In recent months, Shiba Inu (SHIB) has enjoyed a favorable period, witnessing a substantial gain of more than 60%. However, a recent market downturn has impacted its progression, yet one industry expert suggests that this dip should not discourage potential investors.
A notable development contributing to the positive outlook is the decrease in SHIB supply on cryptocurrency exchanges, reaching 7.58% on December 12. To put this into perspective, it was nearly 9% in June of the same year, as highlighted by crypto analyst Trader Kamikaze. The reduction in SHIB tokens available on trading platforms is generally viewed positively, as it signals reduced selling pressure, potentially setting the stage for future gains.
While the recent market downturn has impacted SHIB’s price, it’s important to note the positive developments the meme coin has achieved. Shibarium, its layer-2 blockchain solution, has consistently set new records for daily transactions throughout December, approaching the impressive milestone of 100 million total network transactions.
Additionally, Binance, the world’s largest cryptocurrency exchange, introduced new trading pairs on its spot market on December 13. Notably, one of these pairs features Shiba Inu and the recently introduced stablecoin, First Digital USD (FDUSD), boasting a capitalization of $1.086 billion.
As of the latest update, SHIB is trading at $0.00000944, reflecting a -1.76% decrease in the past 24 hours and a -7.30% loss over the last 7 days. However, the cryptocurrency has demonstrated resilience, adding 6.15% to its value in the previous month.
Considering the recent supply shortage on exchange markets, SHIB trading above its 200-day simple moving average, and a positive trend with 19 green days in the past month, experts suggest there may still be potential for gains soon. Despite short-term fluctuations, Shiba Inu’s achievements and positive indicators position it as an asset worth monitoring for potential investors.