SHIB has given a headstart to the month of October. The coin has brought cheer to the grumbling space. The second-largest canine coin has plunged ~40% post its rally of 300-400% on the charts. SHIB managed to break into the top 15 crypto list by market cap. The rally has made people believe, the sky to be the limit for meme coins.
Analyst mentions predictions for Shib in the long term. According to technical analysis, Shiba INU is expected to hit $0.00020 by mid-2022. This represents staggering growth of over 900% on the current price. And 0.0061 by December of 2025. Shiba Inu was introduced to the community as an experiment token. Which will be utilized in a DEX called Shiba Swap.
The coin has been receiving an appreciable response in space. And has grown leaps and bounds ever since. The listing of the coin on Coinbase surged the coin by ~35%. Shib has hit the 7,20,000+ holders milestone since Coinpedia reported. Shib’s partnership with Now Payments will help burn a percentage of the token with each transaction. While onboarding the Shib trifecta.
SHIB and Its Woof at the Derivatives Market!
The volumes on the derivatives market have seen an uptick. The volume has surpassed the $5 billion mark for the first time. Which is an increase of 78X in volume since the 1st of October. The trading on futures looks much bigger in comparison to the spot market.
The trade volumes on the derivatives market hint at the interest of traders on Shib. However, high volumes on the derivatives market also relate to a higher number of leveraged positions. This in turn allows traders to buy more than they actually can. Which gives us a broader picture of the scenario.
Summing up, SHIB is currently at its major support levels. If it doesn’t rebound from the current position, it might fall to the level of $0.00001231. And later to 0.000001000, to its pre uptrend levels if the fall continues. The coin needs to beat the blues, to get going with its long-term targets.
Disclaimer : The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of Coinpedia. Every investment and trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.