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Rocket Fuel For Shiba Inu Price: Kusama Says 99% SHIB Supply Burn Possible

Shiba Inu lead developer Shytoshi Kusama has addressed inquiries regarding the ambitious goal to burn 99% of the circulating SHIB token supply. Kusama initially engaged with the community by inviting questions for his podcast, stating, “What a topic or question you want to hear answered on my podcast? #shyspeaks.”

Burning 99% Of Shiba Inu Tokens ‘Can Be Achieved’

This call to engagement set the stage for subsequent discussions about the potential token burn strategy. Fang Zhang, Chief Financial Officer at LSP Finance, directly queried the feasibility and strategic planning behind such an extensive burn: “The timeline and roadmap of burning 99% Shib Token in circulation, pls.”

Responding to Zhang’s inquiry, Kusama provided an explanation of the challenges and considerations involved in burning 99% of SHIB tokens. He acknowledged the historical improbability of such an endeavor, noting, “Burning 99% of Shib seemed impossible just a few years ago, but with many projects banding together to achieve this monumental task it can actually be achieved.”

Kusama elaborated on the necessary conditions for this outcome, emphasizing the adoption of the Shib tech stack by multiple projects, particularly large-scale ones, to facilitate the burn. “More and more projects or a few mega large ones have to adopt the Shib tech stack,” the SHIB lead dev stated.

Kusama highlighted several significant obstacles to achieving the burn target. He explained that if the burning process begins to accelerate, it could drive up the price of SHIB as investors anticipate a surge, making the burn more expensive and thereby slowing the process. “Assuming things started spiraling to a huge burn, people will buy considering that the price will moon. In this case, it would be more expensive to burn Shib, slowing down burning,” Kusama stated.

Additionally, he emphasized that the strategic intent behind the burn is as crucial as the actual burning process itself, saying, “It’s not the burning that matters, it’s [the] intention.”

Moreover, Kusama pointed out that token burns are not the sole pathway to SHIB’s success. He articulated that the development of utility for the memecoin is equally important, noting, “Finally, burns are not the only way Shib wins. If I say oh I approximate, that would take ANY LENGTH OF TIME, it’s not short enough for fudders. So we find other ways to give a memecoin utility and ensure we get to a point through viral distribution that people don’t want to burn the token anymore.”

He stressed the importance of enhancing SHIB’s utility through mechanisms like staking and developing new use cases for associated tokens such as BONE, LEASH, and Treat.

The proposed burn of 99% of SHIB’s total supply would create extreme scarcity. Should demand remain stable or increase, the reduced supply could lead to a significant rise in the value of each remaining SHIB token. This shift has the potential to elevate SHIB from its current status as a low-cost meme token to a more valuable asset.

However, Kusama clarified that such a burn would be a gradual process, driven by the adoption and integration of SHIB’s technology across various projects probably over several years, rather than an immediate reduction.

As of press time, SHIB is attempting to breach the 0.5 Fibonacci retracement level at $0.00002823. This technical level is derived from the March 5 high of $0.00004567 and the local low of $0.00001067 observed on August 5. In the short-term, a successful breakout above the 0.5 Fib level could pave the way toward the 0.618 Fib target at $0.00003235.

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Shiba Inu ‘To The Moon’: Lead Kusama Unveils Key Catalysts

Shiba Inu (SHIB) is currently consolidating after a massive rally earlier this month, which saw the token surge to $0.00003046 (on Binance). However, the momentum waned as SHIB retraced to levels below $0.00002303. With Bitcoin witnessing a push towards $100,000, SHIB investors have urged the development team to implement strategies that could catalyze a substantial rally

Key Catalysts For Shiba Inu Price

In response to these appeals, Shytoshi Kusama, the lead developer of the Shiba Inu ecosystem, addressed the community’s concerns by highlighting SHIB’s achievements and catalysts which will enhance the SHIB token valuation. Emphasizing the token’s prominence on the Ethereum blockchain, Kusama first stated via X: “‘Hey dude send Shib to the moon.’ Checks we are still #1 eth token in the world.”

