightOut is a new crypto project hoping to redefine the fitness lifestyle with the Web3 era in mind. It is a Move-to-Earn (M2E) app with a gym chain that gamifies the fitness lifestyle. Users in the ecosystem are rewarded for completing predetermined workouts and challenges while earning badges and growing within a dynamic community.
A tokenized economy will help run the ecosystem where users earn FGHT tokens for completing M2E tasks.
FightOut's presale is underway and has raised over $2.4 million. For purchases made before the $5 million mark, the team is offering a 50% bonus.
Visit FightOut Now.
Dash 2 Trade (D2T)
First on the list is Dash 2 Trade, an Ethereum-based crypto project providing users with world-class crypto analytics and social trading Features. Dash 2 Trade makes it easier to build trading strategies and back-test them using accurate data – on-chain and off-chain.
D2T is the token powering this ecosystem by giving users access to all the services, such as signals, trading tools and social trading Features. The presale has raised over $9.9 million and is now at the final stage.
Visit Dash 2 Trade Now.
C+Charge (CCHG)
This is a strong Peer-to-Peer (P2P) payment system for EV charging stations developed by C+Charge using blockchain technology. Individual electronic wallets will be given to users, who can use the wallets to pay for EV charging with the C+Charge utility token.
Drivers will use CCHG tokens to pay for EV charging services. Operators of the charging stations will also receive payment via the same token.
C+Charge presale launched recently with $29k raised in the first stage. Investors can buy 1 CCHG for 0.013 USDT, but the price will shoot to $0.0165 USDT in the next round.
Visit C+Charge Now.
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