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Shiba Inu (SHIB) has advanced from $0.0000060 to $0.000011 since June 11, 2023, and the current price stands at $0.0000106.

It is important to say that since the beginning of July 2023, SHIB has recorded six consecutive weeks of gains, and if this week closes in green, it will be the seventh positive week in the crypto asset’s epic price surge.

The last time Shiba Inu printed six consecutive weekly gains was in late September 2021, but investors should also consider that the overall sentiment on the cryptocurrency market also plays a crucial role in SHIB’s price trajectory. But where is the price of Shiba Inu (SHIB) going next, and what can we expect from the rest of August 2023?

Today, Crypto Lists will discuss Shiba Inu (SHIB) price estimates from a technical and fundamental analysis perspective. Please note that there are also many other factors to consider when entering a position, such as your time horizon, willingness to risk, and how much margin you have if trading with leverage.

Official title sponsor of the Blockchain Futurist Conference

Shiba Inu (SHIB) is an Ethereum-based memecoin inspired by Dogecoin, launched in 2020 by an anonymous developer known as Ryoshi. Unlike Bitcoin, which is designed to be scarce, SHIB is intentionally abundant and has a total supply of one quadrillion. The Shiba Inu Token ecosystem supports projects such as an NFT art incubator and the development of a decentralized exchange called Shibaswap.

SHIB has recorded six consecutive weeks of gains since the beginning of July 2023, and the market’s perception of SHIB has shifted from its being a speculative meme coin to a more mature digital asset.

SHIB’s growing community of supporters has certainly helped to establish it as a more stable and credible asset, but the adoption of SHIB by major exchanges, including Binance and Coinbase, has further legitimized the token in the eyes of some bigger investors.

The popularity of Shiba Inu (SHIB) is growing, and it is important to say that Shiba Inu is the official title sponsor of the Blockchain Futurist Conference, Canada’s largest and longest-running Web3 event that began this Tuesday. The event brought together tens of thousands of participants worldwide to discuss the future of blockchain technology, while Shiba Inu promised “some serious announcements” during the event.

The anticipated launch of Shibarium

The pseudonymous lead developer Shytoshi Kusama intends to deliver a speech via AI, and the SHIB community expects him and the team to finally launch the much-awaited Layer 2 Shibarium blockchain on mainnet during the conference that will last for two days — Aug. 15 and 16. Shytoshi Kusama will also talk about an announcement aimed exclusively at LEASH token holders, and he said that a new utility for Leash will be unveiled on Wednesday.

Positive information is that Doge Killer (LEASH), a Shiba Inu ecosystem token, has scored a new listing this week on Singapore-based crypto exchange Crypto.com. Following the listing, Crypto.com has enabled deposits and trading of LEASH, which has generated excitement within the Shiba Inu community.

Rating: 9.4/10
Supply: 549 / 589
Release date: August 10, 2020

Description: Discover Shib and be part of the meme coin revolution.

Risk warning: Trading, buying or selling crypto currencies is extremely risky and not for everyone. Do not risk money that you could not afford to loose.


The number of new SHIB addresses continues to rise

Shiba Inu (SHIB) has seen its market cap increase in recent weeks even as Bitcoin’s price performance remained unchanged and according to Santiment, an on-chain analytics firm, Shiba Inu noticed a rise in social volume as many traders shifted their focus ahead of the Blockchain Futurist Conference in which Shiba Inu is the official sponsor.

The number of new SHIB addresses continues to rise, reflecting an unparalleled level of investor enthusiasm, and the trend shows no signs of abating, with a notable 14.18% increase in the last seven days alone. Source: IntoTheBlock

An equally remarkable development is the swelling number of non-empty wallets, a metric that has now reached an all-time high of 1.24 million addresses holding SHIB tokens. Delving into the details, it becomes evident that the most substantial growth over the past 30 days occurred among addresses holding between 100 billion and 1 trillion Shiba Inu tokens.

