Despite recent lackluster developments and declining prices, signs are pointing to a potential resurgence for the meme cryptocurrency Shiba Inu (SHIB).
The crypto asset has been identified as undervalued by Santiment, a cryptocurrency analysis platform. According to their MVRV Z-Score metric, Shiba Inu is in a position of undervaluation, indicating that traders are holding the cryptocurrency at a loss.
Historically, periods of undervaluation of cryptocurrencies have been followed by significant price recoveries, which suggests a positive outlook for Shiba Inu.
At the time of publication, the price of Shiba Inu was at US$0,00001702, having fallen 0.9% in the last 24 hours.
Furthermore, Coinbase, a leading cryptocurrency exchange, has announced plans to add futures related to popular altcoins to its derivatives exchange. The exchange has presented five new futures product registrations linked to cryptocurrencies Polkadot (DOT), Shiba Inu (SHIB), Stellar (XLM), Avalanche (AVAX), and Chainlink (LINK) to the Commodity Futures Trading Commission (CFTC). The estimated date for trading these products is July 15th.
It’s important to note that the views and opinions expressed in this article are for informational purposes only and do not constitute financial or investment advice. Investing or trading cryptocurrencies carries the risk of financial loss.
