thecryptobasic.com
Following the recent dip in SHIB’s price, the Shiba Inu ecosystem team encourages investors to remain positive in a tough market.
The recent performance has left many investors disappointed as prices of top tokens continue to record massive declines. For instance, Shiba Inu (SHIB), which surged to a monthly high of $0.00002010, is currently trading below $0.000016.
Data from CoinMarketCap shows that the token is down 10.3% in the monthly charts and 8.7% over the past seven days. The dog-themed token also suffered a 5% correction on its fourth anniversary, marked yesterday.
Shiba Inu’s recent performance does not align with investors’ expectations. While many market participants expected SHIB and the broader crypto market to be in a bull phase, usually marked by surging prices, the reverse has been the case due to global conflicts, especially the Israel-Hamas war.
Staying Positive Amid Market Turbulence
In a recent tweet, Shiba Inu’s marketing strategist Lucie acknowledged the recent challenge in the crypto market, stating that no one anticipated how unstable politics and global conflicts would affect it.
She disclosed that significant progress is still happening behind the scenes despite the recent market downturn. The marketing lead emphasized that she understands investors’ frustrations, especially those expecting quicker gains.
However, Lucie advised these investors to ignore the daily market fluctuations and concentrate on long-term development and growth.
Furthermore, Lucie encouraged long-term investors to remain resilient and not allow these short-term fluctuations to undermine their confidence.
Israel-Hamas Conflict Spread Panic
Meanwhile, SHIB is currently trading at $0.00001538, reflecting a 24-hour low of 4.28%. Like other major crypto assets, Shiba Inu has been on a steady decline for the past three days.
The major factor responsible for this downward trend revolves around geopolitical tension. There are ongoing concerns that the Iranian authorities might carry out a retaliatory attack against Israel following the assassination of a Hamas military chief in the capital of Iran.
This has heightened fear of a broader conflict across different parts of the region, leading to increased market volatility as investors take caution.
Despite the recent plunge in SHIB’s price, investors have remained confident about an imminent rally for the token. As reported earlier, Coinpedia Markets projected that SHIB’s price could surge between 1,000% and 10,000% before the end of 2024.
Similarly, prominent market watcher Ava Monaro set a similar target for the token. However, the analyst did not indicate a timeline for when SHIB could achieve this milestone.