The price of Shiba Inu (SHIB) continues on its bullish run, having gathered great momentum in the past week. Following its breakthrough at the $0.000007 threshold, the token price has been on a nearly 20% price upswing.
What could be driving the price of SHIB? Is the token heading for the $0.00001 price level?
Shiba Inu Price Action – Journey To $0.00001?
Indeed, Shiba Inu’s sustained price rally can be attributed to different factors, including exciting project updates. But, the positive social sentiment surrounding the cryptocurrency seems to be the major driving force behind its price.
According to data from CoinGecko, SHIB trades at $0.00000839, with a 14% price increase in the last 24 hours. A broader look at the market shows that the token has performed even better in the past week, recording a 25% price jump.
It is worth noting that the Shiba Inu token has just only begun its recovery, having been on a downtrend since the beginning of February. On February 5, the coin reached its 2023 peak – so far – at $0.00001473, which means it is still on a 43% price decline.
That said, SHIB looks set for the psychological $0.00001 price level, although it faces significant resistance at $0.0000084. If it manages to break through this threshold, a rally to $0.00001 is only then likely.
SHIB facing resistance at $0.00000840 | Source: SHIBUSD chart from TradingView
According to CoinMarketCap data, Shiba Inu boasts a market capitalization of more than $4.9 billion, with a 13.3% increase in the last 24 hours. The token currently ranks as the 14th biggest cryptocurrency by market cap.
Shiba Inu Announces The Imminent Release Of The “Worldpaper”
On Wednesday, June 21, Shytoshi Kusama published a blog post on the Shiba Inu website, providing updates on the meme-inspired ecosystem. Following its teaser video on his Twitter, the Shiba Inu lead developer took a deep dive into the new “Shibacals”, dissecting what the project means for the Shiba Inu ecosystem.
Shytoshi also announced the impending release of the “Worldpaper”. This document is expected to contain the long-term plan for full and complete decentralization, new official partners (and a recap of current ones), and other information. He stated that the Worldpaper is unique and different from the “Woofpaper”, as the upcoming paper will be about “saving” the world through decentralization.
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Although the time for Worldpaper’s release was not specified in the blog post, the pseudonymous developer did note that the paper will be unveiled alongside – or right before – Shibarium.
Shibarium is an upcoming layer-2 network built on the Ethereum blockchain for Shiba Inu. As of press time, Shibarium has no official launch date.