The latest news from the industry has it that Shiba Inu (SHIB) has reached a higher price level of $0.000008. Investors have frowned at this development, claiming it has made little or no impact to augment the price up to a substantial profit-taking level.
Data from IntoTheBlock reveals that 86% of SHIB investors are currently “underwater,” meaning they are losing money on their investments. It was also established that 11% of SHIB investors are making money, indicating that they purchased the token at a discount and are currently profiting from the move.
Investors and industry professionals have taken to their social media handles to talk about the recent price movement of SHIB. According to Arman Shirinyan, an independent cryptocurrency analyst, the token has experienced its fair share of ups and downs over the past few weeks. It has, however, fought its way back to a $0.000008 price level, which he believes is a constructive development.
Shirinyan went ahead to predict that the price of SHIB may increase if Bitcoin maintains its strong performance. The interplay between Bitcoin and its 200-day moving average, an important technical milestone highly observed by traders, only strengthens this optimistic outlook. It was also established that Bitcoin’s frequent price changes have an impact on SHIB as well as other cryptocurrencies.
Investors Worried About The Future Of SHIB, Anxiety Rises
Despite the recent price gain, many investors still need to be wary about SHIB’s long-term prospects. SHIB is also notoriously erratic on the cryptocurrency market. Investors worry that hype and speculative activity frequently influence its price swings instead of underlying fundamentals.
Investigations launched on the development revealed a dedicated group of supporters aggressively promoting the token on social media and other online platforms. SHIB has also been listed on several cryptocurrency exchanges (aside from the mainstream ones), which has improved its accessibility and visibility.
Investors’ reactions to the recent price movement of SHIB have been conflicted. Many traders are still waiting for the token to reach its full potential, while some are already cashing out on the accumulated meager gains.
The latest market performance analysis shows that Shiba Inu performed badly last week, declining by -0.90% to settle for $0.000007896218 within 24 hours, with an accumulative trading volume of $82,399,403. It continued its unfavorable price trend, losing further by -7.50% within these seven days.
As of the time of writing, Shiba Inu has a total market supply of 590 Trillion SHIB in circulation, with a current market capitalization of $4,662,398,954, dominating the cryptocurrency industry by 0.407%. However, SHIB is currently the #17 most traded cryptocurrency in the world and has since maintained that spot for five consecutive months.
