As SHIB price appears to have bottomed out, we look at what might pull it out
Over the past 10 days, capped by the collapse of major crypto exchange FTX, SHIB has recovered to levels it had dipped to earlier this summer.
At that time, there was more liquidity on the market, and the scope of the correction was higher, so this time the SHIB price suffered slightly less. The fact that, after another round of crypto market capitulation, Shiba Inu token’s price did not go below the known zone around $0.000009 may signal that the bottom for SHIB has been reached once again.
What will be the trigger for SHIB quotes to rise and the token to return to at least August levels? There are many such factors, not least because of the Shiba Inu project.
SHIB price triggers
The first trigger is definitely Shibarium, the ecosystem’s own Layer 2 protocol. What Twitter means to DOGE, Shibarium is to SHIB. A proprietary blockchain solution should greatly increase the utility of the token, which will translate into increased demand, trading volumes and SHIB burning rate.
The second factor – equally important, if not more so – is the overall crypto market environment. With its fall, FTX has caused significant damage to the region, and the ripple effects will be felt for a long time to come. It may take a long time for investor confidence to return, and even longer for tokens like SHIB, which although high in market capitalization, are not at the forefront.