Shiba Inu had a turbulent start in 2022 as the meme-token dipped drastically after Bitcoin plummeted two weeks ago. The market crash was harsh as several tokens dipped to monthly lows wiping away profits in a jiffy. Investors mostly stayed away from the market fearing a further slump and remained cautious before taking an entry position.
However, it looks like cryptos are now picking up steam in the market as they’re gaining buying pressure this week. Data from the Coinbase app shows that Shiba Inu has started attracting buying pressure after a dull start last month.
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The trading activity for SHIB has started to increase in February. Data shows that 67% of investors have kept the meme-token on ‘buy’ while 33% of investors have kept it on ‘sell’.
This is a reversal of last month when the ‘buy’ orders decreased due to the market’s downward trend. Several other tokens are seeing buying pressure and the market could be headed towards the normal, fearless trading days. SHIB’s popularity stands at no 11 on Coinbase.
Also, just a week before SHIB climbed 200% in October 2021, it attracted heavy buying pressure of 90% buy and 10% sell.
Bitcoin has mostly been trading sideways for close to a week and found resistance levels at $38,000. BTC is holding on to its resistance and looking forward to moving ahead at price. While January was a bad start, we’ll have to wait and watch which direction BTC is headed this month. Bitcoin largely dictates the movement of the market as all tokens go in tandem with BTC’s rise and fall.
In addition, the global financial condition is muddled with uncertainties due to the rise of Omicron. The market has no safety net and investors are fearful of another crash as the global financial situation is in tatters.
Shiba Inu : The Way Forward
SHIB has a lot of developments in 2022 and the upcoming updates are what’s keeping the community excited as a whole. The upcoming updates are Doggy DAO, Shibarium layer-2 network, ShibaNet, ShibaSwap 2.0, Shibosis NFTs among others. In addition, SHIB will release two different games, one in partnership with PlaySide Studios and the other with Activision.
The lead developer of SHIB, Shytoshi Kusama also revealed that the meme-token is working on their own Metaverse ‘Shiberse’. However, he confirmed that the name will be changed in accordance with the development. The graphics for the SHIB-themed Metaverse looks professional and impressive and could be a game-changer to the meme token.
At press time, Shiba Inu was trading at $0.00002165 and is up +1.02% in the 24-hours day trade. It’s down -36.4% since the last 30-trading days and also down -23.2% in the last 14-days. It had reached an all-time high of $0.00008616 in October 2021 but is now down -74.9% from its ATH.