Addressing the notion that SHIB is merely a get-rich-quick scheme, a user commented: “What people don’t get is this token is about function and not just get rich quick.” Kusama agreed, replying that a superior technology and adoption are the key catalyst for the Shiba Inu token price: “Because through function we change the world and wagmi. No leader. Lots of tech. Unparalleled vision in the entirety of crypto. What more can you ask for?” Kusama wrote.

The conversation also turned to SHIB: The Metaverse, a project anticipated to drive broader adoption of the Shiba Inu ecosystem. When asked about its launch, Kusama revealed: “I expect a MV update in the Shib Mag soon :)”

SHIB: The Metaverse is envisioned as a virtual world within the SHIB ecosystem, offering a digital playground where users can socialize, game, and trade digital assets. This metaverse aims to integrate Shiba Inu’s community, tokens, and services like ShibaSwap into a cohesive online environment. Users will be able to purchase virtual land, create unique experiences, and potentially mirror real-life businesses.

Concerns about competition from other meme tokens were also addressed by Kusama. When a user asked about the competition from Dogecoin (DOGE) and BONK, Kusama emphasized that the SHIB ecosystem will be on an enterprise level: “I hope all memes do well so that wagmi. But they are playing ‘I Declare War’ and I am on the enterprise playing multilevel chess with the shields raised saying Check to a Klingon. #kipla” he stated.

Further emphasizing upcoming developments, Kusama announced via X: “Analysis: Shib is still King! Bone is key. Leash is strong. TREAT is Coming.” He added shortly after: “Reminder that TREAT released by Shib Core is not yet available.”

The TREAT token, designed as an access key to advanced features within the Shiba Inu ecosystem, is set to be released soon. This token will complement the existing SHIB, BONE, and LEASH tokens, each serving distinct roles within the ecosystem. While LEASH focuses on exclusivity and BONE on technology, TREAT will unlock advanced functionalities, enriching the overall user experience.

In July, Kusama elaborated: “As you may know, Shib is home to a variety of tokens, including Shib, Bone, Leash, and our upcoming unreleased token: TREAT. Each token has its own utility and governance, and TREAT is the access token to all the advanced features of our system, in contrast to Leash, which is about exclusivity, or Bone, which focuses on technology.”

Hinting at another potential catalyst, Kusama retweeted a post by artchick.eth (@digitalartchick), who speculated: “Memecoin ETF within 10 months.” Kusama commented: “I didn’t say it…. but I did RT it.”

The prospect of a memecoin ETF in the United States is significant. Similar to the US spot Bitcoin and Ethereum ETFs, a memecoin ETF could attract substantial inflows from investors currently unable to access memecoin markets. Given its status as the second-largest memecoin by market capitalization, Shiba Inu would be a prime candidate for inclusion.

At press time, SHIB traded at $0.00002502.

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Shiba Inu Strategic US Hub Plan Sends SHIB Price On A 23% Moonshot

A meme coin developer is pushing for an ambitious plan of establishing a new American metropolis, similar to Silicon Valley, that is designed solely for the blockchain industry. Shiba Inu creator Shytoshi Kusama is urging the Donald Trump administration to consider the idea of a hub devoted to blockchain innovators and entrepreneurs.

Shiba Inu City: An Ambitious Plan

In a post, Kusama puts forward his audacious proposal to create the blockchain version of Silicon Valley to allow the blockchain ecosystem to thrive.

Kusama called the new city the Strategic Hub for Innovation in Blockchain (S.H.I.B), which he claimed is aligned with Trump’s vision of establishing new technology-centered American cities.

In 2023, Trump announced that once he got elected as US president, he will build 10 cities on federal land. He said these will be called “freedom cities”. These new US cities, he pointed out, would give the country a “new American future” after the nation, according to him, has “lost its boldness.”

