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Breaking News: Bitcoin Price Slips Below $108,000: Peter Schiff Anticipates ‘Brutal’ Bear Market, CZ Responds
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Breaking News: Bitcoin Price Slips Below $108,000: Peter Schiff Anticipates ‘Brutal’ Bear Market, CZ Responds

Why A Leading Investor Is Still Very Bullish On Shiba Inu, Even Amid Declines

Christian Encila
Christian Encila
1 year ago
3 mins read
Shiba Inu

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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.

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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.

SHIB market cap currently at $7.7 billion. Chart: TradingView

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.

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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%.

Source: CoinCodex

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

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Christian Encila
Christian Encila

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Read more

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

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