How Shiba Inu's entry into the Chinese and Indian markets will affect the price of SHIB
Date: 2023-08-02 Author: Karina Ziganova Categories: BLOCKCHAIN
The Shiba Inu team has optimized the project's official blog to reach a new audience.
On July 31, 2023 Shiba Inu celebrated its three year anniversary. In the months leading up to this momentous event, the developers introduced several product updates, including a cold wallet in collaboration with Tangem, a Shibarium network update, and a SHIB-Ethereum bridge.
Notably, on Monday, the team also announced that the project's official blog will now be available to Chinese, Indian, Japanese, Turkish, and Spanish audiences. On-chain metrics hint that recent announcements could trigger a significant increase in the price of SHIB.
Shiba Inu gets media attention
According to the analytical platform Santiment, from July 21 to August 1, the values of the Social Volume metric increased by 86% - from 88 to 164. This indicator assesses the current level of project coverage in specialized cryptocurrency media.
The growth of Social Volume indicates an increase in investor interest and awareness. Therefore, there is a possibility that in the coming days the hype will lead to the start of a new SHIB price rally.
Investor demand for SHIB has started to rise
The increase in Shiba Inu trading confirms the bullish outlook. According to Santiment, in the period from July 22 to August 1, it showed impressive dynamics and soared by 110% - from 1.61 trillion to 3.36 trillion.
Transaction Volume data evaluates changes in market demand by tracking the number of tokens sold by investors over a given period. The growth of this indicator means that crypto investors are showing increasing interest in the SHIB token and other products of the Shiba Inu ecosystem.
Given the close correlation between transactional activity and ongoing media hype, the price of SHIB could rise even further in the coming weeks.
Shiba Inu Price Prediction: Potential Rally towards $0.000010
Based on the above factors, SHIB is likely to consolidate around $0.000008. In order for its price to exceed $0.00001, the bulls will have to overcome the resistance of 22,420 addresses that bought 22.7 trillion tokens at an average price of $0.000009. If they decide to get out of position, the rally may slow down.
In the event of a fall below $0.000007, the initiative will shift to the bears. However, as seen in the IntoTheBlock chart, the 28,000 wallets that purchased 15.8 trillion Shiba Inu at this price could provide some support for memcoin, preventing further drawdowns.
