Shiba Inu Team Highlights Reason Behind SHIB’s Bearish Position.
Despite the recent ecosystem developments, Shiba Inu marketing team member Lucie recently highlighted the reason behind SHIB’s price downturn.
The Shiba Inu development team continues to push ecosystem developments. However, despite these bullish moves, SHIB remains in a downturn. Shiba Inu marketing specialist Lucie recently pointed out the reason behind this bearish trend.
According to Lucie, the primary factor behind Shiba Inu’s ability to embark on astronomical rallies is the current condition of the broader crypto market.
Why No Moon? 🌕 Why $SHIB down? 📉
Eh… $SHIB's unstoppable spirit is real, but it rides the market's waves too. It's everywhere! 🌊
Okay, a little bumpy now, but what about the Bullmarket? 🐂
Remember, thinking long term matters. Short-term victories fade fast. BE POSITIVE… pic.twitter.com/ZQQGKxIhrk
— 𝐋𝐔𝐂𝐈𝐄 | Summer of Shibarium (@LucieSHIB) August 28, 2023
She affirmed that Shiba Inu possesses an “unstoppable spirit,” referencing the project’s impressive growth and ever-expanding ecosystem. However, Lucie emphasized that, despite its unstoppable spirit, SHIB is still bound to the waves of the broader crypto market.
Notably, the crypto market has been in a bearish storm since mid-July. Bitcoin (BTC), the premier crypto, is down 18.5% from its yearly high of $31,804. The asset, which determines the broader market’s direction, has remained downward since then.
Benjamin Cowen, veteran crypto analyst and founder of Into The Cryptoverse, recently highlighted this bearishness. He asserted that BTC could drop to $23,000 in the coming months.
It is against the backdrop of this market turbulence that Shiba Inu has remained in a downturn. Lucie acknowledged that SHIB is facing a “bumpy” road right now. However, she called attention to the upcoming bull market.
The marketing specialist charged investors to focus on long-term prospects rather than short-term gains, which could easily be shed off.
Shiba Inu Continues to Build
The Shiba Inu team has leveraged the bear market to push development initiatives. This trend resonates with the sentiments of Shiba Inu’s anonymous founder, Ryoshi. According to him, “Those who build in the bear market will win in the bull market.”
The development team has introduced ShibaSwap 2.0, Shibacals, SHIB: The Metaverse, and Shibarium projects. These projects could bolster SHIB’s utility and attract demand, presenting catalysts for an upsurge during the bull market.
Notably, the team recently announced that Shibarium, the prominent layer-2 scaling solution, is now open for public use. The network went into private mode amid issues from an unexpected user surge. SHIB is trading for $0.00000795, down 4.90% over the past week.