SHIB coin has become the latest trend and cryptocurrency to take on the digital currency sector

SHIB, commonly referred to as the ‘Dogecoin Killer’, rebounded from a sharp decline alongside the top cryptocurrencies after Tesla CEO Elon Musk revealed “promising” developments on Bitcoin mining, yesterday.

According to reports, a cryptocurrency investor bought almost 200 billion Shiba tokens in October of 2020 for just $17 and as the market went up, he made almost $6.5 million from those very tokens.

Shiba Inu coin has become a trend on social media too, with the so-called ‘Shib Army’ backing the crypto as more investors jump on board. Being the latest to hit markets, it is garnering huge attention and has emerged as favoured choice of investors, especially in wake of a rapid descent in popular cryptocurrencies like Bitcoin and Ethereum.

Popularity in Indian Markets

SHIB coin is also making waves in Indian markets.

The crypto has reached a market capitalisation of more than $13 billion while Dogecoin’s valuation stands at over $61 billion – so it is creeping ever so close.

Reports suggest that many Shib coin holders who invested in Shiba Inu tokens early, are now worth millions on paper.

Since May 2021, Shiba Inu tokens have shot up in value.

According to CoinGecko, the tokens have gone from $0.0000015 to their current value of $0.00003 — a 1,900% rise.

But what about the Ethereum guy?

Ethereum co-founder Vitalik Buterin’s announced he burning 90 percent of his Shiba Inu holdings and donating the rest.

SHIB price primed for a breakout

SHIB price has been trading within a descending parallel channel on the 4-hour chart since the middle of May.

SHIB coin has continuously formed lower highs and lower lows, which can be connected with parallel trendlines to show a downward trend.

In most recent times, SHIBA’s price bounced off the channel’s lower trend line, heading north to tag the topside resistance. Despite almost two weeks of consolidation, Shiba Inu has overcome indecision, working in favor of the bulls after gaining over 55% in market value from its bottom.

Joining the #ShibArmy

Twitter has become a popular social media channel for Shib investors to embrace the growing trend of their coin.

Known as the ‘Shib Army’, Shib lovers have now formed part of a community – coming together to discuss the latest trends and events surrounding their cryptocurrencies.