Dogecoin ‘is pure speculation and will end badly’ says Yusko
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Dogecoin remains in contention as the most popular cryptocurrency of 2021. The rabid rush for altcoins over the last few months has seen several shoot towards the Moon, DOGE and SafeMoon among them. The most popular have received backing from notable figures or unique market methods and brushed the $1 mark, but many have failed to reach similar heights.
Is Shiba Inu coin dead?
Shiba Inu coin – known as SHIB on the market – was an obscure token in early January, when DOGE started to lift off.
Around January 21, SHIB had a value of less than $0.00000001 on the crypto market.
Despite a slight rise in early spring – around mid-April – it struggled to emerge from its place amongst the bottom of the pile until last month.
On May 9, it shot to $0.00001842 and briefly dipped to $0.00001414 in the days following.
And by May 11, it had risen to $0.00003389 as interest in alternative currencies reached a zenith.
But much like its fellow high-performers, it has since haemorrhaged value.
Currently, investors can buy SHIB for $0.000007137, prompting questions on its viability.
The coin will remain available to buy, but experts aren’t optimistic about its future.
Sarah Tran, a contributor to Forex analysis site FX Street, said the coin is currently struggling to move.
She said it is “coiling within a symmetrical triangle pattern” and has a limited lower and upside target.
The upper target is $0.00001476, while the lower target stands at $0.00000403.
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Ms Tran added the coin has struggled to gain the interest of speculators, unlike some of its counterparts.
If SHIB can’t hold support at the “downside trend line” its price could collapse by 50 percent, she said.
The coin does have some clear interest, however, as it previously held a list place on popular crypto exchanges.
China-based Binance, Huobi and OKEx all listed the meme currency.
Experts came out batting for the currency during its popularity high last month.
They zeroed in on SHIB’s growing fame in the context of other surging tokens.
Ben Caselin, head of research and strategy at AAX, a cryptocurrency exchange, warned people not to “dismiss the hype”.
He told Yahoo Finance SHIB interest indicates a “mass movement of traders new to crypto moving into the space.”
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