Shiba Inu (SHIB) continues to face pressure following the overall decline in the crypto market, but certain factors indicate a possible recovery.
Shiba Inu's Market Position
This week, the price of SHIB has dropped by 9%, with a market capitalization of around $7.3 billion, significantly lower than the peak of nearly $20 billion in December.
Factors Supporting Potential Growth
Despite negative trends, some indicators, such as the negative net flow to exchanges, signal a shift in investments to safer storage methods. Additionally, the recent increase in transactions on Shibarium raises questions about further adoption.
Market Sentiment and Its Impact on SHIB
According to CoinMarketCap, on August 20, Shiba Inu ranked among the top 10 cryptocurrencies attracting the most bullish sentiment. However, it is essential to note that market behavior can often contradict retail investor expectations.
Despite current challenges, Shiba Inu may anticipate an improvement if key parameters remain positive.
