As can be seen on its daily chart, the Shiba Inu is in a sideways trend, trading between $0.0000102 and $0.0000173. At the time of publication, SHIB was trading down 5% at $0.0000105. As Shiba Inu enthusiasts continue to view $0.01 as a potential price target, here are two factors that could contribute to the Shiba Inu price movement.
News related to upcoming releases and partnerships
Positive news affects investor sentiment. According to analysts, partnerships and negotiations, major listings, product releases and other unforeseen events can affect the price of an asset accordingly.
The Shiba Inu jumped up to 40% after the Robinhood listing in April. As stated in an official Shiba Inu blog post, the main financial components of the Shiba Inu, Shiberium, SHI and SHIBFE, are currently under development and nearing completion. Shiba Inu lead developer Shiotoshi Kusama said in a blog post, “I refuse to give any hard dates at this time, but I expect to see one or more of these technologies before the end of summer or very early fall. “
The @Shibtoken Discord opens forum, and a community feedback channel for farming-offer-feedback #shiba swap,
Deadline for feedback on the channel is Wednesday until 5 p.m. PST // 8 p.m. EST
More details on attached images: pic.twitter.com/x0KuZenYBJ
— milkshake (@shibainuart) 6 June 2022
As reported, Shiba Inu is also planning to increase the yield farming features on its decentralized exchange, Shibaswap. Shibeanuart.
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As previously reported by U.Today, the model for the Shiba Inu was lauded by David Gokhshtein, who said that the next twelve months could be crucial to watch about the ecosystem.
market trends
Most of the time, an asset moves according to the prevailing short-term trend. On the other hand, investor sentiment and popularity can push crypto assets higher.
Analysts point to the fact that the crypto markets have entered a bear market after the tough 2022 so far. The term “bear market” is defined as a market that has registered a decline of more than 20% in a given year. Bitcoin is down 35% in 2022, the Shiba Inu is down around 65%, and many other cryptocurrencies are down even more.
This Long-Term Metric Indicates Positivity
The Shiba Inu continues to add thousands of holders, which is a long-term positive sign. According to WhaleStats, the total number of SHIB holders currently stands at 1,176,325.
