Shiba Inu Chart

Shiba Inu has been making headlines again with the recent launch of its beta testnet Shibarium under the name “Puppynet.” But how will this impact SHIB’s price?

The launch has sparked renewed interest among SHIB whales, who have purchased over 1.022 trillion of these meme coins, spending more than $10 million USD on them.

The Shibarium platform, which is now live, is expected to play a crucial role in determining the future of the Shiba Inu price.

Large Bags of Shiba Inu Bought by Ethereum Whales

As reported by WhaleStats, two large Ethereum whales, BlueWhale0073 and Kvothe, recently made two massive purchases of Shiba Inu. BlueWhale0073 bought 122,047,578,208 coins while Kvothe acquired almost a trillion SHIB, or a total of 899,999,734,985 coins. These purchases cost the buyers an estimated combined total of $10.8 million USD.

Despite the recent turmoil in the crypto market, the 100 largest Ethereum whales are holding $606,354,054 worth of Shiba Inu in their portfolios, which constitutes 9.64% of Shiba Inu’s total market cap.

Token Burn Helps Push SHIB Price Higher

The Shiba Inu community has been actively burning coins, with tens of millions of SHIB transferred to dead-end wallets in recent weeks. This process, which aims to make the token scarcer and thus push its price up, has seen the removal of around 2.5 billion of the meme coins from the circulating supply.

Following the release of Puppynet and confirmation from Shibarium developers that the amount of burned SHIB will depend on transactions made on Shibarium, the amount of burned Shiba Inu tokens has increased dramatically.

Shiba Inu Price Prediction and Technical Analysis: Down But Not Out

Despite the 1.2 trillion purchase and $10 million transaction, SHIB’s price has not gone up along with the indices. The markets are currently facing a banking crisis, and leading altcoins and meme tokens, including SHIB, have failed to follow the upward trend of Bitcoin, which is currently trading just above the $28,000 level.

To gain a deeper understanding of SHIB’s current market position, let’s take a closer look at the technical indicators.

Exponential Moving Averages (EMAs)

The 20-day, 50-day, and 100-day EMAs provide insight into the short-term, medium-term, and long-term trends of the asset. Currently, the 20-day EMA is at $0.00001104, the 50-day EMA is at $0.00001140, and the 100-day EMA is at $0.00001121. The current price of SHIB is $0.00001080, which is below all significant EMAs, suggesting a bearish trend in the short to long-term daily timeframe.

Relative Strength Index (RSI)

The RSI is a momentum oscillator that measures the strength of the current price trend. A value below 50 is considered bearish, and a value above 50 is considered bullish. The current RSI for SHIB is 45.55, which suggests a bearish trend. It is essential for SHIB’s price to cross the RSI 50 level to overturn the current bearish trend.

Moving Average Convergence Divergence (MACD)

The MACD is a trend-following momentum indicator that provides insight into the strength of the current trend. The previous day’s MACD histogram was 0.00000003, and the current day’s MACD histogram is 0.00000005. The increase in the MACD histogram suggests a potential bullish scenario for SHIB.

Volume and Price Action Influencing Shiba Inu’s Price

The volume of SHIB has been declining over the past few days, with the current volume at 3.29 trillion, down from 5.275 trillion the previous day. The volume moving average is 5.223 trillion, which suggests that the recent decline in volume is not a significant change.

Yesterday’s price close was $0.00001044 with a loss of 4.31%. However, Shiba Inu’s price has made a recovery today as it is currently trading at $0.00001080 with a gain of 3.45% so far today.

Since the launch of Shibarium on March 11, SHIB has posted gains of more than 9% until March March 14.

Since its initial rise, the cryptocurrency has experienced sideways movement, with its price fluctuating and forming a symmetrical triangle pattern. This pattern is considered neutral and suggests that a significant price movement is likely to occur in the near future.

Resistance and Support for Shiba Inu’s Price

If the price breaches the upper boundary of the symmetrical triangle pattern, it could potentially reach the immediate resistance level of SHIB at the dynamic resistance of the 20-day EMA, currently at $0.00001104, followed by the horizontal resistance area of $0.00001160 to $0.00001174.

On the other hand, if the price falls below the lower boundary of the triangle pattern, it may head towards the immediate support level of SHIB, located in the $0.00000979 to $0.00000985 horizontal support area.

Traders are advised to monitor the price action and wait for a clear break of the trendlines to confirm the direction of the price movement, whether it be upwards or downwards.

Love Hate Inu: A Fresh Alternative for Investors Navigating the Meme Coin Market

As the future of Shiba Inu’s price remains uncertain, investors are searching for alternative cryptocurrencies with potential growth in 2023. Love Hate Inu (LHINU) is a fresh addition to the meme coin market that offers a unique investment opportunity.

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Revolutionizing Online Polling with Blockchain Technology

Love Hate Inu is set to launch a vote-to-earn platform that allows LHINU holders to stake their tokens and participate in polling on various topics, from politics to entertainment to social issues.

The creators behind Love Hate Inu have verified that their voting mechanism operates on blockchain technology, promising impartiality, openness, and security. By staking LHINU tokens and casting votes, users will receive rewards in the form of additional tokens from the poll’s creator.

Voting power increases with the number of tokens staked and the length of time they are vested. The developers aim to eventually transfer control to the community through a Vote Submission system, enabling users to submit their own poll concepts for consideration.

Attractive Returns for Early Investors

Love Hate Inu is conducting a presale of LHINU tokens to finance the development of its platform. The project has raised over $1.3 million and over 66% of the stage two presale tokens have already been sold.

LHINU tokens are presently trading at $0.00009 and will reach $0.000095 in the third stage of the presale. Early investors may be in for substantial profits at the conclusion of the pre-sale phase.

Merging Two Rapidly Growing Sectors

Love Hate Inu plans to bring together two expanding markets: the realm of cryptocurrency meme coins and the field of online surveys. With its blockchain-powered voting platform that records immutable results using distributed ledger technology, Love Hate Inu aims to disrupt the online survey market.

If Love Hate Inu becomes a popular online polling platform, its LHINU token’s market cap could experience explosive growth, similar to Shiba Inu’s performance in 2021.

Prospects for the Future

By the end of the LHINU presale, the token price will reach $0.000145, with a market capitalization of $14.5 million.

If Love Hate Inu successfully accomplishes its objectives, such as empowering its users to initiate surveys, capitalizing on its data through business deals, and combining it with a virtual reality experience, the valuation of its token could experience substantial growth by 2024.

Assuming Love Hate Inu only captures 5% of the current $6.3 billion market value of Shiba Inu, it is estimated that its market capitalization could surpass $315 million, resulting in LHINU’s token price rising to $0.00315.

With its innovative vote-to-earn platform, the potential for significant returns, and the promise of disrupting the online survey market, Love Hate Inu is a promising altcoin in the meme coin market.

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