Shiba Inu (SHIB) prices are the lowest in many months. The popular dog-themed crypto had gained almost 25% from January 1 to May 1. However, the asset has fallen nearly 12% since trading close to post-FTX collapse levels.
SHIB has fallen 12.3% in the weekly charts and is down 45.1% in the last year. The token is also down by a whopping 89.6% from its all-time high, attained in October 2021. Moreover, according to IntoTheBlock, the number of holders in profit has decreased by 3.25%. A whopping 76% of SHIB holders are currently at a loss. This begs the question if now is the right time to buy into Shiba Inu.
Will Shiba Inu pick up steam from here on?
Current market sentiment is governed by macroeconomic factors. However, inflation in the U.S. has dropped to 4.9%, beating expert forecasts. This presents an opportunity for a cooler economic environment. It also means that the U.S. Federal Reserve may just pause interest rates, or may even reduce them. Either way, it would make things easier for risky assets such as cryptocurrencies.
Moreover, within the Shiba Inu (SHIB) ecosystem itself, there are several new products scheduled to launch. Popular SHIB influencer Lucie has said that the team might release its cold wallet solution sometime this week. However, there is no official confirmation. Moreover, with the cold wallet anticipated to release soon, it is possible that SHIB’s layer-2 network, Shibarium, might also launch very soon.
Moreover, since Sunday, the net inflow from major holders has significantly increased, according to IntoTheBlock. The report indicated a 1.35 trillion increase in net inflow. Additionally, Etherscan.io highlighted that the number of holders is getting close to 1.4 million.
All of the above factors might help propel SHIB to new yearly highs. At press time, SHIB was trading at $0.00000890, down by 0.8% in the last hour.