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SHIBA is probably one of the most famous cryptocurrencies in the market right now. After recording a 400% price gain in the last few days, most investors are already contemplating its next move.
This price rise has made it join the list of the 20 most valuable cryptocurrencies in the market. Its current ranking is 18th.
By all standards, this is a major achievement for a cryptocurrency that is less than 2 years old. However, after getting to an all-time high price, it has since fallen and it is trading at an average price of $0.000026.
This has left many traders in a confused state contemplating whether to buy or sell the coin. Experienced traders would tell you this is the right time to “accumulate”.
Below are some of the reasons why you should buy in this dip.
Normal Market Cycle
Financial markets behave in a specific predictable way. They always move up and down. It is common for the market to experience a correction phase after a sustained movement in a certain trend.
To explain this further, SHIB had a long upside movement resulting in hitting an all-time high. Once this happens, a temporary downside is common as most investors take their profits and buyers hold investing awaiting a potential dip. As more investors sell, the coin price comes under sustained downward pressure making its price fall.
We are in this phase currently. Once these activities cool down, I expect buyers to come in and buy low again.
This creates an opportunity for those who missed the first move to get in.
SHIBA Coin burning strategy
SHIBA has implemented a coin burning or destruction strategy that results in a reduction of coin supply in the market.
This is done to boost its price and protect the coin against inflation. Recently, any Shiba holder is allowed to burn their coins helping reduce the overall supply.
It is a strategy that is aimed at ensuring the price of SHIB keeps growing and seems to be working. Before the recent price rally, SHIBA developers announced a coin burn worth about $25,000 had taken place.
This is good for the long-term traders because of the less the supply the higher the prices. Who knows? Maybe the coin could make it to a cent in the future. This means a growth of over 1000 times.
SHIBA Solutions Innovation (SHIBOSHIS)
Shiba recently announced the release of its first NFTS known as SHIBOSHIS. The release was the first of this kind. This indicates that Shiba developers are trying to offer more value to the coin.
The release involves the launching of the first set of 10,000 shiboshis in the market. To illustrate the demand and market optimism, all the shiboshis in the first batch were bought off fully.
Continuous developments and innovations will continue adding value to SHIBA making its price rise.
These are some of the reasons why you need to boost your Shiba coins portfolio. The recent dip should not be a worry as the future looks brighter.
Although you can never be 100% sure about the future, the majority of these factors favor a rise in SHIB price.
It is key to point out that investment in cryptocurrencies remains highly risky and requires adequate market knowledge before committing your funds.