Shiba Inu Price Analysis VS BEFE Price Analysis: Traders Expected to Earn 500% Profits in 2024?
In Brief
From its start, the Shiba Inu has been a favorite among investors, and its popularity has only grown since then
In the last week, Shiba Inu price has surged 50%, reaching $0.00001425. Since early February, this was the biggest weekly move. Before this admirably optimistic outlook, SHIB price had risen to $0.00001193, in December on an uptick in favorable sentiment and hope for Bitcoin ETF approval.
A price decline below the $0.00001 threshold occurred in Shiba Inu in January, as it did with many other cryptocurrencies as market volatility increased. After a brief period of consolidation above $0.000009, SHIB swept liquidity at $0.0000082, the lowest price point of 2024, and then made a huge breakthrough to $0.00001467 this week.
The bullish view is supported by a Relative Strength Index (RSI) that is neutral but increasing. If Shiba Inu makes another entrance into the overbought area this weekend, it may mean a big price increase, therefore more buyers will be placing orders.
The upbeat sentiment is maintained by the Moving Average Convergence Divergence (MACD) indicator, which means that SHIB price has more fuel left in its upward trajectory. The bullish grip was further solidified by a buy signal from the previous week, which prompted traders to either maintain their present holdings or continue purchasing for further exposure.Thus, boosting prices further.
Many have praised Shiba Inu’s token burn program, calling it one of the most effective in the sector. With the removal of 410 trillion tokens from circulation, there are now 581 trillion tokens available. From a total supply of 589 trillion, around 7.6 trillion are locked in staking contracts.
Shiba Inu lead Shytoshi Kusama recently broke some big news on twitter. Kusama reposted a twitter post from the official Shib Magazine account, which states that the Shiba Inu project has partnered with Zama, an open-source cryptography company that creates novel Fully Homomorphic Encryption (FHE) solutions for blockchain and AI.
The head of SHIB emphasized the significance of this “partnershib,” describing it as “a BIG one,” and asked the SHIB community to carefully consider the reasons for the state’s and the Shib Ecosystem’s emphasis on encryption and privacy. The partnership between Shiba Inu and Zama represents a significant step toward a future of blockchain technology that is more private, inventive, and secure, as mentioned in the latest post of SHIB magazine.
Additionally, Tangem and the Shibarium Network have collaborated to greatly improve the Shiba Inu ecosystem. Tangem has teamed up with Shibarium, a vital component of the Shiba Inu ecosystem, to provide secure cold wallet solutions.
This partnership provides a robust cold wallet solution tailored for Shiba Inu token holders, satisfying the pressing need for enhanced security and ease of asset management. Customers may have peace of mind knowing that their SHIB tokens are securely kept and handled using Tangem’s technology. Such important changes undoubtedly inspire optimism among investors, thus boosting price further.
Amidst the dynamic landscape of meme coins, several meme coins have exhibited bullish traits including PEPE, Dogecoin, and BEFE. In the recent seven-day timeline, BEFE has emerged with a significant price surge, rising by 24.28% and showcasing promising market dynamics. BEFE’s price performance is closely monitored, with investors expressing optimism about its future potential. BEFE poses a strong competitor to prominent meme coin rivals. Several analysts expect further rally for the meme coin.
From its start, the Shiba Inu has been a favorite among investors, and its popularity has only grown since then. The price of the currency has been somewhat volatile, but the general trend is still bullish, leading to substantial gains.
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About The Author
Gregory, a digital nomad hailing from Poland, is not only a financial analyst but also a valuable contributor to various online magazines. With a wealth of experience in the financial industry, his insights and expertise have earned him recognition in numerous publications. Utilising his spare time effectively, Gregory is currently dedicated to writing a book about cryptocurrency and blockchain.
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Gregory, a digital nomad hailing from Poland, is not only a financial analyst but also a valuable contributor to various online magazines. With a wealth of experience in the financial industry, his insights and expertise have earned him recognition in numerous publications. Utilising his spare time effectively, Gregory is currently dedicated to writing a book about cryptocurrency and blockchain.
