Early last week saw a drastic rise in the price of the Shiba Inu token by a whopping 36 percent. This did not last long as the coin had fallen back to $0.0000365 at the time of writing. Last week’s growth was a reaction to the announcement of a gaming partnership by the coin’s developers. This partnership could provide opportunities for future growth.
While the coin has been unable to hit the heights of $0.000088 recorded in October, investors are optimistic its venture into the metaverse will put it back on track. Currently, more than a million investors have embraced the project. This is a big milestone. The rapid growth appears to have been inspired by the swelling investor base.
Move into gaming and Metaverse
The recent move by Facebook to change its name to Meta has seen a rise in popularity of metaverse-related coins lie SAND and MANA. While outlining his vision for Facebook, CEO Mark Zuckerberg said that Facebook’s future is to function as a metaverse company.
Following this development, Shiba Inu hired William Volk, former VP of technology for Activision, to lead its charge into gaming. The new venture would require investments in infrastructure and significant experience. David Volk is seen as a good choice for that role. After his appointment, Volk remarked that the latest venture by Shiba “will become one of the most significant games of all time.”
While some analysts are bullish on its future, others think it is impossible for Shiba Inu ever to reach the height of $1. Jordan McCreery of Ingrained Media remarked that Shiba has some real potential to reach $0.01 or higher. Don Guo of Broctagon, on the other hand, thinks it is a tall order for Shiba ever to reach a dollar.
Shib possible scenarios in coming days
The past few months, SHIB has been on a downward trend. The daily chart shows that the coin has formed a falling wedge pattern, which is usually a bullish sign. The recent move into gaming might act as a catalyst for a rebound in the coming weeks.
Be the first to comment