Pseudonymous crypto analyst and influencer “Altcoin Sherpa” has recently revealed on social media he believes the price of the meme-inspired cryptocurrency Shiba Inu ($SHIB) could move up “hard” at the end of this cycle.
In a tweet shared with the analyst’s over 170,000 followers on the microblogging platform Twitter, Sherpa noted that he is still HODLing his SHIB tokens and plans on dollar cost averaging in more tokens as time goes by.
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Per his words, he could be “way wrong” in his belief that the price of the cryptocurrency will move at the end of this cycle.
When asked about the meme-inspired cryptocurrency’s fundamentals, Sherpa said it “has nothing” as it’s a meme coin he expects to “pump [because] I still ultimately believe alts have 1 more leg up.”
Sherpa’s chart suggests the cryptocurrency’s price could make a major move by the end of April or beginning of May, as trendlines pointing out its decreasing price volatility are set to be close enough then for the price to stop moving sideways.
While the analyst believes Shiba Inu has no fundamentals worth mentioning, the team behind the project has been working on a number of features. As reported, Shiba Inu developer “kaaldhairya” recently shared an upgrade of what he is currently working on for SHIB, and pointed out that Shibarium’s Beta is coming soon, while also noting the project’s decentralized exchange si getting “new ways to earn.”
Shibarium, it’s worth noting, is a layer-two network built on top of the Ethereum blockchain meant to support the Shiba Inu ecosystem. It’s set to enable “rapid low cost transactions optimized for gaming.” Unification is planning on launching a public testnet for the network “very soon” according to its announcement.
In his tweet, the developer also mentioned the project’s stablecoin SHI, saying it’s “in development” and asking the cryptocurrency’s community to vote on their favorite collateral for it.
The developer also provided an update on Shiba Inu’s upcoming burn portal, which is set to make it easier for the platform’s users to regularly burn SHIB, effectively reducing its circulating supply. The portal, he revealed, is set to allow users to “earn rewards.”
Notably, Altcoin Sherpa’s tweet came shortly before the meme-inspired cryptocurrency was listed on commission-free trading platform Robinhood, along with Solana, Compound, and Polygon.
The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.
Featured image via Pixabay
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