New Delhi: Shiba Inu self hailed as Dogecoin killer has been the flavour of the season in the cryptocurrency market as it is garnering huge attention among new investors. Bitcoin and Ethereum’s downfall in recent crypto crash only helped it strengthen its value.
Here are 3 factors that are driving Shiba Inu for further gains:
1) Shiba Inu price falls but no rush for exit
Since June, Shiba Inu price has trended lower in descending channel accumulating about 40% decline for SHIB. However, the volume underpinning the descending channel has been on the lower side, which means investors are in no rush for exiting the crypto despite sluggishness.
2) ShibaSwap platform to give a lift-up to the crypto
Shiba Inu is soon going to have a new dedidcated exchange for itself. ShibaSwap, a new decentralized cryptocurrency exchange (DEX) will be more of a coin exchange like UniSwap or PancakeSwap. The platform has been reportedly working for weeks but it still is being audited to ensure complete security and transparency.
3) Investors interest intact, no drop in social media traffic
The Santiment Social Volume metric shows mention of SHIB on 1000+ crypto social media channels, including Telegram groups, crypto subreddits, discord groups and private traders chats. The social media volume witnessed a strong decline in May crash, however it is now plateauing, indicating that it has maintained to hold attention despite 40% fall.
Will Shiba Inu reach $ 1 by 2025?
Currently, the crypto is selling at about $0.0000085 per coin with total market value of $3.4 billion. This gives it a plenty of space to grow and consolidate.
As per Market Realist, if Shiba Inu maintains to grow at this rate, it will reach a value of $0.000019 per coin in 2022 and later hit $0.000061 per coin in 2025.
That would be about 620% rise from the current value and will thus lure many investors. Still, there will be a long road for reaching $ 1.
However, if it continues at this pace as currently going, it may reach $ 1 even by end of 2021, reports the leading cryto analysis portal.
“If Shiba maintains that level of growth, it could reach $1 in 2021. However, if it grows at the rate of 20% per month, it would require five years to hit $1 the milestone, which points to 2025 at the earliest,” Market Realist reports in its findings.