With Trump emerging victorious in the US election, the Shiba Inu creator saw this as an excellent opportunity to push for his proposed blockchain hub.

Cost Effective

Kusama agrees that transforming one of the American cities and making it a hub for the blockchain industry would be expensive in the short term.

The meme coin developer said that establishing the SHIB would cost the US government around $1.3 billion to $2.35 billion and would require five to 10 years to build.

However, he noted that the Trump administration should not focus on the short-term expenses but on the long-term economic and geopolitical benefits it will bring to the country.

He said that SHIB’s outcomes would offset the cost of building it, explaining that in one to two years, he predicts that the blockchain hub would create 5,000 jobs.

The crypto developer added that the project could bring around $500 million into the local economy. It would also attract more than 100 blockchain startups to establish their business in the hub.

Kusama said:

“By leveraging blockchain’s transformative potential, this S.H.I.B. initiative aims to stimulate economic growth, create high-quality jobs, enhance national security, and reinforce the United States’ leadership in emerging technologies.”

A Strategic Investment

Kusama sees S.H.I.B. as a project that is transformative for the country, saying that it is a step to allow the US to clinch a strategic advantage in blockchain technology.

He predicted that the hub would become a self-sustaining ecosystem that could bring over $5 billion to the US economy every year, adding that it would also bring $500 million in tax revenues annually.

The crypto market responded favorably to the plan, pushing SHIB price to hit the $0.00002727 mark — a 23% increase in 24 hours.

Kusama believes that the project is a “strategic investment” essential for the country’s future since the proposal would generate significant economic returns and would make the country the leader in blockchain technology.

“With the President’s support, we can embark on this transformative journey, ensuring prosperity and security for generations to come,” he concluded.

Featured image from MDogsW, chart from TradingView

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Shiba Inu Announces Partnership With D3 Global, Price Plunges

Amid the current bearish sentiment around the cryptocurrency market, the popular Ethereum-based meme coin Shiba Inu has taken a positive step by partnering with internet domain company D3 Global.

Significance Of Shiba Inu’s Partnership With D3 Global

The team revealed its partnership with the internet domain name company in its latest version of the SHIB magazine. The latest magazine is now the seventh version that has been released since it was introduced.

D3 Global is a domain company that focuses on bridging the gaps between the web2 and web3 ecosystem which is overseen by Fred Hsu and Shayan Rostam.

Rostam asserted that partnering with Shiba Inu will allow the introduction of unique, memorable, and affordable domain names to users. Additionally, it will make use of Web3 utility on the internet’s base layer to streamline their digital identities.

The latest partnership is a part of Shiba Inu’s broader endeavor toward a decentralized identification project. Shiba Inu is seeking to establish a decentralized internet top-level domain (TLD) name for its users.

The collaboration aims to safeguard the “.shib” TLD name. A TLD is the last element of a web address that appears after the dot such as  “.com,” “.org,” or “.net.”

The TLD will enable SHIB users to register their .shib names which may be resolved through the global Domain Name System (DNS). It will also allow its users to have a digital identity compatible with Web2 and Web3 applications.

The “.shib” domain seeks to offer seamless compatibility with both the traditional Web3 technologies and the modern internet’s Domain Name System (DNS). This is unlike the current web3 names which are incompatible natively with essential internet technologies like email and web browsers.

With this initiative, SHIB users may have more functionality and be able to utilize their domain with regular web browsers. Additionally, it could also improve their blockchain transactions and digital identity.

Process Of Acquiring A New TLD

Being a major player in the internet domain industry, D3 is an expert in the administration and use of top-level domains. Their specialty is maneuvering through the difficult procedure of obtaining and configuring new TLDs.

The procedure of getting a TLD is not that simple or quick. It needs to be approved by ICANN, which is the result of a difficult and extensive application procedure. 

Related Reading: Shiba Inu Faces Make Or A Point As Analyst Identifies Critical Trading Pattern

In addition, the community must be involved and supportive of the initiative. This is because ICANN takes the public interest and possible effects of a new TLD into account.

