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  • Tue. Dec 6th, 2022

Shiba Inu price prediction as the number of investors grows by 21,000

ByNdasi Tata

Jul 13, 2022
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  • Shiba Inu investors have increased by more than 21,000 in a month.
  • SHIB is currently consolidating with a potential breakout.

  • Investors can buy now to lock value, although further declines are possible.

As of July 11, the number of investors holding Shiba Inu SHIB/USD was 1,199,539. The number is a jump from 1,178,157 as of June 12, according to data by CoinMarketCap. The monthly jump in SHIB investors happens despite the current crypto bear sentiment. 

The growth in investors also comes along with a rising utility of Shiba Inu. Shiba Inu is slowly relinquishing its meme tag by innovating in the payments and metaverse areas. The network plans for a Shiba Inu metaverse, where users can play games and own virtual lands. No specific date is given for the launch of the metaverse, although it is expected this year. Investors are positioning themselves for a potential increase in the utility of Shiba Inu. 

The increase in investors holding SHIB may not accurately predict a price jump. However, it suggests that investors are expecting the price to pump following the recent declines. We believe that SHIB presents a short-term opportunity. The crypto-token could pump once a key breakout occurs.

Shiba Inu holds onto support as the number of investors rise

1657659930949 8f645805 d788 4fa7 a28e 264d06ee95f2Source – TradingView

From the daily chart, Shiba Inu is consolidating. The MACD indicator is slightly bullish. The token keeps $0.00001 support intact. SHIB investors should watch for a breakout from the $0.00001 to the $0.000012 consolidation zone. Short-term focused investors can buy the bottom at $0,00001 and ride up to $0.000012. However, the price jump is speculative, and the price could drop below the support. A long-term buy is recommended at the current level. Alternatively, investors should consider buying after a break above the $0.000012 resistance. 

Summary

Shiba Inu is consolidating as more investors add positions. The price could rise from the $0.00001 level. The token faces resistance at $0.000012.

The post Shiba Inu price prediction as the number of investors grows by 21,000 appeared first on CoinJournal.

Ndasi Tata

Ndasi Tata is a Cameroonian-born Bitcoin entrepreneur and former state journalist. He earned an M.Sc from the University of Nicosia in Cyprus in Blockchain and Digital Currency. He uses a variety of social media channels to promote his ideas and projects , and he's a major proponent of Bitcoin in Africa.

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