Shytoshi Kusama, the lead developer of Shiba Inu, has responded to a buying strategy for SHIB revealed by an early Bitcoin adopter, Davinci Jeremie. Despite current market conditions, Jeremie remains optimistic about Shiba Inu and continues to advocate for the canine-themed cryptocurrency. Known for his influential YouTube video in May 2013, where he encouraged viewers to invest at least $1 in Bitcoin, Jeremie has now turned his attention to Shiba Inu, making similar recommendations.
In several instances last year, Davinci promoted Shiba Inu, urging investors to acquire SHIB tokens. He also called attention to SHIB in January of this year, encouraging investors to “buy Shiba Inu.”
Interestingly, Davinci’s latest call to action takes a different approach, as he discusses a buying strategy that market participants can use to enter the Shiba Inu market. In a recent video, he highlighted that SHIB had already experienced a pump and generated profits but seemed to be declining.
Davinci referred to Shiba Inu’s significant price surge from February to March this year. During that time, SHIB increased from $0.00000967 to a local high of $0.00004567 on March 5, representing a 372% increase in just one week. With this surge, $10,000 in SHIB grew to a value of $47,228, resulting in a profit of over $37,000.
However, Davinci acknowledged that Shiba Inu has since started to lose some of the gains from the earlier rally. He presented a chart indicating that Shiba Inu is currently trading within a descending parallel channel during the ongoing correction.
According to Davinci, if Shiba Inu breaks out of this channel, it could experience another significant price spike. He suggested that this breakout could occur when Shiba Inu surpasses the $0.000025 or $0.00003 price levels. His initial target upon reaching this milestone is the $0.00006 zone, which market analyst SHIB Knight has also highlighted.
Davinci’s chart proposes a buying strategy below the $0.000025 and $0.00003 price levels. Shiba Inu’s lead developer responded to this revelation with a Dragonball meme, showing support.
It is worth noting that Shiba Inu has already exceeded the $0.000025 price threshold. This breakthrough came as a result of a recent uptrend that saw SHIB surge by 17% in three days. However, SHIB is currently experiencing a correction after reaching $0.00002945 today in an attempt to break above $0.00003.
At the current price of $0.00002753, Shiba Inu is still below the crucial $0.00003 level. As a result, investors who wish to enter the market still have an opportunity to accumulate more tokens at an attractive entry point. However, it is important to note that this should not be considered investment advice, as SHIB may not experience the projected rally.
Disclaimer: This article is for informational purposes only and should not be construed as financial advice. The opinions expressed in this article are solely those of the author and do not reflect the opinion of The Crypto Basic. Readers are advised to conduct thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.