A total of two developments have set the bullish momentum for Shiba Inu ($SHIB). The token is rallying in the second spot on the meme coin chart, but it is hell-bent on making it to the top worldwide in terms of market capitalization. Shiba Inu’s ecosystem saw the introduction of SHI, a stablecoin, and the withdrawal of a large number of tokens from exchange platforms. One development embodies stability, while the other fosters a sense of confidence within the community.
For starters, stablecoins have always demonstrated a way to ensure that holders experience less volatility. Since they are pegged to a fiat currency or a specific value, there is barely any fluctuation. Shiba Inu is now looking to leverage the very same fundamental principle by linking SHI to a value of $0.01. The objective is to improve the Shibarium network, expanding upon Ryoshi’s initial introduction in 2021.
The mechanism for achieving the value of $0.01 is a topic of consideration. The community, on the other hand, is speculating about the potential of collateral options to effectively support the underlying principle. Developed by Shytoshi Kusama and Kaal Dhairya, SHI has a long road to travel before it enters the market. However, integration plans have already helped increase the value of SHIB.
The price of SHIB has increased by 10.20% in the past 24 hours and is currently trading at $0.00001636 as this article is being written. It further reflects a surge of 16.52% in the last 7 days and 11.95% in the last 30 days. The growth is indeed noteworthy, but near-term projections show two different sides with a chance of dips in the next 30 days. According to Shiba Inu price predictions for year-end, the token is expected to trade within the range of $0.0000235 and $0.0000279.
SHI has several advantages, including price stability, enhanced utility, DeFi integration, liquidity provision, and easier onboarding, to name a few.
The next step is to withdraw 770 billion Shiba Inu tokens. Reports coming to light indicate that investors have offloaded the said number of SHIBs from exchange platforms. It shows that they have every intention of holding onto their SHIB tokens. They made withdrawals on September 23, 2024, and September 24, 2024. This precedes a historical context in which SHIB finds itself on a bull ride in October.
Shiba Inu tokens made significant gains in October and have continued to do so since 2021. There was a surge of 833% in October 2021, followed by 10% and 6% in October 2022 and October 2023, respectively. As a result, investors have made withdrawals before the market shifts to the next month. While an expected growth is missing at the moment, it is safe to assume that a drop in the near term could trigger a series of surges.
When combined, all these factors point toward a potential bullish momentum for Shiba Inu ($SHIB) in the times to come.
Source: https://www.cryptonewsz.com/shiba-inu-shows-signs-of-bullish-momentum/