Despite the notable partnership, the SHIB token is still down by over 2% in the past 24 hours, trading at $0.000010. Its market capitalization is down by over 2%, while its trading volume is down by over 30%, according to CoinMarketCap.

So far, the lead developer of Shiba Inu, Shytoshi Kusama has expressed the team’s pleasure in the collaboration. “We are extremely proud to once again trailblaze decentralization in world history,” Kusama stated.

Shiba Inu

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Shiba Inu Just Spiked 12% Overnight – What’s The Next Move?

People who are interested in investing in cryptocurrencies are shifting their attention to possible chances in the market as the holiday season draws near. As a noteworthy option for seasonal gains, Shiba Inu (SHIB) has a distinctive combination of appeal, volatility, and prospective returns.

Lead developer of Shiba Inu, Shytoshi Kusama, recently provided insight into the meme coin’s endeavors as it progresses in the cryptocurrency space.

Kusama Unveils Shiba Inu Community’s Ingenuity

Kusama, a well-known figure in the cryptocurrency sector, provided some new perspective into the remarkable efforts made by the Shiba Inu community to improve the token’s complex economics through an engaging series of social media posts.

The thriving and dynamic community that supports SHIB has shown an unwavering dedication to increasing the Shiba Inu token’s overall value and utility.

Through his posts, Kusama revealed a patchwork of projects that aim to strengthen the Shiba Inu ecosystem, from creative staking techniques to decentralized apps (DApps).

The focus on community involvement in tokenomics development demonstrated a shared goal of establishing Shiba Inu as a strong and long-term digital asset.

At the time of writing, SHIB was trading at $0.000010, making a surprise increase of 13% in the last 24 hours, and sustaining a 9% gain in the last seven days, data from Coingecko shows.

The announcement by the Shiba Inu (SHIB) community to burn billions of tokens in the near future clearly had a good effect on the meme coin’s price today. Kusama’s emphasis on this action marks a substantial transition for SHIB from its meme-centric beginnings to a global standard in the cryptocurrency and blockchain space.

Interest in SHIB is growing because of the upcoming token burn, which could enhance the community’s dedication to guiding SHIB’s development and raise its perceived value.

The administrator of the Shiba Inu Discord channel, who goes by the handle DaVinci, took to Telegram’s “Shibarium Tech” channel to make a significant statement to the Shiba Inu community.

He gave the SHIB army’s expectation that the 25 billion SHIB on Shibarium would burn earlier this week some context.

He said that SHIB burns might occur at any time and that the SHIB crew is hard at work planning them. As “everything has to happen in the correct way,” he advised the people to “take it easy.”

SHIB Burns Surge

Three unique addresses are used to compute burns: tokens transferred to the Genesis address, which lowers the supply, and two dead wallets with no accessible keys.

The SHIB burn rate has increased significantly by 10.07% in the last 24 hours, destroying 1.18 million coins, as of this writing.

Source: Shibburn

The SHIB developers moved an incredible 8 billion SHIB to a dead-end blockchain address earlier this month. Regarding the current SHIB burning, only 1,184,166 SHIB were destroyed in the last day.

Meanwhile, SHIB has taken the top spot on the list of meme coins with the highest level of social activity, according to recent research from Crypto Dep.

The information, which comes from the reliable social intelligence site Lunar Crush, highlights how dominant Shiba Inu is in comparison to other well-known meme-based cryptocurrencies like DOGE, FLOKI, and PEPE.

Featured image form Shutterstock

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Shiba Inu Lead Dev Kusama Breaks Silence With Major Updates

The pseudonymous lead developer of Shiba Inu (SHIB), Shytoshi Kusama, has broken his silence and has re-engaged with the community via Telegram, offering insights into the project’s developmental trajectory and responding to pressing queries regarding its future.

