After a challenging 14-day uphill battle, the price of Shiba Inu (SHIB) finally broke above the $0.0000080 territory on Friday, July 28. Positive on-chain data and growing optimism among SHIB holders are fueling expectations of a sustained price breakout for the popular cryptocurrency.
Shibarium Product Launch Generates Optimism
Shiba Inu’s price has been relatively stagnant due to uncertainty surrounding the Shibarium product launch in recent weeks. However, recent progress updates on the Ethereum-Shibarium bridge product have generated positive media buzz and enthusiasm within the SHIB community.
On July 26, the Shiba Inu Marketing Specialist, Lucie, announced that the “Shibarium Beta Bridge has gone live for public testing.” The media coverage and anticipation of the product’s launch have boosted SHIB’s Social Volume metric significantly, with a 280% increase from July 2 to July 29. This rising social volume indicates increasing interest and optimism among investors.
Decline in Exchange Supply Buoys Bullish Sentiment
On-chain data from Santiment reveals that Shiba Inu’s exchange supply hit a 2-year low of 83 trillion in July 2023. This decline in exchange supply indicates that SHIB holders are adopting a “HODL” mentality, choosing to hold their tokens in self-custody storage for potential price gains from the forthcoming product development.
Between July 18 and July 29, the exchange supply of SHIB decreased from 86 trillion to 83.4 trillion, highlighting the bullish stance of investors. Such a trend indicates that investors are increasingly confident in SHIB’s long-term potential, which may lead to a positive price action in the coming weeks.
SHIB Price Prediction: Targeting $0.00001
Considering the growing media hype and the decrease in exchange supply, analysts predict a realistic price target of $0.00001 for SHIB. However, the price may face substantial resistance around the $0.000009 mark, where 368,000 investors purchased a total of 270 trillion SHIB tokens at the minimum price of $0.000009. If this critical resistance level is surpassed, a breakout could see SHIB aiming to reclaim $0.000010.
On the other hand, the bearish scenario could come into play if SHIB drops below $0.000007. Nonetheless, the support from the 208,000 addresses that bought 89 trillion SHIB tokens at the average price of $0.000008 may help stabilize the price around this level. However, if the bearish pressure intensifies, SHIB’s price could potentially drop towards $0.000006.
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Conclusion
The future of Shiba Inu’s price largely hinges on the successful launch of the Shibarium product and the sustained interest and positivity among the SHIB community. The declining exchange supply and the growing media coverage signal a promising outlook for SHIB’s price performance in the near term. Nevertheless, it’s essential to exercise caution and conduct thorough research before making investment decisions in the highly volatile cryptocurrency market.
