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The Shiba Inu price is up almost 2% on the day to trade at $0.00000827 as of  4:37 AM EST. Trading volume is up 20% adding to other bullish fundamentals indicated in the on-chain section of this article below.

Meanwhile, the SHIB community remains committed to increasing the value of Shiba Inu token. To this end, they leverage the token burning mechanism, a means to reduce the circulating supply of the token. Recent data indicates that SHIB token burning has increased by 14,000%, with up to 173M Shiba Inu tokens eliminated within a day.

The community is also exercising patience as token holders embrace a holding culture. They are not succumbing to selling appetite even as the cryptocurrency boasts 25% gains since the cryptocurrency market turned broadly bullish on October 18.

Shiba Inu Price – Santiment Data

The holding culture is best expressed in the fact that the SHIB outflows from exchanges continue to increase.

Shiba InuShiba Inu
SHIB Santiment data showing exchange outflows

Exchange outflows show investors are not willing to sell. Instead, they are moving their assets to private wallets. Furthermore, active stablecoin deposits are also increasing, which solidifies the optimism for SHIB as capital inflow continues with investors looking to buy SHIB.

Other Santiment metrics supporting this outlook include social dominance, showing Shiba Inu is being actively mentioned in crypto-related social media relative to a pool of more than 50 other cryptocurrencies.

The number of daily active addresses is also increasing significantly, pointing to an increasing number of unique addresses involved in SHIB transactions daily. It points to crowd interaction in favor of Shiba Inu and could catalyze a move north as investors continue speculating.

Shiba Inu SantimentShiba Inu Santiment
SHIB Santiment showing social dominance, daily active addresses, USDT market capitalization, and MVRV ratio

The Tether (USDT) stablecoin market cap is also a good metric to consider when evaluating the upside prospects for Shiba Inu. As indicated in the chart, the USDT market cap is rising, suggesting fresh money continues to come in as investors continue buying SHIB. This metric corroborates the stablecoin active deposits metric indicated above, adding credence to the upside.

Shiba Inu Marketing Specialist Lucie on SHIB Prospects

Meanwhile, Shiba Inu marketing Specialist Lucie has indicated that up to 7 trillion SHIB tokens were moved out of Bitvavo and Paribu exchanges as Shiba Inu, also showing a lack of intention to sell.

The network also announced the Shib Name Service and Shib magazine, new features intended to expand the SHIB ecosystem.

The Shib magazine, a news feature, aims to keep community members updated about the technology-infused features of the Shiba Inu ecosystem.

Shiba Inu Price Outlook

Shiba Inu price looks promising, with the second-largest meme coin by market capitalization poised to reduce one of the zeros. Specifically, the $0.00001000 is now in sight and could be realized for SHIB holders if buyer momentum steers the altcoin to make a decisive breach of the 200-day Exponential Moving Average (EMA) at $0.00000832.

Before testing the $0.00001000 psychological level, the Shiba Inu price must also shatter past the $0.00000910 resistance level. In a highly bullish case, the gains could extend for the meme coin to stretch past $0.00001000 to tag the $0.00001066 range high, levels last tested around mid-August. Such a move would constitute a 30% climb above current levels.

The Relative Strength Index (RSI) is still above 50, while the Awesome Oscillators (AO) remains in the positive territory. These add credence to the bullish thesis.

Shiba Inu priceShiba Inu price
TradingView: SHIB/USDT 1-day chart

On the other hand, a rejection from the 200-day EMA at $0.00000832 could send Shiba Inu price south, potentially flipping the $0.00000814 support floor back to resistance.

Increased selling pressure could send Shiba Inu price lower, to potentially test the 100- and 50-day EMA at $0.00000775 and $0.00000760 levels respectively. In extreme cases of a sell-off, the slump could send Shiba Inu price to test the support floor at $0.00000659. Such a move would constitute a 20% fall from current levels. Shift gaze to Bitcoin ETF Token, a new crypto presale with potential for 10X growth upon launch.

Promising Alternative To Shiba Inu

While Shiba Inu pushes to close above the $200-day EMA decisively, forward-looking investors are looking to ride the spot Bitcoin exchange-traded fund (ETF) wave by capitalizing on the Bitcoin ETF Token.  Its native token, BTCETF Token, is one of the hottest ICOs to buy this year, selling for $0.005.

Its motto is “Ready your wallet before the first Bitcoin ETF is approved,” and rightfully so, with the entire crypto community watching the US Securities and Exchange Commission (SEC) for a decision.

BTCETF Token presale sales have now reached $35,935 out of the target objective of $420,000 in the first stage. The price is scheduled to increase in a little less than four days so now is a good time to buy at a discount. Do not miss out.

Like in other enlightened projects, investors can stake their BTCETF tokens for rewards. Annual Percentage Yields (APY) are as high as 5,410% with up to 5,898,167 tokens staked so far.

Visit Bitcoin ETF Token website to buy BTCETF here.

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