Shiba Inu Might Increase in Price by More Than 100%

More and more ethereum investors are focusing on Shiba Inu and are buying up massive amounts of the dog-themed token as it's recovering from its recent decline in price. Some investors and traders alike are even suggesting Shiba Inu is gearing up for a 100% increase in price at any time. We share this thesis for the time being, as Shiba Inu is very well positioned at the moment.

One of the crypto whales heavily investing in Shiba Inu goes by the name of Gimli and recently added 110 billion Shiba Inu coins worth around $3,62 million to his already big crypto portfolio containing a total of $47,8 million worth of just Shiba Inu coins alone.

Recently Shiba Inu announced that it will be creating its own blockchain and a Decentralized Autonomous Organization (DAO) in 2022. This puts Shiba Inu in the spotlight for investors and traders alike, as Shiba Inu might drop its memecoin tag and become a high utility token. Another crypto that is making big moves this week is EverGrow. Even after the recent crypto market crash, EverGrow is up over 140% this week. EGC is the first crypto that rewards 8% from every transaction among its holders in BUSD. Since its launch in September, EGC has already paid over $31 Million BUSD in rewards,  

The sudden surge in EGC price is believed to be caused as in q1, 2022 EGC will be launching its NFT lending ecosystem with the marketplace, Play to earn games, Staking Pools and Content subscription platform like Patreon and Onlyfans with Fiat/Crypto Gateways. Apart from EGC, From our technical analysis, we can see that the Shiba Inu has entered new support areas and previous lines of the resistance have now become rather the opposite suggesting an expansion phase will most likely begin soon. When we take into account Ichimoku the current price level looks bearish, yet the price isn't dropping and as a result, a volume point of control is reached at $0,00032, further underlining our thesis. 

The volume point of control area represents the price area where the most buying and selling of an asset takes place and which eventually leads to the highest gains or losses as soon as a breakout occurs. In this case, there is way more upside potential than downward. 

Most traders probably set stop losses at $0,000275 and aim for profits around the $0,0000775 range, which would be a 107% gain. Even in a bullish scenario, the downside risks of Shiba Inu are probably limited to the 2000 zone, which makes the altcoin just very well positioned right now. Even Bitcoin's recent price drop isn't having a great impact on Shiba Inu's price and capital inflow into the memecoin keeps increasing.

As for on-chain metrics, we see that there is a big growth in the amount of Shiba Inu holders, as there are over more than 1,1 million traders holding Shiba Inu as of this time of writing. So, overall we are talking about an asset that's likely to become in high demand with little to no downside risk, in short: a very good investment right now. 

Overall we expect Shiba Inu to gain a lot of traction in the next couple of days, which means volatility is highly increased, thus creating many opportunities for both bears and bulls alike. Other altcoins on our watchlist include both Solana and Dogecoin.