Shiba Inu has been struggling to post significant price gains lately, but famed investor Jake Gagain does not care about it and stays extremely optimistic about the cryptocurrency’s future.
Despite the recent dip in value, Gagain was still very optimistic about SHIB. This contrasts with the current SHIB price forecast of a -0.87% decrease, with a predicted price of $0.00001301 by October 9, 2024.
Gagain believes that Shiba Inu will experience a large rally soon, now being the 13th-largest cryptocurrency by market cap.
Very Bullish On $SHIB.
— JAKE (@JakeGagain) September 8, 2024
Investor Confidence Amid Price Dips
The predictions of Gagain were not borne out of recent performances by Shiba Inu. The cryptocurrency had nosedived to $0.00001244 on September 6 from its daily high of $0.00001339, reflecting a slump of 7.09%.
This was greatly influenced by the weak ISM Manufacturing data whose shockwaves were still being felt within the general financial market. The data showed the PMI index slipping to 47.2 below what was expected in the market.
As a result, the cryptocurrency giant, Bitcoin, sank from around $58 000 to $53 000, pulling all tides of many altcoins, Shiba Inu included.
Shiba Inu: Expanding Ecosystem
Despite being in a downtrend at the moment, there is much going on within the Shiba Inu ecosystem that may make Gagain so optimistic.
The meme coin has moved past just being a token into a more complex ecosystem. It now comprises a play-to-earn game called Shiba Eternity, a decentralized exchange – ShibaSwap – and even a metaverse project called Shib: The Metaverse.
On top of that is perhaps the introduction of ShibTorch, an automated burn portal reducing the circulating supply of SHIB, as another potential catalyst of increases in the future. It may be partly for such reasons that Gagain, along with his community of enthusiasts, has much to remain optimistic about in the long term for SHIB.
Technical Analysis and Market Sentiment
Shiba Inu’s technical indicators right now are mixed. At 26, the Fear & Greed Index shows that asset-owning investors are in fear. With 14 out of 30 days in the green over the past month, the meme coin shows a really good performance rate of 47%. Still, the digital asset has undoubtedly created erratic price fluctuations with a volatility rate of 4.39%.
While Gagain’s bullish outlook indeed offers a brighter perspective, current market conditions remain cautious. The combination of bearish sentiment and high volatility, therefore, would call for caution from potential investors.
Besides these recent price dips, several of the ongoing projects and ecosystem developments hold long-term value. Yet, the present market environment has a twist leading to fear and uncertainty, and now is probably not a good time to venture into SHIB. Investors will weigh these facts before making any decision.
Featured image from FinanceFeeds, chart from TradingView
Source: NewsBTC