SHIB prospects are positive on the back of growing recognition, adoption, and potential as a valuable asset


  • Shiba Inu price is bullish, with the Parabolic SAR indicator showing the meme coin was headed north.
  • The optimism has proper drivers, suggesting a developing network as investors identify the token's potential.
  • Meanwhile, the network continues to focus on burns as the SHIB supply remains huge.

SHIB, the ticker for the Shiba Inu ecosystem, remains one of the most promising long-term investments despite its price being many zeros away from $1.0. The meme coin's price has been very volatile over the years, evidenced by the spiraling price actions as bulls and bears tugged for control.

Also Read: Shiba Inu trading volume rises 15% as Shibarium Beta approaches 25 million transactions

SHIB price outlook

SHIB, one of the most popular meme coins, turned bullish on June 18, as indicated by the Parabolic SAR indicator tracking Shiba Inu price from underneath. The move comes as the altcoin secures support around the $0.00000650 level. The recovery rally has sent the token up 25% before bulls took a breather, and now SHIB is resisting at $0.00000737.

SHIB/USDT 1-Day Chart

Nevertheless, until the Shiba Inu price breaks above the May highs around 0.00000917, SHIB is still in the woods. The relevance of this level comes as it marks the last lower high in the previous downtrend, which means a decisive break above it would confirm the reversal, confirming a flip of a longer-term bearish outlook to bullish.

SHIB prospects pointing to increased market value

SHIB confirming the uptrend is plausible, considering several factors happening in the ecosystem that point toward growing recognition, adoption, and potential as a valuable asset. In a Twitter post, Shiba Inu's marketing specialist Lucie Sasnikova has confirmed these, detailing news of several developments in the SHIB ecosystem.

For starters, the Hong Kong Virtual Asset Consortium (HKVAC) successfully premiered its highly advertised virtual asset index, listing SHIB among the tokens of interest. The feature will monitor major cryptocurrencies' performance and give their holders a detailed representation of the state of the market. Shiba Inu is listed alongside 29 other altcoins whose stakeholders (investors and regulators alike) will benefit from a trusted reference point for investors and regulators.

Nevertheless, Bitcoin (BTC), Ethereum (ETH), and stablecoins will be excluded from the offering as a precaution for fair representation.

In another development, SHIB's visibility has extended to Japan, where the country's SBI Group revealed plans to feature Shiba Inu on SBI VC Trade, its cryptocurrency trading platform. This resolve reflects the growing relevance of Shiba Inu among traders and investors, which is why Japan's SBI Group looks to leverage it to meet the ever-changing needs of customers.  

Shiba Inu has grown popular in Japan, evidenced by several of the country's exchanges listing SHIB. Among the most notable listings, are cryptocurrency exchanges OKCoin Japan, BitFlyer, and BitPoint.

The above listings, coupled with Japan SBI VC coming into the scene, bolster Shiba Inu's position within the Japanese cryptocurrency market. Citing Lucie in the post:

These developments are significant for SHIB, highlighting its growing recognition, adoption, and potential as a valuable asset.


Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Recommended content


Recommended Content

Editors’ Picks

XRP sustains bullish momentum despite SEC's appeal against Ripple

XRP sustains bullish momentum despite SEC's appeal against Ripple

XRP continued trading above the $3 mark on Thursday as investors stepped on the accumulation gear following rumors of Donald Trump considering its addition to a US digital asset reserve. 

More Ripple News
Upbit crypto exchange faces suspension in South Korea over alleged KYC violations

Upbit crypto exchange faces suspension in South Korea over alleged KYC violations

Cryptocurrencies aggregate market capitalization consolidated at $3.5 trillion on Thursday rising by $152 billion within the last 24 hours. Altcoin markets rose by 9%.

More Cryptocurrencies News
Binance bulls target $750 as Trump drives crypto trading volumes to a record high

Binance bulls target $750 as Trump drives crypto trading volumes to a record high

BNB price crossed the $715 on Thursday as traders continued to take strategic speculative positions ahead of the US Presidential inauguration slated for January 20.

More Binance Coin News
Ethereum Price Forecast: Staking could spark ETH rally in 2025 as PostFinance launch stirs bullish sentiment

Ethereum Price Forecast: Staking could spark ETH rally in 2025 as PostFinance launch stirs bullish sentiment

Ethereum experienced a 3% decline on Thursday despite growing excitement over the launch of ETH staking services by PostFinance AG. Investors are optimistic that this development may lead to the approval of staking in Ethereum ETFs.

More Ethereum News
Bitcoin: BTC rallies above $102,000 ahead of Trump’s inauguration

Bitcoin: BTC rallies above $102,000 ahead of Trump’s inauguration

Bitcoin’s (BTC) price continues to trade in the green, trading above $102,000 at the time of writing on Friday after rallying more than 7% this week. Recent US macroeconomic data released this week supported the rise of risky assets like BTC. 

Read full analysis
Trusted Broker Reviews for Smarter Trading

Trusted Broker Reviews for Smarter Trading

VERIFIED Discover in-depth reviews of reliable brokers. Compare features like spreads, leverage, and platforms. Find the perfect fit for your trading style, from CFDs to Forex pairs like EUR/USD and Gold.

Read More

BTC

ETH

XRP