Increased activity, new upgrades, and a growing community are certainly pros for SHIB; however, investors should consider that SHIB is highly volatile and remains a highly risky investment, while the wider dynamics of the cryptocurrency market also play an important role in determining the price of SHIB.

At the same time, recession fears and aggressive monetary policy from major central banks will continue to influence the cryptocurrency market in the weeks ahead.

Technical analysis for Shiba Inu (SHIB)

Shiba Inu (SHIB) has advanced more than 30% since the beginning of July 2023, rising from $0.0000077 to a high of $0.000011. Shiba Inu’s current price stands at $0.000106, and despite the recent correction, bulls continue to control the price movement. Many analysts say that more investors could purchase Shiba Inu (SHIB) in the weeks ahead, and as long the price of SHIB is above $0.000010, the price of this crypto remains in the BUY-ZONE.

Technical analysis for Shiba Inu (SHIB)

Important support & resistance levels for Shiba Inu (SHIB)

Important support & resistance levels for Shiba Inu (SHIB)

On this chart (the period from January 2023), I marked important support and resistance levels that can help traders to understand where the price could move. Shiba Inu (SHIB) continues to be supported, and if the price advances again above the resistance that stands at $0.000011, the next target could be $0.000012.

The important support level is $0.0000100, and if the price breaks this level, it would be a “SELL” signal, and we have the open way to $0.0000095. If the price drops below $0.0000090, which also represents a strong support level, the next target could be located around $0.00000800.

What speaks for the rise in the Shiba Inu (SHIB) price

SHIB has recorded six consecutive weeks of gains since the beginning of July 2023, and the positive information is that the number of new SHIB addresses continues to rise. This reflects a high level of investor enthusiasm, and if the price advances again above the resistance that stands at $0.000011, the next target could be $0.000012.

Shiba Inu is the official title sponsor of the Blockchain Futurist Conference, Canada’s largest and longest-running Web3 event that began this Tuesday, and Shiba Inu promised “some serious announcements” that could have a positive impact on the price of this cryptocurrency.

What indicates further downfall for Shiba Inu (SHIB)

Investors should keep in mind that cryptocurrency markets are notoriously volatile, and while positive developments can trigger substantial price increases, they also carry potential risks. Shiba Inu (SHIB) is unpredictable and a highly risky investment, and because of this, investors should continue to be very cautious in the case of this cryptocurrency.

At the same time, the macroeconomic landscape remains uncertain, reflecting synchronous policy tightening aimed at containing very high inflation, worsening financial conditions, and continued disruptions from Russia’s invasion of Ukraine. The price of Shiba Inu (SHIB) is usually correlated with the price of Bitcoin, and if the price of Bitcoin drops again below the $28000 support level, that could have a negative influence on the price of SHIB.

What do analysts and experts say?

SHIB has recorded six consecutive weeks of gains since the beginning of July 2023, and if this week closes in green, it will be the seventh positive week in the crypto asset’s epic price surge. The last time Shiba Inu printed six consecutive weekly gains was in late September 2021, and many analysts say that SHIB has more room for upside.

Positive information is that the number of new SHIB addresses continues to rise, and many traders have shifted their focus on SHIB ahead of the Blockchain Futurist Conference, in which Shiba Inu is the official sponsor.

Shiba Inu whales continue to be active, and when whales increase their trading activity (transactions worth $100,000 and above), it usually indicates that they are getting confidence in the underlying coin’s short-term price prospects. If the whales continue to buy SHIB even more, the price of SHIB could have an even bigger jump in the upcoming weeks.

Despite this, investors should continue to take a defensive investment approach, especially because the cryptocurrency market remains extremely volatile, making it difficult to predict accurately what a coin’s price will be in a few hours and even harder to come up with a long-term target price.

The macro risks and contagion still prevail in the crypto industry, and the rising risks of further liquidations, bankruptcies, etc., could lead again to a spike in selling pressure.

Disclaimer: Crypto is extremely volatile and not suitable for everyone to invest in. Never speculate with money that you cannot afford to lose. The information on this site is presented for educational purposes only and should not be construed as investment or financial advice.

by Our Certified Author
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