Shiba Inu went through some turbulence at the start of 2022 as the price of the meme token dipped drastically along with Bitcoin and other altcoins. The market crash led to the wiping away of profits and crypto traders kept their hands off from spending money fearing further dip in the market.
However, it can be seen that cryptocurrencies and other meme tokens in the market are now picking up momentum as investors have started putting in their money amid buying pressure after an unenthusiastic start last month.
Looks like the trading activity for Shiba Inu is taking a positive turn in February. According to the latest data, 67% of crypto investors have bought the meme-token and are keeping on 'buy' while 33% of the investors are ready to 'sell'.
This is unlike the data last month which showed that the buying of cryptos decreased with the market's downward trend. Apart from SHIB, several other cryptocurrencies including Bitcoin have gained momentum in the market. The world's most valuable cryptocurrency has started showing recovery after a massive slump in the recent market crash. Bitcoin's value currently stands at $36,942.66, down by -3.51% over the past 24 hours on CoinMarketCap.
Meanwhile, several cryptos are facing buying pressure and the market could soon become normal with investors fearlessly making trades. In terms of popularity, SHIB stands at no 15 on CoinMarketCap.
Bitcoin (BTC) is like the heart of the market as it largely dictates the movement of the cryptocurrency market. BTC's rise and fall affect other cryptos, altcoins, meme tokens. While January was dull for Bitcoin, it is to be seen in which direction BTC heads this month.
While the recovery has given some relief to the trader, they are still fearful of the uncertainties of the global financial condition, which is muddled with the rise of Omicron. No safety net is there to prevent investors' losses as there could be another crash.
Shiba Inu's Ongoing Projects
The Shiba Inu team is burning the midnight oil to launch their new upgraded products and features that are likely to benefit traders in a massive way. Among the upcoming developments in 2022, Shibarium layer-2 network, Doggy DAO, ShibaSwap 2.0, ShibaNet, Shibosis NFTs are some updates that are keeping the SHIBArmy and the Shiba Inu community excited. In addition to this, SHIB is also working on releasing two different games in collaboration with two different partners - PlaySide Studios and Activision respectively.
At the time of publishing, Shiba Inu was trading at $0.00002059 down by -4.42% in a day's trade, according to CoinMarketCap. International Business Times advices crypto traders not to fall for any trading rumors and check all the latest cryptocurrency updates before investing through exchanges online.