Shiba Inu Popularity Keeps Growing, Could This Stir Up The Bulls?

Shiba Inu Popularity Keeps Growing

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The community of investors and people who support meme coins is growing more and more, and one of the most acclaimed by them is Shiba Inu, the “Killer of Dogecoin”. However, during the last few weeks he has been in a downward trend that has caused concern in his followers.

At the time of writing, SHIB is trading at $0.00002146, losing 2.55% in the last 24 hours and accumulating a drop of 7.80% in the last 7 days according to CoinMarketCap data.

The popularity of Shiba Inu grows more and more

There are many positive data regarding its community, since more and more people adopt the meme cryptocurrency. One of the most important to note is that there is a strong possibility that Turkey is about to adopt the cryptomeme. The latter is due to the high levels of inflation that the Turkish lira has suffered in recent months; percentage that rises above 44% in only 2021.

In a meeting held by the Minister of Economy with the Shiba Inu developers, the situation is raised with the aim of finding a solution to the inflation suffered by the country; it is speculated that it could be planning to tackle the digital currency ecosystem.

It is a measure that is being evaluated due to the fact that a large number of citizens of the country operate with the meme currency against the USDT pair; even the figures of exchanges exceed by 5 times the amounts of operations with BTC/USDT.

This fact could be widely beneficial for investors. Since, it would increase the popularity of Shiba Inu, and therefore its price. Not to mention that on January 24 the SHIB DEVs indicated in a tweet that they are preparing something big. It is a Metaverse that will be based on said project, and that will be called Shiberse.

Additionally, its popularity and purchase percentages have also increased in the following countries:

  • Italy
  • Australia
  • Venezuela

Technical analysis: what to expect in the short term?

In the price action of SHIB against the dollar-mirroring stablecoin USDT, we can see that despite all the points mentioned, the selling continues to intensify. However, one aspect that could have a positive influence would be the results of the meeting between the Turkish Minister of Economy and the DEVs of SHIB; these reports have not yet been published.

It should be noted that if they are positive, it is almost certain that purchases will intensify; causing a bounce off the bottom of the ENV channels of the SHIB/USDT pair; located at US$ 0.00002120.

Analysis of Shiba Inu in daily temporality
Analysis of Shiba Inu in daily temporality. Source: TradingView.

On the other hand, the RSI is below 50 points, confirming the downtrend, and pointing to a sell-off sentiment. In case the results of the meeting with the Turkish Economy Minister are negative, we should prepare for a bigger crash that would take us to the most critical support; located at 0.000020.