• Shiba Inu (SHIB), the world’s second-largest dog-inspired meme coin with a market capitalization of close to $6.5 billion, was last changing hands close to $0.000011 per token, broadly flat on the day.
• The just released US labor market report for March was mostly in line with expectations, thus failing to trigger any meaningful breakouts in the crypto market.
• SHIB/USD is around 6.5% lower versus its earlier weekly highs in the $0.00001170 area, but is still up around 13% versus last month’s sub-$0.000010 lows.
Shiba Inu Price Prediction as SHIB Reaches $6.5 Billion Market Capitalization
Shiba Inu (SHIB) has recently reached a market capitalization of close to $6.5 billion and was last trading at around $0.000011 per token, broadly flat on the day. Despite sell pressure in rival memecoin Dogecoin triggered by Twitter removing the Dogecoin logo as its main logo on the platform, Shiba Inu has managed to hold up relatively well due to its different logo (a cartoon version of a Shiba Inu). SHIB/USD is currently down 6.5% from its earlier weekly highs in the $0.00001170 area and up 13% from its sub-$0.000010 lows last month..
Where Is SHIB Heading Now?
The 200-Day Moving Average (currently at $0.00001060) appears to be acting as a magnet for Shiba Inu’s price action which suggests an indecisive market at this stage but could also point towards an uptrend for the year if broader cryptocurrency markets trend upwards (such as Bitcoin returning to higher than $30K and Ether reaching above $2K). For now, investors should watch out for a bullish breakout from an ascending triangle pattern forming since March that could see prices push back towards annual highs of around $0.000016 or 45% upside from current levels..
Love Hate INU – A Shiba Inu Alternative
Given that Shiba Inu already has such a huge popularity and market capitalisation it may prove difficult for investors looking 10x their returns – Love Hate INU (LHINU) might therefore be worth considering instead given that it has similar characteristics yet much less values; LHINU is currently valued at around 0$0002 compared to SHIB which trades closer to 0$00111 giving potential gains of over 10x if it follows similar trends as SHIB..
Buying Into Crypto Markets Now?
With many traditional financial markets closed due to Good Friday investors may find they have more time available today and might want to consider buying into cryptocurrencies before markets reopen next week – especially if they believe Bitcoin will soon return above 30k and Ether will rise above 2k – two conditions which would likely provide strong tailwinds for crypto assets like Shiba Inu or Love Hate INU..
Conclusion
Overall, despite some short-term sell offs due mainly external factors affecting rival memecoins like Dogecoin, both SHIB and LHINU appear well positioned long term with many analysts expecting broad trends upwards across multiple cryptos over coming months providing good opportunities for investors looking 10x returns with these assets