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Shiba Inu coin rise has been rapid and enviable this year making investors rename it as the millionaire maker coin with analysts predicting it could hit $0.0001 early 2022.
As the year nears the end, Shiba’s price continues trading at a key support level. Price action indicators are pointing to a possible bullish market movement in the final days of the year or early next year.
Currently, Shiba is among the largest coins with a current market value of 22 billion dollars. This is a dip from a high of 35 billion dollars in October.
The recent coin’s growth is attracting a huge number of investors trying not to miss the windfall. This increase in demand has analysts predicting the coin could get to a new high of $0.0001 soon.
Shiba Coin Burning
Coin burning has become a key strategy for cryptocurrencies to maintain their value. It is already happening with some major currencies such as Ethereum. The burning of Shiba tokens continues with the aim of controlling supply which remains high.
Currently, there are over 500 trillion Shiba coins in circulation. This explains why the coins price remains below a cent even after the recent huge growth. However, there is an expectation increase in coin burning will help to boost its price.
There have been some concerns regarding the amount of burning taking place. Some investors believe it is inadequate and slow. Hence, there is a petition in place for the network to burn more tokens.
Data for the change.org platform indicates this petition already has over 16 thousand signatures. An increase in Shiba token burning will be key in getting to the $0.0001 price.
Growth of Shiba Investors
Recent data shows Shiba token investors crossed the 1 million mark recently. This huge number of investors is essential in growing the coin’s demand.
An increase in demand is key to the growth of the price. Analysts predict this growth will even attract more investors as it shows market confidence in the coin’s future. Although the price is still trading lower, market indicators show there could be a breakout soon driving the price to the $0.0001 levels.
For a coin that is used to making price movements of up to 500%, this is within reach.
Price Action indicators
Price action data shows the coin’s price is trading on a key zone that has previously acted both as a resistance and support level.
Normally, prices tend to make reversals in these areas. The majority of the buyers are waiting for the right signal before getting in.
There was a recent break out after the Kraken listing news with the coins price rising by 30% in a day. This indicates the bullish momentum is building up and could get the coin rallying soon.
Momentum indicators also show sellers’ strength is weakening with a majority of traders remaining in a long position. All the price action signs tell of a coin that is ready to make newer highs.
Shiba Inu Coin $0.0001 Price
Analysts agree that the coin is yet to achieve its optimum potential. The ongoing projects such as the NFT Shiboshis and the recent announcement of creating Shiba metaverse games will be key in growing its price.
This makes the $0.0001 price a realistic target for early 2022.
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