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.

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