A few weeks and months ago, the whole cryptocurrency market has been in a bear trend, and SHIBA’s performance has been even worse during this time. If you want to trade Bitcoin, Bitcode Method makes cryptocurrency trading simpler than ever.
Prices stayed mostly the same for a long time, but on October 25, they started to slowly go up again. How long will this current rally last, and what can we expect from this meme currency over the next three months?
People in the Shiba Inu community didn’t like ShibaEternity when it came out for smartphones on October 6. Investors told the people who worked on Shiba that they made a boring game.
Shiba tried to use the game to get people interested in SHIBA and to raise money for the group. But this plan didn’t work because nobody liked the game. In fact, SHIBA’s value began to drop as soon as the game came out.
Where is the Shibarium located?
The Shiba team made a bad game, and it didn’t look like they were working on an update that the community wanted. A lot of people are excited about Shibarium, which is the Shiba version of the metaverse. But no one has said when it will be available.
The team just shared the art for the places that could be in the metaverse in a blog post on their website. Most people had only seen the Metaverse Growth Dunes and the Canyon at this point.
Shibburn, a website that keeps track of how many and what percentage of SHIBA tokens have been burned, says that the SHIBA burn rate has increased by more than 1,900% in the last 24 hours.
The token price hasn’t changed over the past few weeks and months because of the burns. This is just one of the many burns that have been recorded. This is because there are more tokens now than there used to be compared to how fast they are burned.
The MVRV, which is the ratio between SHIBA’s 30-day market value and its realized value, showed that the price hike had an effect on the company. When this article was written, the MVRV had already crossed the line and was clearly visible at 5.82% in the top part of the chart.
This meant that the buyers had made a profit of more than 5% in the month before. But when the same MVRV ratio was put on a 365-day chart, it was clear that investors were still losing money. The 365-day moving average value of relative value, which was 66.38%, shows that investors still lost more than 60% even though the price went up for a short time.
SHIBA ticks
The price trend had been mostly flat, but the 12-hour price chart that SHIBA gave us showed that the price started to go up a little on October 25.
The asset’s value has probably gone up by about 10% since the rise began. During the same time period, the Relative Strength Index showed that the asset’s value was going up. Even though prices are going up, there is still a chance that they will go down because of a price correction.
Even though the price just went up, what’s been going on with SHIBA lately hasn’t been that important. If something important like the release of Shibarium doesn’t happen during the fourth quarter, it could be a bad quarter for SHIBA.
The two most important things that show how safe a cryptocurrency is are how easy it is to use and how it is made. Since Shib is a different kind of cryptocurrency, it is based on the community. This shows how important more people using the currency is to its success. The function of the utility is less important because of this.
In the white paper that shib has put out, it is called a “experiment” for decentralized community development. Because cryptocurrency investments are so risky, you should never put in more money than you can afford to lose, even when times are good. But altcoins are very risky because they are fundamentally different from bitcoin in how they are used, how they are distributed, and how they are made. They are also more likely to be a good investment.
When bitcoin was first created, its main goal was to let people send and receive money without going through a central bank. The person who made the blockchain was very careful and thought a lot about how it works and how it fits into the ecosystem as a whole. There is also a limit to how many bitcoins can be used. Because of this, the coin has a built-in sense of scarcity. Because of these things, there is a chance that bitcoin will become a well-known and widely used form of digital currency in the future.
