Close in green for this week would mark Shiba Inu’s fourth straight week of gains
The Shiba Inu is setting its longest streak of positive weekly performances since 2021 as it looks to end the week on a positive note. At the time of publication, the Shiba Inu was up 4.23% on the week, according to TradingView charts. A close in the green for this week will mark the Shiba Inu’s fourth straight week of gains.
The last time this occurred was in late September 2021, when Shiba Inu posted five consecutive green weekly candles to reach its present all-time high of $0.000088. It remains yet unknown if history will be kind to Shiba Inu in this regard.
At the time of writing, SHIB was trading up 2.15% at $0.0000126. The Shiba Inu is still down about 85% from its all-time high at this price, which is in line with unfavorable market conditions since the start of 2022.
Here are events to consider
While Shiba Inu’s price trend might be largely dependent on the general crypto market trend, positive news and major releases could also serve as positive catalysts for prices.
For example, the release of ShibaSwap in July 2021 attracted interest from the Shiba Inu community. Within a day of launch, the total value locked on the platform exceeded $1 billion The price of the Shiba Inu increased marginally by 14%.
The event set the basis for the increase in Shiba Inu’s price in the following months, with Shiba Inu rallying thousands of percent to reach all-time highs of $0.000088, barely four months after.
Expectations are high regarding the upcoming releases of Shiberium, One Layer 2, and Shiba Inu Financial Ecosystem (SHIBFE). Since the Shiba Inu is an ERC-20 token, it is also affected by the Ethereum network congestion and high gas fees.
This is why many expect Shibarium to be a game changer for Shiba Inu, given that transactions might potentially become much faster and cheaper. Thus, Shiba Inu might be optimized for gaming as a result. As reported by U.Today, the deployment of the Shibarium Public Beta TestNet is anticipated for Q3, 2022.
However, predicting price movements is still purely speculative due to macroeconomic concerns affecting the cryptocurrency industry.
