Bard has identified several factors that can contribute to the increase in Shiba Inu prices. These factors include developer adoption of Shibarium, its efficiency and scalability, and positive news surrounding the Shiba Inu ecosystem. However, negative influences such as a general decline in the cryptocurrency market or unfavorable news can also have a negative impact on Shiba Inu's price.
Bard has provided various price predictions for Shiba Inu from different sources, including Coinpedia, which predicts the price of SHIB to be around $0.0000259 by the end of this year. Another forecast from CryptoNewsZ expects the SHIB price to reach $0.0000289 in 2023, while Thenewscrypto's prediction is not as optimistic, ranging between $0.00001419 and $0.00002.
At the time of writing, the price of Shiba Inu is $0.000008597, which has increased by 1.31% in the last 24 hours and by 11.19% compared to the past seven days. The digital currency currently faces a strong support level at $0.000007593 and a resistance level at $0.000009143.
In the meantime, cryptocurrency market analyst Ali Martinez revealed that over 3.30 trillion Shiba Inu tokens, worth approximately $28 million, were withdrawn from popular cryptocurrency exchanges in July.
This mass movement of Shiba Inu tokens indicates that investors, including whales and large traders, are transferring their tokens to cold wallets for long-term storage. Such actions typically reduce selling pressure in the market and help to increase the price over time.
Market data indicates that the price of Shiba Inu has been on a positive trend over the past month, with its market value approaching $5 billion.
