Recently, the online community surrounding the SHIB token has grown significantly, with the official Shiba Inu Twitter account amassing over 3.7 million followers. However, the enthusiasm among SHIB holders took a hit as the price of Shiba Inu dipped below a crucial support level on May 1st.
Bulls had staunchly defended the key level of $0.000010, fighting to maintain the SHIB token’s price above this threshold. Unfortunately, their efforts proved insufficient, and the price tumbled, reaching a low of $0.0000099. This decline caused SHIB to add an extra zero to its price, hitting lows of $0.00000991.
The Shiba Inu token has gained traction in crypto due to its association with the popular Shiba Inu dog meme. With its whimsical canine-themed branding and growing online community, SHIB has attracted considerable attention from crypto enthusiasts and meme aficionados.
The expansion of the official Shiba Inu Twitter account, boasting a staggering 3.7 million followers, reflects the increasing interest and engagement surrounding the token. Through their Twitter presence, the team behind Shiba Inu has connected with a large audience, fostering community and spreading the word about the project.
However, the recent price dip has dampened SHIB token holders’ spirits. The drop below the crucial support level of $0.000010 has raised concerns. The price decline to $0.0000099 signifies a temporary setback for SHIB as it struggles to regain momentum.
Shiba Inu Price Prediction
Shiba Inu (SHIB) is following the general cryptocurrency market’s downward trend. Traders and investors are using artificial intelligence (AI) and other tools to predict its short-term value.
PricePredictions, a cryptocurrency prediction platform, has used machine learning algorithms to forecast SHIB’s price for May 31st, 2023, at $0.000092. The prediction is based on technical indicators such as MACD, ATR, and RSI.
According to CoinMarketcap, SHIB is currently trading at $0.000009933, and it has experienced a 0.91% drop in the last 24 hours and a 2.66% drop in the last week. However, the prediction comes as the Shibarium bridge undergoes beta testing, which is expected to enhance Layer 2 utility once it’s fully operational.