Shiba Inu is up by almost 3 percent in today’s trading session, reversing yesterday’s 5 percent plunge. Today’s gain, however, will be a continuation of a long-term horizontal trend that has resulted in the crypto trading within narrow price margins of between $0.0000070 and $0.0000099 for the past one month.
The Shiba Inu ecosystem has recently made an announcement and launched a countdown timer on its website, leading to speculation about a potential new product or service. Also, in the past 48 hours, top whales (large cryptocurrency holders) on the Ethereum blockchain have also purchased a large amount of SHIB tokens, totaling over $5 million.
The price of SHIB has also risen by 3% over the past 24 hours. The Shibarium layer-2 solution is highly anticipated by investors, who believe that it could potentially drive sustainable growth in the price of SHIB.
The Shiba Inu website is also undergoing updates in preparation for the Shibarium beta launch. The updates will be rolled out in multiple phases to make the transition as smooth as possible. It is not yet clear what the Shibarium beta testnet will consist of or what its specific purpose will be.
It is important to note that investing in cryptocurrency involves a high degree of risk and that it is always important to thoroughly research any investment opportunities and carefully consider any investment decisions before committing to any funds.
Despite the positive fundamental analysis, the Shiba price is heavily influenced by the general trend of the cryptocurrency industry. With the industry being bearish for more than two months, I expect the Shiba Inu price to continue struggling.
There is a high likelihood that we might see Shiba Inu’s price continuing to fall and possibly trading below the $0.0000070 price level in the coming session. However, a trade above $0.0000099 will invalidate my bearish analysis.