Shiba Inu has now achieved the status of being the second largest meme cryptocurrency in terms of market cap and has been gaining adoption in recent months thanks to high profile endorsements from celebrity fans such as Eon Musk.
Sitting just behind Dogecoin in the global market, Shiba Inu is a dog-themed meme cryptocurrency that is hosted on the Ethereum blockchain.
The most valuable coins are Bitcoin and Ethereum but there are lots of Altcoins aiming to benefit from crypto interest in 2022 ans since its creation in November 2020, Shiba Inu’s value has increased by 49,539,173%, making it one of the best-performing cryptocurrencies over the past two years.
This week, Shiba Inu reached a new milestone.
According to the latest data obtained from WhaleStats, the total number of wallets holding Shiba Inu tokens now stand at 1,145,212.
This latest development means that an increasing number of investors are buying Shiba Inu despite the cryptocurrency’s poor performance in recent months.
Shiba Inu is currently trading at $0.000027, down by 67% from the all-time high of $0.000086 it attained on October 28, 2021.
Shiba Inu is trading below its 50-day moving average price of $0.000033 and the Moving Average Convergence Divergence (MACD) line has been below the neutral zone since November, indicating a strong bearish trend.
And, according to FXEmpire, the Relative Strength Index (RSI) of 39 shows that Shiba Inu could soon enter the oversold region - if the existing market condition is sustained.
Shiba Inu would need the support of the broader cryptocurrency market to enable it to come out of its ongoing bearish trend.
WARNING: Nothing in this article should be read or understood to be financial and/or investment advice. Readers should take their own financial advice from a suitably qualified independent financial adviser before making any investment decisions.
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