Shiba Inu Price Analysis: How's This Meme Token Doing Right-now?

Shiba Inu price slowed down after last week’s sudden crypto market price drop.
Shiba Inu is showing all-time high with an 11.40% increase in its price.

Shiba Inu (SHIB) has already gained popularity among crypto enthusiasts and also attracted community from its progressive developments. The meme token is no doubt a strong competitor of another meme token, Dogecoin (DOGE). However, SHIB is following DOGE as DOGE comes under top-10 most traded cryptocurrencies by market cap. SHIB marked its place under the top-15 list of most-traded cryptocurrencies by market cap.

Shiba Inu Price Analysis

According to Tradingview, Shiba Inu price dropped almost 11.58% in recent weeks. At press time, the meme token is trading at the price of $0.00001108 by almost 0.63% of decline in the last 24-hours. The one month price performance of SHIB token experienced a price drop of almost 24.75%, meanwhile in 6 months it is 9.56% down. Shiba Inu’s year-to-date price is up by almost 36.96%.

The market cap of Shiba Inu is currently at $6.067 billion while the 24 hour trading volume is $122.208 million. The meme token is currently having a market dominance of 0.60%. In the last 7-days, the SHIB token gave a low of $0.00001088 and high at $0.00001242. Additionally, the 90-day low of SHIB is at $0.000007869 and high at $0.00001562.

Earlier this month, the global crypto market cap experienced a decline of around 4%. The impact of that, SHIB also fell from its trading price of $0.00001199 to $0.00001112.

SHIB: The Metaverse

Recently, Shib announced that it will debut its Wagmi Temple at the upcoming SXSW festival. Here, WAGMI stands for “We’re all gonna make it,” a popular phrase among fans of Shiba Inu. Meanwhile the broader crypto community is representing their belief in the potential of Shiba Inu for growth and success. And the Wagmi Temple will be a hub for health and wellness within the larger Shib Metaverse project, according to Shib.

The programming descriptions generated by participants states that “in the Shib Metaverse project, all tokens including “Shib “,”Leash “, and “Shibosis” will play an important role as phases roll out. The development of this project will also gravitate great partnerships, and foundational resources for the community.”

The Wagmi Temple will be featured as one of the XR Experience Spotlights at the event. A world premiere is also set to take place during the festival’s XR Experience Program in the Congressional Ballroom at Fairmont. However, the screening is scheduled from March 12th to 14th and will last four minutes.

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational ideas only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.