The Shiba Inu (SHIB) has tried to maintain an important level of support over the past few months, which has served as a benchmark. If the meme token loses this level, it will likely experience significant problems in the market.
What’s next for the Shiba Inu (SHIB)?
The bulls failed to hold the SHIB above the support line below. Therefore, there was a slight increase in sales volume on September 16. Another obstacle to the rapid recovery of the token, which everyone has been waiting for in August, will be a break below the support level.
The Shiba Inu price unexpectedly rose more than 40% on August 15. Thus, it increased its profit rate in the last 24 to over 50%. During the rally, individual investors provided substantial input. However, major Shiba Inu investors believed the current rally was empty. SHIB whales immediately injected a large number of tokens into the market as everyone else was buying. This led to an almost instant reversal below the $0.000013 threshold.
The only scenario we can foresee at the moment is a gradual decline in response to adverse conditions in the cryptocurrency market and the overall perception of the meme token.
What is needed for the rally?
The Shiba Inu has made significant headway on a project basis throughout the year. It has brought a wide variety of use cases to its network. Thus, it has evolved into more than just a speculative meme token. Unfortunately, the return is quite difficult due to the unhealthy distribution of funds among investors. The only scenario where the Shiba Inu will start to return to the ATH price range we reached in October 2021 is the overall recovery of the cryptocurrency market. It is worth noting that we are still under 1 trillion dollars in terms of market value at the moment.
Shiba Inu news you shouldn’t miss
Shiba Inu mentioned that SHIB: The Metaverse is poised to be the pinnacle of its history as a community. SHIB continued to partner with the top visualization studio THE THIRD FLOOR (TTF). As a result, we see that Shiba is taking firm steps towards the metaverse that it promised. However, the studio will provide fine guidelines for representing SHIB as SHIBarmy intended. The blog emphasized that Rocket in the crypto markets represents a confidence that the price of a token or asset will rise.
He went on to announce that Rocket Pond would bring the feel of a secret resort in SHIB: The Metaverse. This is expected to increase the price of the Shiba Inu.
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