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SHIB Might Lose One Zero in Price; Key Pattern Seems to Be Forming

Mon, 09/12/2022 - 14:45
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Tomiwabold Olajide
SHIB was changing hands at $0.0000131, marginally up in last 24 hours
SHIB Might Lose One Zero in Price; Key Pattern Seems to Be Forming
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Shiba Inu (SHIB) is yet to delete a zero from its price this year owing to the bearish crypto market conditions prevalent since the start of 2022. Two years back, in September 2020, Shiba Inu set out with 10 zeroes in its price, as it touched all-time lows of $0.000000000082.

After erasing six zeroes since then, Shiba Inu is currently left with four zeroes in its price. At the time of publication, SHIB was changing hands at $0.0000131, marginally up in the last 24 hours.

Shiba Inu reached an all-time high of $0.000088 in October 2021, setting off the last display of fireworks for the 2021 bull market. Observing the price patterns of the run-ups in 2021, there is a similar structure seen in between. Looking at both times, SHIB had a run-up in the past year — in May 2021 when SHIB rose to highs of $0.0000399 and in October 2021 when the meme cryptocurrency tagged all-time highs of $0.000088. There was an initial run-up, then declines followed by a flat consolidation, after which another run-up began.

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Shiba Inu Nears Price Breakout, Here's What Indicators Suggest

With current market conditions, many traders and investors are lured by the quest of timing the bottom. Since this marks the lowest price in a given cycle, any price action that follows the bottom might be a net positive. Shiba Inu's price presently remains tightly correlated with that of Bitcoin and the general market.

Thus, it makes more sense to keep an eye out for a macro bottom given how closely tied macro conditions are to the crypto market's price action.

BONE trading volumes spike 233% as price rises

Over the weekend, BONE squashed the 230 million token cap, which led to the halting of BONE minting. While BONE's maximum supply remains at 250 million, the remaining 20 million is left for gas and validators on Shibarium.

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Shiba Inu's BONE Squashes Official 230 Million Token Cap; Here's What Happens Now

At the time of publication, BONE was responding with a positive price increase of 13.53% alongside a jump of 233% in trading volumes. BONE was changing hands at $1.91 at press time.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.