Shiba Inu Price Prediction – Can SHIB Overtake Bitcoin?
Shiba Inu price prediction remains bearish, as the pair has broken through the upward trendline that has been supporting it near $0.0000106. Shiba Inu is currently gaining immediate support at a triple bottom level of $0.00001001.
According to market data, Indian traders chose Shiba Inu over Bitcoin and Ethereum. Despite the country's strict tax regime, SHIB has a relatively high volume.
Over the recent weeks, the Shiba Inu cryptocurrency has seen a number of milestones, including its inclusion on major platforms. On October 10, BitMEX announced they will be adding support for six new cryptocurrencies, one of which is SHIB.
It looks like the top investors on the market, who are Indian, are buying the Shiba Inu token (SHIB), which is a well-known meme token, instead of Bitcoin or Ethereum. It has become the most liquid cryptocurrency on India's three biggest cryptocurrency exchanges, WazirX, Zebpay, and CoinDCX.
According to Nomics, the SHIB token is involved in 9% of all cryptocurrency transactions in the country. Trades involving SHIB on Zebpay, which is looking to leave India due to the country's strict tax requirements, have totaled roughly $120 million since the beginning of the year.
WazirX statistics suggest that the meme token accounts for almost 10% of all trades. Over the past ten months, traders have traded over $970 million. Over 5% of the volume traded on India's other major exchange, CoinDCX, is in SHIB.
Shiba Inu is trading at $0.000010 with a 24-hour trading volume of $132 million. Shiba Inu has decreased by 2.19% in the previous 24 hours.
CoinMarketCap now ranks 15th, with a live market cap of $5.5 billion. The circulation supply is 549 trillion SHIB coins. Bitcoin's live market cap, on the other hand, remains
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