Shiba Inu has risen up the rank quite quickly because of its surging performance. The cryptocurrency began a steep uptrend during the last week of October and the uptrend has continued so far – albeit with some minor market corrections. The bulls enabled SHIB token to establish a new all-time high at $0.000088 while the token currently stands at $0.0000717. It is interesting to note that the cryptocurrency has started off the year with a price level of less than $0.000000000001. SHIB token was regarded as a copycat token of Dogecoin but it now stands as the ninth largest cryptocurrency in the market and has maintained its position for a while now. In comparison, Dogecoin is the tenth largest cryptocurrency.
Recent developments to watch out for
US-based movie hall chain AMC is looking towards incorporating Shiba Inu in its offering. The movie chain had recently enabled payment in Dogecoin and the rise in popularity of SHIB token led to a Twitter poll held by the CEO. Over 80% of the 144,152 participants of the poll voted for the acceptance of SHIB token.
Shiba Inu was created by an anonymous developer Ryoshi and was dubbed as the Dogecoin killer. It is modeled after the architecture of Dogecoin and is themed of the Japanese dog breed of the same name. While it maintained a low-profile initially, the recent performance indicates that the token may actually possess the potential to be the Dogecoin killer.
Shiba Inu future outlook
With the recent astronomical performance, the future outlook for Shiba Inu is anything except bearish. However, as is norm in the volatile market, resistance and corrections are inevitable. During the daily timeframe, the cryptocurrency broke a few major resistance levels and the next major resistance lies at $0.000080. The performance of SHIB token at the resistance level will further determine the future trajectory but for now the bullish trend continues.
In the past twenty-four hours, the cryptocurrency has increased by more than 14% while the daily trading volume went up by 30%. It is expected that the cryptocurrency will establish a new all-time high soon. According to the estimates of Wallet Investor, the cryptocurrency is expected to stand at a price level of $0.00009 in a year’s time while the five-year projection places it at $0.00018. Digital Coin Price estimates the price level to touch $0.00027 by 2027. The bullish outlook of Shiba Inu may also indicate that it has fully established itself in the market.
