Shiba Inoue, one of the most popular memes in the market in recent months, is now ranked 20th in the market after switching from digital currencies such as Paligan and Stellar.
to the Report Coin Telegraph, The good performance of this digital currency over the past 10 days has made Sheiba Ino now among the other 20 digital currencies on the market.
Shiba Ino’s market value was $ 11.08 billion last week and is currently in the $ 10 billion range. This is the first time that Shiba Ino has entered the top 20 digital currencies on the market; This means that its market value is greater than that of large companies such as Stellar, Paligan and Theron.
After Elon Musk’s tweet on Monday, Shiba Ino’s price also jumped significantly and grew by 40% in just one hour. In his tweet, Musk posted a photo of his Sheba Inui dog.
Elon Musk and his tweets have repeatedly influenced the price of digital currencies in the past; For example, in early 2021, he tweeted Dogecoin.
The price of Shiba Ino increased by 400% in the last quarter of 2021, from $ 0.00000725 to $ 0.00003528. The price of $ 0.00003528, which was registered three days ago, is the highest price of Shiba Ino in the last five months.
At the same time, we saw a correction of more than 40% of this digital currency. Many believe that the drop in profits of investors in instant markets caused this fall. As a result of this increase in sales pressure, the market value of Shiba Ino fell to $ 8.06 billion on Friday.
However, the decline in the price of this digital currency has led many to see it as a buying opportunity. As the buying pressure intensified, Shiba Ino grew by more than 45%. Yesterday, the digital currency peaked at $ 0.0000002020 and its market value rose to $ 10.73 billion.
The future of Shiba Ino price
The 5% price reduction yesterday lowered Shiba Ino to $ 0.00002575. This fall caused a downward triangle pattern to form on the chart, which is considered a negative sign.
Descending triangles, as their name implies, are descending patterns that form when the price fluctuates between two converging trend lines. Meanwhile, one of the trend lines is straight and the other has a downward slope. In the image below, the formation of this pattern can be clearly seen.
The formation of lower ceilings and a fixed support line indicates a weakening of bullish sentiment and a reduction in market buying pressure; As a result, prices are likely to fall below the horizontal trend line. In such patterns, the range of fall is generally equal to the maximum height of the triangle.
If this pattern causes Shiba Ino to fall further, its target will be $ 0.00001. Of course, the protections should not be crossed out of the equation, and if these protections act forcefully, they will be prevented from falling.