Shiba Inu saw a breakout on Wednesday as the markets skyrocketed, reaching new monthly highs. These small price breakouts occurred a handful of times this year but failed to carry the price momentum forward. For 10 months straight, SHIB has not rallied in the indices in 2022 and has traded at a disadvantage for three-consecutive quarters. The token might repeat the feat in Q4 of 2022, as the global economy is affected by various macroeconomic factors.
More Pain Expected For Shiba Inu Investors?
For those of you who missed watching the charts, Shiba Inu added a zero for a brief period on Tuesday. SHIB slipped to $0.00000974 this week but recovered an hour later, losing the zero it added. While the quick recovery is commendable, this may spell danger to the dog-themed token.
The global economy is in unfavorable conditions, and several analysts have predicted that Bitcoin might face further corrections. Bitcoin crossed the $20,000 level after nearly 20 days, but its price rise might not remain constant. Bitcoin has been repeatedly rejected at the $21,500 levels, and the king of cryptocurrency might head south again.
If Bitcoin falls, the entire crypto markets plunge along with it, shedding all their recent gains. Therefore, Shiba Inu stands more to lose than to gain in Q4 of 2022.
To add to SHIB’s woes, the latest developments have not scaled its price up sustainably in the indices. The mobile game ShibaEternity failed to raise SHIB’s price, and the token has been dipping since its launch on October 6th. A handful of investors criticized the game, as it does nothing to help Shiba Inu rise in price. You can read more about the criticism here.
In addition, Shibarium documentation, which was supposed to be released at the end of Q3, has not launched yet. Unification, the firm building the Shibarium layer-2 network, confirmed in a blog post that the documentation will be out “sometime shortly thereafter”. Nonetheless, a tentative launch date has not been revealed by both Unification and the SHIB team.
Shiba Inu may have fewer chances of skyrocketing in price in the Q4 of 2022.
At press time, Shiba Inu was trading at $0.00001049 and is up 5.2% in the 24-hour day trade.