Overshadowed by the demise of major crypto exchange FTX, SHIB has recovered to levels last seen in early summer of this year.
Since there was more market liquidity and the correction's scope was larger at the time, the SHIB price suffered slightly less this time. The fact that Shiba Inu token's price did not fall below the known zone around $0.000009 after another round of crypto market capitulation may indicate that the bottom for SHIB has been reached once again.
What will be the catalyst for a rise in SHIB quotations and a pullback in the token to at least August levels? There are several such factors, not the least of which is the Shiba Inu project.
SHIB Price Catalysts
Shibarium, the ecosystem's own Layer 2 protocol, is unquestionably the first trigger. A proprietary blockchain solution should greatly increase the token's utility, resulting in increased demand, trading volumes, and SHIB burning rate.
The second — and perhaps more important — factor is the overall crypto market environment. FTX's demise has significantly harmed the sector, and the repercussions will be felt for a long time. Investor confidence may take a long time to return, and it may take even longer for tokens like SHIB, which, despite having a high market capitalization, are not at the forefront.