Why A Leading Investor Is Still Very Bullish On Shiba Inu, Even Amid Declines
09 September 2024 - 6:00PM
NEWSBTC
Shiba Inu has been struggling to post significant price gains
lately, but famed investor Jake Gagain does not care about it and
stays extremely optimistic about the cryptocurrency’s future.
Related Reading: Helium (HNT) Network Expansion Fuels 13% Gains
Despite Faltering Market Despite the recent dip in value, Gagain
was still very optimistic about SHIB. This contrasts with the
current SHIB price forecast of a -0.87% decrease, with a predicted
price of $0.00001301 by October 9, 2024. Gagain believes that Shiba
Inu will experience a large rally soon, now being the 13th-largest
cryptocurrency by market cap. Very Bullish On $SHIB. — JAKE
(@JakeGagain) September 8, 2024 Investor Confidence Amid Price Dips
The predictions of Gagain were not borne out of recent performances
by Shiba Inu. The cryptocurrency had nosedived to $0.00001244 on
September 6 from its daily high of $0.00001339, reflecting a slump
of 7.09%. This was greatly influenced by the weak ISM Manufacturing
data whose shockwaves were still being felt within the general
financial market. The data showed the PMI index slipping to 47.2
below what was expected in the market. As a result, the
cryptocurrency giant, Bitcoin, sank from around $58 000 to $53 000,
pulling all tides of many altcoins, Shiba Inu included. Shiba Inu:
Expanding Ecosystem Despite being in a downtrend at the moment,
there is much going on within the Shiba Inu ecosystem that may make
Gagain so optimistic. The meme coin has moved past just being a
token into a more complex ecosystem. It now comprises a
play-to-earn game called Shiba Eternity, a decentralized exchange –
ShibaSwap – and even a metaverse project called Shib: The
Metaverse. Related Reading: Ether Liquidity Plummets 40% On
Exchanges After ETF Debut On top of that is perhaps the
introduction of ShibTorch, an automated burn portal reducing the
circulating supply of SHIB, as another potential catalyst of
increases in the future. It may be partly for such reasons that
Gagain, along with his community of enthusiasts, has much to remain
optimistic about in the long term for SHIB. Technical Analysis and
Market Sentiment Shiba Inu’s technical indicators right now are
mixed. At 26, the Fear & Greed Index shows that asset-owning
investors are in fear. With 14 out of 30 days in the green over the
past month, the meme coin shows a really good performance rate of
47%. Still, the digital asset has undoubtedly created erratic price
fluctuations with a volatility rate of 4.39%. While Gagain’s
bullish outlook indeed offers a brighter perspective, current
market conditions remain cautious. The combination of bearish
sentiment and high volatility, therefore, would call for caution
from potential investors. Besides these recent price dips, several
of the ongoing projects and ecosystem developments hold long-term
value. Yet, the present market environment has a twist leading to
fear and uncertainty, and now is probably not a good time to
venture into SHIB. Investors will weigh these facts before making
any decision. Featured image from FinanceFeeds, chart from
TradingView
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