Veteran trader, chartist, and CEO of Factor LLC, Peter Brandt recently responded to a Tweet telling him to not miss out on Shiba Inu (SHIB). Brandt replied that he does not worry about missing a breakout. According to him, people who worry about missing a breakout, usually tap out because they give in to FOMO (fear of missing out). In the end, Brandt added, “FOMO kills.”
The user who asked Brandt to not miss out on Shiba Inu was in fact replying to Brandt’s Twitter poll on how low Bitcoin (BTC) would decline before the next bull run. A majority of people (41.5%) voted that it would reach $12k.
Moreover, 30% of people were of the opinion that the low has already been established. 19.3% think BTC would reach $8k, and 9.2% think there will never be another bull run again.
Will Shiba Inu break out soon?
Shiba Inu is undoubtedly one of the most popular crypto projects out there. Moreover, the project has a plethora of releases lined up for later this year. The nearest one is the launch of their upcoming game titled, Shiba Eternity. The game is set to release worldwide on the 6th of October. The hype around the collectible card game is big, and Shiba Inu fans can’t seem to wait to get their ‘paws’ on the title.
The SHIB team is also working on their layer-2 protocol, called Shibarium. Many expect Shibarium to launch sometime this year as well. Initial reports said that the L2 would be ready for launch in Q3, however, the team seems to have missed that deadline. Nonetheless, as per reports from the development team, work has progressed significantly, and we can expect the documentation to release very soon.
With so many launches lined up, one would think SHIB’s price would break out very soon. However, the market in general is in a bearish phase. Interest rates are on the rise and hence investments into digital assets, like crypto, are low. For SHIB to start making moves on the chart, the economic structure will have to pull out of its current slump, which does not seem likely anytime soon.
At press time, Shiba Inu (SHIB) was trading at $0.00001109, down by 0.7% in the last 24 hours.