Main navigation

Shiba Inu to $0.01; Here Are Two Factors That Might Support SHIB's Price Amid Market Downturn

Tue, 06/07/2022 - 12:57
article image
Tomiwabold Olajide
Shiba Inu enthusiasts continue to view $0.01 as possible price target
Shiba Inu to $0.01; Here Are Two Factors That Might Support SHIB's Price Amid Market Downturn
Cover image via

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

Read U.TODAY on
Google News

Shiba Inu remains in a sideways trend, as seen on its daily chart, trading between $0.0000102 and $0.00001173. At the time of publication, SHIB was trading down 5% at $0.0000105. As Shiba Inu enthusiasts continue to view $0.01 as a possible price target, here are two factors that might contribute to Shiba Inu's price movement.

News relating to upcoming releases and partnerships

Positive news does influence investor sentiment. According to analysts, partnerships and negotiations, major listings, product releases and other unforeseen events might impact an asset's price accordingly.

Shiba Inu jumped as much as 40% following its Robinhood listing in April. As stated in an official Shiba Inu blog post, Shiba Inu's main financial components, Shibarium, SHI and SHIBFE, are presently in development and are nearing completion. Shiba Inu lead developer Shytoshi Kusama states in the blog post, "I refuse to give any hard dates at this time, but I expect to see one or multiple of these technologies before the end of summer or very early fall."

Shiba Inu is also planning to enhance yield farming features on its decentralized exchange, ShibaSwap, as reported by Shibainuart.

As previously reported by U.Today, Shiba Inu's model was commended by David Gokhshtein, who stated that the next twelve months might be key to watch regarding the ecosystem.

Market trends

Most of the times, an asset moves according to the prevalent short-term trend. On the other hand, investor sentiment and popularity can buoy a crypto asset higher.

Analysts point to the fact that the crypto markets have entered a bear market, following a difficult 2022 so far. The term "bear market" is defined as a market that has shed more than 20% in a given year. Bitcoin is down 35% in 2022, Shiba Inu is down nearly 65%, and many other cryptocurrencies are down by even more.

This long term metric signals positivity

Shiba Inu continues to add thousands of holders, which remains a long-term positive indication. According to WhaleStats, the total number of SHIB holders is currently 1,176,325.

article image
About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.