In a flurry of messages, Kusama unveiled his enthusiasm and strategic engagements aimed at bolstering Shiba Inu’s ecosystem. “Excited to see ALL the incredible projects on Shibarium. Finally, get to come out of quiet mode for all the amazing projects out there,” he said, delineating the ongoing work and collaborations undertaken during his period of silence.

He further revealed dialogues with pivotal figures in the ecosystem, saying, “I’ve been talking to VERY important individuals and some top [people] in [the] community for the next phase. Now I can return and support in any way I can as we keep building.”

Kusama’s remarks suggest a phase of introspection and strategic alignments, as he mentioned, “We have also been busy with platforms to support the community and begin this network state. Sometimes silence is the best weapon.”

Major Progress For Shiba Inu, Leash, Shibarium

One of the most significant updates provided was regarding the LEASH token. Kusama outlined a vision where the community is more involved and informed. “Yes. My plan is to build a framework that expresses to the community what YOUR plans, products, and platforms that use leash are… so we all can DOOR. (DYOR) Good plan huh?” he commented, emphasizing the essence of decentralization. “This is the quiet before the typhoon and I can’t wait to learn about all the fantastic projects building with Leash, Shib, Bone or launching on Shibarium.”

On the matter of Shibarium’s low usage, Kusama imparted his perspective on broader market trends and token utility. Explaining the relationship between token “burns” and utility, he noted, “Please understand the ‘burn’ increases as the use of Shibarium and Shib (and all tokens in the ecosystem) increase. So I’ve been looking for ways at a zoomed-out level to increase usage with others in our decentralized community.”

Kusama also addressed the community’s queries about specific timelines for key developments, advocating for a broader, philosophical perspective on time, indicating that rigid timelines might not be the most effective approach in a complex and evolving ecosystem. He stated, “Because time is infinite. It cannot be framed. BUT if you’re into watches the waves of the world then you know what time it is.”

A question regarding Shiba Inu’s integration into mainstream payment systems like McDonald’s and Burger King was met with a pragmatic response, acknowledging the existing challenges in such integrations. “It is available in tens of thousands of retailers but payment systems require deeper thought and integration,” Kusama elucidated, hinting at ongoing strategic deliberations.

A noteworthy exchange occurred when a user mentioned the necessity for the Shibarium key for integration with Hoichi, highlighting the importance of community-driven initiatives.

The Shiba Inu-based project stated that they “have 30 blockchains active already waiting to connect with Shibarium,” but the key is missing. “I think the Shibarium team reached out and there was confusion on what was needed. Please reach out a second time,” Kusama advised.

At press time, SHIB traded at $0.00000722. Remarkably, SHIB managed to close above the neckline of the descending triangle on the weekly chart, which could create a new bullish momentum. The next target could be the descending trend line of the triangle.

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Shiba Inu Hits Make-Or-Break Price: 250% Rally Or New All-Time Low?

Shiba Inu (SHIB) is in a crucial make-or-break moment. Following a market-wide altcoin slump, SHIB’s price action is being shaped by two opposing chart patterns, both of which could have significant implications for the price’s future.

A Tale Of Two Patterns For Shiba Inu

The 1-week chart for SHIB reveals a tale of two patterns. On one hand, there’s the bullish triple bottom, suggesting a potential end to SHIB’s two-year downtrend. On the other, a descending triangle, which has been in the making for over 13 months, hints at a bearish outcome. In an analysis on August 30, NewsBTC already warned of this scenario.

Yesterday, SHIB’s price dipped to a low of $0.00000697 before rebounding slightly to $0.00000722. This places it precariously above the crucial support line of $0.00000715. For SHIB to steer clear of the bearish implications of the descending triangle and to validate the triple bottom, it’s imperative that it maintains a weekly close above this price.

Shiba Inu price

The triple bottom, a bullish chart pattern, is characterized by three roughly equivalent lows bouncing off a support level, culminating in a breakout above resistance. This suggests a shift in momentum from sellers to buyers. For SHIB, the criteria for a triple bottom seem to be in place: an existing downward trend precedes the pattern; the three lows are approximately equal, allowing for a horizontal trend line and a decline in volume throughout the pattern suggests weakening bearish momentum.

