Even though the past week hasn’t been too great for many markets, there is no reason to despair. Even the Shiba Inu (SHIB) price has lost 15.3%, but it can rebound quickly when everything falls into place. Moreover, some of the upcoming developments can either drive the price down further or spark a rebound in the coming weeks.
Shiba Inu (SHIB) Price Hits A Snag
After a very successful launch and a few price bounces since then, the Shiba Inu (SHIB) price momentum seems to have soured temporarily. Although the currency is still up by 11.3% in the past 30 days, it has lost 15.3% in the past week. Of course, one can argue all markets go through a similar trend, yet some speculators had expected the SHIB price to go in the opposite direction.
Unfortunately, it doesn’t appear as if the bearish pressure is over entirely. While the trading volume seems strong at just below $290 million, that may not be sufficient to stabilize the price in the coming days. Moreover, the weekend is right around the corner, which usually leads to even more market volatility. What that will do to the Shiba Inu value is impossible to predict, although caution remains advised.
BONE Price Isn’t Doing Much Better
As part of the Shiba Inu ecosystem, there are two other tokens to contend with. LEASH and BONE are rewards users can earn by participating in the DeFi aspect of this ecosystem. However, the value of BONE has been dropping rather quickly, which can be caused by less usage of the ShibaSwap platform. Furthermore, as this concept is built on the Ethereum blockchain, it suffers from higher gas fees.
Those fees make people less eager to swap tokens until the network calms down again. Whether that is the only reason BONE loses 25% in value this month is different. The token has also lost 88.6% in the past year, indicating more to this development. A new all-time low is not too far off anymore, which may be something to watch out for. Reaching $4.64 per BONE again seems incredibly unlikely.
Token Distribution Looks Healthy
Whenever a token or asset is distributed, it is essential to achieve a fair distribution of sorts. That is a bit trickier when the token has a circulation supply of nearly 500 trillion, however. Even so, there are currently over 645,000 people that hold Shiba Inu (SHIB) in their portfolio. Increasing that number will prove crucial, but it is also very hard to achieve. However, there is one development that may help move things along.
WeBull Will Support Shiba Inu
Many people seek exposure to cryptocurrencies in various ways. Not everyone is comfortable with setting up a wallet and managing their assets directly, though. Services like WeBull can provide exposure to assets like SHIB without users worrying about the logistics. Beta users can request access to SHIB already, although in limited quantities. Everyone else has to wait until September 6, 2021. That launch can certainly spark a Shiba Inu price surge, assuming overall demand remains the same.
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