Why This is the Best time to Buy Shiba Inu Coin

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This is probably one of the best times to buy the Shiba Inu token. Since hitting an all-time high recently, the coin has already lost over 50% from its peak price and most market signals indicate a bullish reversal is imminent.

Shiba Inu coin is a decentralized cryptocurrency that is also known as the dogecoin killer. This is because investors consider it a direct competitor of dogecoin. Both coins belong to a crypto group known as meme coins. Their creation is associated with jokes and fun.

Don’t Let the Latest Shiba Inu Coin Dip Fool You, it could Rally 100% soon

Although dogecoin is older and has a bigger market cap, the bragging rights went to SHIB recently after it temporarily overtook it in market valuation during the rally.

For investors, this is probably one of the best opportunities to buy the coin due to the various factors below.

The Shiba Inu Coin is in an Oversold Position

Most of the indicators show Shiba coin is currently in the oversold levels. This is more conspicuous on the stochastic indicator below.

Oversold indicator signals the selling momentum is nearing exhaustion and could trigger a reversal soon. For decades, investors have used this indicator successfully due to its high chances of predicting the market correctly.

Although the indicator does not show when the reversal will happen, it informs a trader to get ready and watch out for other signals such as price action patterns.

The oversold levels are clearer on the daily candlestick timeframe.

Growth of Shiba Inu Utilities

Utilities play a key role in giving the coin value. Normally, these form the fundamental elements that investors consider before investing.

Shiba has been adding up its utilities in the last few months such as;

  • Launching of the ShibaSwap platform to facilitate coin staking
  • Introduction of the first Shiba NFTS known as Shiboshis
  • Recent announcement the network is considering venturing into the gaming

The expectation is that these functionalities will attract more users to the coin and in return help grow its price.

This presents a key opportunity to buy the coin as these utilities will inevitably lead to price growth.

How to Become a Millionaire Investing in Shiba Inu Coin

Growth in the Number of Coin Investors to 1 Million

Shiba hit a key milestone this week with the number of investors getting to the one million mark. A huge achievement for a coin that is one year old.

This huge number of investors brings with them huge demand that will likely trigger the price to rise. It also shows investors have confidence in the coin’s future potential.

As an investor, these are some of the signals that you evaluate to know where to money is going.

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Shiba Coin Burning

The burning of the Shiba token continues to accelerate by the day. This is a strategy that is meant to control supply helping boost the price.

Currently, SHIB has over 500 trillion coins in circulation. Although over 40% of the initial coins are in a dead wallet, this number remains huge making the speed of price growth slower.

This combination of coin burning with increasing investors is expected to trigger price growth.

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