SHIB’s journey through this pattern began in June 2022 with its first low at $0.00000715. After a brief recovery, it hit its second low in December 2021 at $0.00000781. The third and most recent low was recorded in June 2023 at $0.0000060.

The Shadow Of The Descending Triangle

However, the triple bottom’s bullish narrative is challenged by the descending triangle’s bearish undertones. If SHIB’s price falls below the $0.00000715 support, it could validate the descending triangle, potentially pushing SHIB towards its year-to-date low of $0.000006. A breach of this level might plunge SHIB into uncharted waters, making a new all-time low a grim possibility.

Traders often seek additional confirmation of patterns through other technical indicators. The Relative Strength Index (RSI) is one such tool. SHIB’s weekly RSI currently stands at a neutral 39.8 (neutral). However, a recent dip below the 30-mark (indicating oversold conditions) suggests that the recent price drop might have been the last for SHIB.

Should the triple bottom be validated, SHIB could witness a significant rally. An immediate target to watch would be the 23.6% Fibonacci retracement level at $0.00002545, translating to a potential surge of approximately 250% from its current price.

In conclusion, SHIB’s future hangs in the balance. The coming days and weeks will be crucial in determining whether it embarks on a bullish rally or succumbs to bearish pressures.

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Shibarium Is Live And Scaling, What’s Ahead For Shiba Inu Price?

In a new blog post today, Shytoshi Kusama, the lead developer of Shiba Inu, announced that Shibarium is now live and scaling optimally. Kusama stated, “Shibarium is LIVE and operating well! Now that we’ve proven that all funds are safu (as we said), and that Shibarium is ready for prime time, we will reopen our channels.”

As per the latest statistics, the network has already amassed over 65,000 wallets and has processed 350,000 transactions. The diversity of tokens deployed on Shibarium is evident, with Kusama noting a mix of “fun, unusual, and sometimes offensive tokens.” He optimistically added, “Within these thousands of tokens, we will see which will rise to the top.”

Kusama also took a moment to reflect on the resilience and determination of the Shiba Inu community, quoting Ryoshi, “Those who build in the bear market, will win in the bull market.” He expressed profound gratitude to the Polygon team, specifically mentioning Sandeep Naiwal, for their unwavering support during challenging times.

“Quickly after the incident began, I called Sandeep from Polygon directly and without a second thought, he helped provide additional resources to ensure a perfect outcome to the situation,” Kusama revealed. The SHIB lead dev also highlighted that it is by design that the SHIB, Leash, WEth withdrawals through the bridge take at least 2 checkpoints (45 minutes to 3 hours), and BONE withdrawal will take up to 7 days.

According to data from Shibariumscan.io, the network processed 132,739 transactions on August 25, marking its highest activity since its public restart on August 24. However, the network did experience a decline in transactions over the weekend, recording 78,870 transactions on Saturday and 40,433 on Sunday.

It’s worth noting that Shibarium’s initial launch on August 16 encountered issues that halted block production. However, the team appears to have resolved these issues, setting the stage for what could be a transformative period for the Shiba Inu ecosystem.

SHIB Price Analysis

The Shiba Inu token (SHIB) has been on a rollercoaster ride, especially in the wake of Shibarium’s initial troubled launch. After reaching a 4-month high of $0.00001134 on August 12, the token’s price plummeted. Currently, SHIB is trading below all major daily moving averages, with the 50-day EMA acting as a formidable resistance level.

Over the past 11 days, there have been three failed attempts to break above the 50-day EMA. This has led to a series of five red daily candles, indicating bearish sentiment. Most recently, SHIB fell below the 61.8% Fibonacci retracement level at $0.00000805. At press time, SHIB stood at $0.00000795.

Shiba Inu price

The relaunch of Shibarium could serve as a catalyst for SHIB’s price. With new use cases and potential for increased SHIB burns, the bulls may find new strength in the coming days.

