Shiba Inu (SHIB), one of the most popular cryptocurrencies, has attracted the attention of many investors due to its low price. For this reason, their analyzes are followed closely. In this article, we will convey the expectations of various commentators towards SHIB. We’ll also take a look at the huge developments in the Shiba Inu ecosystem. Here are the details…
Can these developments raise the price of SHIB?
Skytoshi Kusama, the lead developer of Shiba Inu, briefed the community about the numerous projects in the ecosystem. According to Kusama, as we reported on Kriptokoin.com, Shiba Inu has completed important plans for the game Shiba Eternity. As it is known, the Shiba Eternity game was successfully tested first in Vietnam and then in Australia. The Shiba Inu, on the other hand, is busy burning circulating tokens. As of writing, more than 42 percent of the total tokens in circulation have been burned. However, investors are still unaffected and are striving for a faster incineration process.
As Kusama suggested, Shiba Eternity will help increase the burn rate quickly. This development thus has the potential to provide relief to the SHIB community with a potential recovery in the value of the token. These updates by Kusama come a few days after the Shiba Inu Metaverse team collaborated with THE THIRD FLOOR (TTF). In particular, the project aims to focus on investing in the emerging metaverse space.
Analyst: Shiba Inu ready to add a zero to its price
Meanwhile, price action was expected to pick up and surpass the key resistance around $0.000012. However, the bears capped the movement at $0.000011 and made huge profits. Therefore, the possibility arises for SHIB price to revisit the lower support just above $0.00001, according to a Coinpedia analyst.
However, after a surprise rise of 100 basis points by Sweden’s Riksbank today, the SHIB price is currently at risk of freezing. Also, tomorrow’s FOMC meeting is considered important for SHIB. The analyst says that SHIB could drop to $0.0000076 and then $0.0000655 as the next support level.
Analyst: Shiba Inu says “goodbye” to $0.00001 levels
Finally, according to FXStreet analyst Filip L., the Shiba Inu price is briefly flirting with the possible start of a bull run. But as the bulls dropped the ball in September due to the strength of the dollar, the bears took control. The analyst also says that the FOMC meeting and FED Chairman Jerome Powell’s speech will affect the price. The analyst points to the expectation of a decline if the dollar gets stronger as a result of macroeconomic developments. He talks about the risk of adding another 40 percent loss.
On the other hand, he states that if the FED sends a dovish message and raises a small rate, a reversal is possible. This would mean a small increase towards $0.00001209 and a positive 11% return. Also, the historical key level of $0.00001209 appears as the upper bound.
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