Shiba Inu (SHIB) price continues its bullish run after gaining momentum over the past week. After breaking through the $0.000007 threshold, the token price is up nearly 20%.
What could determine the price of SHIB? Is the token targeting the $0.00001 price level?
Shiba Inu Price Action – Trip to $0.00001?
Indeed, the continued price increase of Shiba Inu can be attributed to several factors, including exciting project updates. But the positive social sentiment surrounding the cryptocurrency appears to be the main driver of the price.
According to data from CoinGecko, SHIB is trading at $0.00000839, with the price up 14% in the last 24 hours. A broader look at the market shows that the token has performed even better over the past week, with a price increase of 25%.
It is worth noting that the Shiba Inu token has only just started its recovery as it has been in a downward trend since early February. On Feb. 5, the coin hit its 2023 all-time high at $0.00001473, meaning the price is still down 43%.
That being said, SHIB seems poised for the psychological price level of $0.00001, although it faces significant resistance at $0.0000084. If it manages to break this threshold, a rally to $0.00001 alone is likely.
SHIB facing resistance at $0.00000840 | Source: SHIBUSD chart from TradingView
According to CoinMarketCap Data, Shiba Inu has a market cap of over $4.9 billion, up 13.3% in the past 24 hours. The token is currently the 14th largest cryptocurrency by market capitalization.
Shiba Inu announces the upcoming 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 the teaser video on his Twitter, Shiba Inu lead developer dove deep into the new “Shibacals”, dissecting what the project means for the Shiba Inu ecosystem.
Shytoshi also announced the forthcoming release of the “Worldpaper”. This document is expected to contain the long-term plan for full and complete decentralization, new official partners (and a summary of the current ones), and other information. He stated that the Worldpaper is unique and different from the “Woof paper”, as the forthcoming paper will be about “saving” the world through decentralization.
Related Reading: Shiba Inu: This New AI Meme Token Collaborated With Shibarium Is Up 81%
While Worldpaper’s release date was not mentioned in the blog post, the pseudonymous developer noted that the paper will be unveiled along with – or just before – Shibarium.
Shibarium is an upcoming Layer-2 network built on the Ethereum blockchain for Shiba Inu. At the time of writing, Shibarium has no official launch date.
Featured image from Dreamstime.com, chart from TradingView
