- The SHIBDOGE crypto has a very good inflation rate.
- The crypto has less than 24% of its total supply in circulation.
ShibaDoge, a community-driven token, launched on Dec 24th, 2021 with half of its supply burned. It aims to unite Shiba Inu and Dogecoin communities and promote decentralized finance.
The market cap value of the ShibaDoge crypto is $5.01M which results in a market cap ranking of #3415 as per CoinMarketCap. The trading volume for the crypto has further advanced by 9.4% which results in a traded value of $217.27M.
Moreover, the volume/market cap ratio of the crypto is 4.22% and the volatility of the crypto is very high. This results in 7.77% which indicates the possibility of uncertain moves in the crypto price.
The sentiment of the crypto is further bullish as per Coincodex and the fear and greed index of the crypto is at 79 indicating extreme greed. Also, the time-low price recorded for the crypto is $0.000005654 achieved a year ago.
Furthermore, the price of the crypto has declined by 100% from its all-time high price. Moreover, the price was achieved on August 03, 2023, nearly eight months ago.
SHIBDOGE Token Supply Overview
The maximum supply of the crypto is 420,000,000,000T SHIBDOGE and the total supply of the crypto is 188,056,785,803T SHIBDOGE. Also, the circulating supply of the crypto is 24% of the maximum supply which results in 101,218,247,287T SHIBDOGE and the supply inflation of the crypto is negative resulting in -47.85%.
SHIBDOGE Crypto Technical Analysis
The price of the crypto is trading inside a rising wedge pattern and the overall chart shows huge decline in the price of the crypto indicating the possibility of a further breakdown in the crypto price.
If the price of the crypto further breaks below the wedge pattern, further decline in the price might be witnessed.
The 50-day and the 200-day EMA are trading in a golden cross on the daily chart while the price of the crypto is indicating volatile behavior as it is revolving around the EMAs.
The price of the crypto on the weekly charts have declined to significant lows indicating a strong presence of sellers in the crypto and also a strong dominance of bears.
The overall scenario and the technical analysis represent the possibility of further decline in the crypto and in the upcoming days, we might get to see further lower levels in the crypto price.
Summary
SHIBDOGE crypto, with zero market cap dominance, faces bearish indicators. Despite a bullish sentiment, it’s declined 100% from its all-time high. Technical analysis suggests a rising wedge pattern, indicating potential further decline. With a negative supply inflation rate, a breakdown below the wedge pattern could lead to lower price levels.
Technical Levels:
- Support levels: $0.00000010 and $0.00000040
- Resistance levels: $0.00000010 and $0.00000015
Disclaimer
This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.