Shiba Inu Coin Price Remains Sideways Amid Shiba Hub Announcement
The choppy price action of the Shiba Inu coin (SHIB) has continued this week. The weakness in the leading cryptocurrencies is keeping the smaller-capped coins like SHIB in a slump. The memecoin has been down 9.5% since the start of September, and its outlook remains bearish.
The week started with Michael Saylor’s announcement of adding another 5,445 Bitcoin to MicroStrategy’s holdings. The Saylor-led company is one of the biggest institutional holders of the most valuable digital asset. The markets turned green after Saylor’s tweet revealing a $147 million investment in Bitcoin.
However, most altcoins have lost their Monday gains and are trading close to their weekly lows. At the time of writing, SHIB price is trading only a few cents above its weekly lows.
Shiba Hub To Boost Shibarium Ecosystem
In one of the major developments in the memecoin space, the Shiba Inu team announced Shiba Hub. According to the details, Shiba Hub will take a center point in the Shibarium ecosystem and accelerate the dapp development. As per the lead developer, Shytoshi Kusama, the protocol will provide a common location for the decentralized space.
However, the price of the leading memecoin remained unfazed by the news. In fact, the token extended its weekly drop by another 0.27%. The indecisive price action of Bitcoin appears to have sucked the air out of the altcoins.
SHIB/BTC Tanks 27%
The weakness in the SHIB/USD pair can be explained by analyzing the SHIB/BTC chart. Shiba Inu coin price has slid almost 27% against Bitcoin in the past five weeks. This shows that the capital is flowing out of the memecoin to the Bitcoin.
The prevailing risk-off approach in the crypto markets can be attributed to the sell-off in equities. The rising strength of the US dollar is acting as a headwind for high-risk assets like stocks and cryptocurrencies.
Shiba Inu Coin Price Technical Analysis
After breaking below its $0.00000780 support, SHIB price is currently consolidating below the key level. A retest of the June lows remains on the cards as there is very little buying pressure on the price. A breakout above the $0.00000780 resistance may give bulls a sigh of relief. However, due to the current market conditions, I won’t bet on this move.
Shiba Inu coin price prediction is not looking bullish at all as the investor interest in memecoins has declined in the last two months. Meme coins like PEPE and LADYS took center stage earlier this year as the investors ditched the older coins like DOGE and SHIB for new coins.