However, the path to recovery is fraught with resistance levels that need to be overcome. These include the 61.8% Fibonacci level at $0.00000805, the area between the 100-day EMA at $0.00000867 and the 50% Fibonacci level at $0.00000869, and further up, the 200-day EMA at $0.00000932 and the 38.2% Fibonacci level at $0.00000931.

In summary, while the successful relaunch of Shibarium is a positive development, SHIB’s price has multiple hurdles to clear before a bullish trend can be confirmed. The coming days will be crucial in determining whether Shibarium’s operational success can translate into upward momentum for SHIB.

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How High Can Shiba Inu (SHIB) Rise When Shibarium Restarts?

Shibarium, the much-anticipated layer-2 network of Shiba Inu is back online but remains under the radar, confined to an extensive private test phase. Shytoshi Kusama, the project’s lead developer, unveiled this update on Saturday. In his remarks, Kusama assured the community that they have resolved all technical challenges previously encountered on this layer-2 platform.

Kusama mentioned, “Shibarium is currently live (but in private mode) producing blocks as normal.” He further emphasized the importance of ensuring optimal scaling and functionality before a public re-release, suggesting that the SHIB development team is prioritizing caution above all.

Notably, Shibarium’s initial launch wasn’t without its issues. Block production had come to a standstill on the network just last week. Shibariumscan, the network’s designated explorer, indicates that the most recent block on the Shibarium mainnet was produced on Thursday.

However, among the many challenges faced, the most significant was the unexpected trapping of 965 ETH, valued approximately at $1.7 million during that period. The predicament arose because of the massive, unexpected influx of traffic on the network immediately post-launch, with 1000 ETH tokens and 600,000 BONE tokens deposited within the first 15 minutes alone. This rush resulted in Shibarium recording over 160 million compute units in merely half an hour.

Kusama, providing a silver lining, stated that they’ve since amplified Shibarium’s scaling and capacity by a staggering 1,500%. With such promising advancements and the dedication shown by the team, many Shiba Inu enthusiasts are ardently waiting for Shibarium to open its gates to the public.

How High Can Shiba Inu Surge Post Shibarium Restart?

The ripples of the Shibarium launch and its subsequent hiccups are vividly evident in SHIB’s recent price dynamics. A euphoric surge was observed around August 12, where SHIB’s price ascended to a 4-month high at $0.00001134. However, post the Shibarium’s temporary freeze, SHIB’s value plummeted sharply. This decline was so drastic that SHIB’s price slid below the support levels of all major daily moving averages.

The meme coin’s recent trajectory saw it dwindling precariously close to the 78.6% Fibonacci retracement mark at $0.00000717 just last Thursday. However, SHIB price managed to claw its way back, finding support above the 61.8% Fibonacci retracement level pegged at $0.00000806. A brief bounce was witnessed, but resistance at the 50% Fibonacci retracement level and the 100-day EMA at $0.00000869 thwarted its progress, causing it to retrace its steps back towards the 61.8% level.

With the potential public restart of Shibarium on the horizon, there’s a beacon of hope for SHIB’s price. A successful relaunch might propel SHIB to soar by 37% and retouch its 4-month peak at $0.00001134. But this ascent won’t be without challenges.

The Shiba Inu price will need to navigate a maze of resistance, most notably the area between the 100-day EMA at $0.00000867 and the 50% Fibonacci retracement level at $0.00000869, the area between the 200-day EMA at $0.00000932 and the 38.2% Fibonacci retracement level at $0.00000931, and the 23.6% Fibonacci retracement level at $0.00001009.

Shiba Inu price SHIB

 

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Shiba Inu Price Shows Resilience As Shibarium Reboots: SHIB Price Targets

Shibarium, Shiba Inu’s layer-2 network, is still waiting for a reboot. At the time of going to press, Shibarium was still not producing any blocks, as Shibariumscan.io’s block explorer shows. As a reminder, Shiba Inu’s highly anticipated layer-2 went offline minutes after its official launch on Wednesday.

