This Meme Coin May Spike Again In July, According To Altcoin Buzz
In the recent video, the prominent crypto channel Altcoin Buzz discusses the recent hype of meme coin Shiba Inu (SHIB) and makes predictions about its potential growth.
Shiba Inu (SHIB) Overview
SHIB was created as a meme coin anonymously in August 2020 under the pseudonym “Ryoshi” and can be called as a DOGE coins version on Ethereum. Shiba Inu and the SHIB token are part of a swarm of dog-themed cryptocurrencies.
According to the analyst, the meme coin quickly gained speed and value as a community of investors was drawn in by the cute charm of the coin paired with headlines and Tweets from personalities like Elon Musk and Vitalik Buterin.
“Shib Inu coin market spiked by 25% after SpaceX founder Elon Musk tweeted about his dog, saying, “My Shiba Inu will be named Floki”.
Should traders invest in SHIB?
Apart from being a meme coin, Altcoin Buzz believes that there are some strong fundamentals that would be the price catalyst of Shiba Inu.
“From its inception, Shiba Inu has done things differently”.
Starting with a supply of 1 quadrillion, Ryoshi, locked 50% in Uniswap, then “burned” the other half to Ethereum co-founder Vitalik Buterin for safekeeping.
Moreover, to help reverse the devastating spread of Covid-19 in India, Vitalik Buterin has utilized SHIB as the largest crypto donation in history, and then burned 40% of its total supply to a dead wallet, ensuring our long-term success and stability.
Not to mention, Shiba Inu has also created a campaign using Amazon Smile in order to collect donations for rescue real, live Shiba Inu dogs with the Shiba Inu Rescue Association.
SHIB Price Prediction
At the time of the video, SHIB is currently trading at $0.000000871, which also coincides perfectly with the 0.618 fib.
If it can break this resistance and flip it to support, we will soon start seeing a move towards $0.00000900, $0.00000992, $0.00001257, and $0.00001686. Failure to break the resistance at $0.00000828 could lead to a drop towards $0.00000681, $0.00000610, and $0.00000561.
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