Shiba Inu enthusiasts continue to view $0.01 as possible price target
Shiba Inu remains in a sideways trend as seen on its daily chart, trading between $0.0000102 and $0.00001173. At press time, SHIB was trading down 5% to $0.0000105. As Shiba Inu enthusiasts continue to peg $0.01 as a possible price target, here are two factors that could contribute to Shiba Inu 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 40% after signing up with Robinhood in April. As noted in an official Shiba Inu blog post, Shiba Inu’s main financial components, Shibarium, SHI and SHIBFE, are currently in development and are nearing completion. Lead Shiba Inu developer Shytoshi Kusama says in the blog post, “I decline to give specific dates at this time, but expect to see one or more of these technologies before the end of the summer or early in the 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, the Shiba Inu model was praised by David Gokhshtein, who said the next twelve months could be critical to watch as far as the ecosystem is concerned.
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 crypto markets have entered a bear market, after a tough 2022 so far. The term “bear market” is defined as a market that has lost 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 even further.
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.
