The year 2022 has been a mixed signal for the overall crypto market with Terra collapse and macroeconomic situations. The majority of cryptocurrencies have lost their previous gains including Bitcoin, Ethereum, and other altcoins.
When Dogecoin killer, Shiba Inu (SHIB) is considered, over the last two months from June 18 2022 to August 18, 2022, SHIB has surged twice its value to trade at around $0.000015
However, at the moment Shiba Inu (SHIB) is trading at $0.000013 and still, it is up by 2.57% in the last 24hrs.
Though SHIB is on a downward movement, analysts have a bullish stance on the currency that it will start its recovery phase soon. Below are the three important factors for Shiba Inu’s price recovery.
Investors HODL SHIB
Shiba Inu’s profit reached its peak last week when the currency hit a target of $0.000017. As per Santiment, an analytic platform report, the currency’s upward move coincided with that of investors’ profits. To take their share of profits investors sold SHIB holding, but since August 15, Whales are holding onto their SHIB.
The WhaleStats data states that at present $163 million worth of SHIB tokens is being held by Ethereum whales. These numbers that the whales are holding are considered a positive indication for the meme currency and this increased whale activity suggests that large investors are looking forward to SHIB’s next surge.
Best Buy Accepts Shiba Inu As A Payment
One of the biggest electronic retailers, Best Buy is now accepting Shiba Inu as a mode of payment supported by BitPay. This has also paved the way for Shiba Inu (SHIB) adoption. The increase in adoption might push the DOGE competitor to soon enter the recovery rally and start its journey towards another all-time high.
Shiba Inu’s Social Dominance
Shiba Inu has also witnessed a spike in its social dominance and this will be another reason for SHIB’s recovery phase.
One of the crypto intelligence firms, Lunar Crush, claims that the social dominance of Shiba Inu has seen a massive surge in the last 90 days. Though the currency is on a bearish pull, the social mentions of this meme currency have spiked to 89,660.
If there is an increased demand for SHIB from investors and traders, the currency will see a rise from its current trend. As per Peter Brandt, Shiba Inu’s key level was around $0.00001310 and currently, it is trading above this level