A new meme cryptocurrency that seeks to replicate the success of DOGE is attracting attention in the market. The current pullback indicates that there is an ongoing corrective process, which could lead to new all-time highs.
The new Dogecoin-like cryptocurrency Shiba Inu (SHIB) has been rapidly gaining popularity. This crypto asset has accumulated an incredible return of 1,628.45% in just seven days.
According to data from Coingecko, SHIB is trading at USD 0.00003041 and has a market capitalization of USD 13.816 billion. That puts this cryptocurrency meme in 18th place on the market.
SHIB, whose nickname is “Dogecoin killer,” is the native token of decentralized exchange Shiba Swap. Its design is based on the ERC-20 model and emerged as a community construction, according to the project’s website.
Trying to make it look as close as possible to its direct competitor DOGE, its developers used the image of the Shiba Inu dog.
An analyst at financial services company Hargreaves Lansdown recently spoke about the creation of this new cryptocurrency meme. He said that “the project represents dog that became a meme itself and seeks to replicate the success of Dogecoin.” In other words, “its goal is to turn a joke into a money-making machine.”
Doing a Technical Analysis of the Joke Cryptocurrency SHIB
Last weekend, DOGE suffered a fall after Elon Musk’s appearance on the Saturday Night Live show. Now it seems to be the turn of this new money-making joke, which is attracting all the attention.
The crypto asset was born just over a month ago and its first listing occurred on the Uniswap exchange. Throughout the days, a growing number of platforms have listed it, which is generating a great wave of exposure.
The renowned cryptocurrency exchange Binance recently listed it, which logically generated huge profits. The SHIB vs USDT daily chart shows that the most recent jump brought gains of up to 200%.
After taking that abrupt jump, bulls started to show some signs of exhaustion, and now there is an ongoing correction.
It is impossible to compare the strength of the pullback to the bullish momentum, which shows that holders remain firm in anticipation of further rises.
Shiba Inu Suffers a Correction Shortly Before Continuing Its Rise
The 4-hour candlestick chart more clearly indicates the ongoing corrective process, which has already visited the 38.20% Fibonacci retracement.
Right now, there is a healthy pullback, so it would be possible to see further gains leading to new all-time highs in a matter of hours.
It is not yet possible to observe a very clear behavior of trend resumption. There may be more buy order searches around USD 0.000025 before there is a new jump.
The Minimum Short-Term Goals are USD 0.000046 and USD 0.000056
Unlike its competitor Doge, the positivism about the new cryptocurrency Shiba Inu is just beginning. It would be no surprise at all if it generated higher profits in the next few days.
However, speculation is the main factor that moves this asset. Also, there are few, and even null, fundamentals that can make profits sustainable over time.
By Willmen Blanco