While Shiba Inu has given its investors massive returns this year, not everything seems well with the meme-coin now. ShibArmy, however, remains optimistic about the future of Shiba Inu and is willing to buy the dip as the price plummets further.
Shiba Inu is down 60% since the past two months. Many ‘paper hands’ sold out in panic but the loyal Shib supports are ‘hodling’ their coins. A reddit trader turned $16k into more than $160,000 by investing in Shiba Inu.
Shiba Inu Craze
Shiba Inu is also adopted by many companies as a mode of payment. One such company is the Canadian Healthcare firm AskTheDr.
Recently taking to its official Twitter handle, the company tweeted: “Ask The Doctor has added ~$1.5M USD (approx 31B $shib) to our balance sheet via Kraken”.
And guess what? The company also announced to to burn 2 billion SHIB once they hit 50,000 followers on their Twitter and Instagram accounts each.
Shiba Inu Price Prediction
Amidst all this, the price of Shiba Inu still continues to go down. And now, the price has broken a support zone [which means more pain for investors in the short term]. Have a look at the price chart below;
If Shiba Inu falls below the marked zone, the important support level for the coin would be breached and it will open the doors for some further downside in the short run.
But if the price sustains at the marked level, we can see a strong momentum from the support zone to the recent highs. In both cases, be sure to only invest/trade in cryptocurrencies after putting in research since the crypto market is extremely volatile and the possibility of losing entire capital always prevails.
ShibArmy, meanwhile, has been preparing to buy the dip and expects a rally towards $0.0005 in their favorite cryptocurrency.
What do you think about the whole story? Tell us your thoughts in the comments.