Shiba Inu (SHIB) is a cryptocurrency known for its surprise price movements. As in the general market, Shiba has been moving sideways for a while. However, that silence could soon be broken, according to crypto analyst Jet Encila.
SHIB has been asleep for the past week
According to the daily chart, SHIB has been consistently moving in a straight line for the past few days. In fact, the price did not move flat during the week. This is particularly interesting for a volatile token like the Shiba Inu.
Will the Shiba Inu be able to get out of the horizontal channel?
It’s unclear why the Shiba Inu shows a straight line or stagnation in performance. However, there are some claims from investors that it is due to the decrease in token burn rates. Token burn events were supported by previous Shiba Inu projects such as the Shibarium Multiverse.
On June 21, SHIB entered the descending channel while rolling down. Thus, it gave the first sign of a trend reversal. However, the inconsistency in trading entries and volume caused SHIB to return to $0.00001. The meme token is currently trading again in the $0.0012 region with slight momentum.
Shibaswap outperformed BAYC and OpenSea
Shiba Inu is determined to grow its network and become more functional with its recent projects. The release of Shibaswap and its continued breakthrough as the best Ethereum dApps in terms of social signals solidifies Shiba Inu’s status in the crypto market. Shibaswap averaged $10.8 million in daily volumes.
Thus, it outperformed both Bored Ape Yacht Club and OpenSea. Notably, there was also a swap withdrawal, which is pretty normal at discounted levels. Currently, SHIB is trading at a huge discount from its ATH.
Moreover, Shibaswap had a huge impact on SHIB’s performance. But its impact is not as strong when compared to other economic or market forces that cause mysterious price movement or behavior. The Shibaswap ecosystem is expected to grow and expand. This encourages more people to invest in SHIB. But people just need to wait and see.
In other news, although SHIB is no longer part of the top cryptocurrencies by market cap, the meme token is still favored by the crypto market. Shiba Inu plans to develop a reward token, stablecoin and NFT cards for the metaverse for its ecosystem. cryptocoin.comAs you follow, SHIB has recently announced 3 key partnerships that will accelerate its adoption. F1 racing team Aston Martin now accepts payments with SHIB.
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