In the wake of the unexpectedly high traffic that temporarily took the Shibarium network offline, the Shiba Inu team is diligently working on a solution to restore normalcy, the devs assured today. With many investors keeping a close eye on developments, there is one notable promise from the team – they emphasize that users’ funds are safe. When Shibarium went offline, $1.7 million was stuck in the ETH Bridge.

Shibarium, which is a fork of the renowned Polygon network, saw an unprecedented number of “compute units” of traffic shortly after its launch. This influx resulted in, as Shiba Inu developer Kaal Dhairya put it, “thousands upon thousands of contract creation and normal transactions IN A BLOCK.” As a result, the Shibarium network activated its failsafe mode and ceased operations to ensure the safety of assets within the blockchain.

In an update today, SHIB developer Kaal Dhairya wrote in a blog post: “Shibarium received millions of ‘compute units’ of traffic in a matter of moments. At that point, Shibarium’s amazing system went into failsafe mode and paused to make sure the funds were safe…. And they are.”

The transparency of the Shiba Inu team continues to be evident as they not only recognize the current challenges, but actively seek expert assistance to address them. But the scaling issues seem to be bigger than expected, as the network is approaching a 48-hour downtime (with short interruptions).

Shibarium is still offline

When Shiabrium will be back online is still unclear, Dhairya announced: “Tomorrow I will send another update to inform our army of the status of Shibarium Scaling!”

Shiba Inu (SHIB) Shows Resilience

The Shiba Inu price briefly fell back to $0.00000727 yesterday amid the market-wide crash, posting a 20% drop. However, SHIB managed to defend a new higher low (albeit just barely) – a bullish sign.

In addition, SHIB bulls have succeeded in ushering in a recovery. At the time of writing, SHIB was trading at $0.00000838, currently trading just above the 23.6% Fibonacci retracement level at $0.00000833. A daily close above this price level would be a bullish exclamation point. This would open the possibility of a move up to the 200-day EMA at $0.00000935, which was lost on Wednesday as a result of the Shibarium stall.

A quick bounce of the 200-day EMA would be a strong sign. As then, the area between the 38.2% Fibonacci retracement level at $0.00000979 and the psychologically important $0.00001 level would come into focus. This area could be highly contested.

However, if a breakout succeeds, the next targets are $0.00001096 (50% Fibonacci), $0.00001213 (61.8% Fibonacci) and $0.00001381 (78.6% Fibonacci) before the yearly high at $0.00001593 becomes the final hurdle for a bullish breakout of SHIB.

Shiba Inu price

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Shiba Inu Price Prediction: Is Shibarium The Key To A Trend Reversal?

In recent weeks, the meme coin Shiba Inu (SHIB) has shown signs of recuperation, gradually recovering from its yearly low of $0.00000597, reached on June 10. SHIB was following the pawprints of its rival, Dogecoin (DOGE), which recently garnered momentum following a profile update from Elon Musk. As the value of SHIB began to move upward, anticipation around the forthcoming release of Shibarium, a layer 2 solution, also began to ripple through the investor community.

The announcement that Shibarium will be unveiled at the Blockchain Futurist Conference held from August 15-16, 2023, in Canada, ignited a flicker of optimism. However, there is still no clear confirmation for a trend reversal from a technical perspective for SHIB.

Can Shiba Inu Finally Enter Bullish Territory?

While DOGE has already breached the threshold of the 200-day EMA (Exponential Moving Average) – a widely respected metric in chart analysis – SHIB has yet to break through this key technical indicator. In simplified terms, an asset above the 200-day line indicates an uptrend, while trading below suggests a downtrend.

A classical approach would recognize a strong buy signal when the price moves from below to above the trend line. Investors with an eye on SHIB continue to await for this buy signal. This is despite the meme coin currently trading 55% higher compared to its low on June 10.

Remarkably, the recent positive price trend did enable SHIB to ascend beyond the 50-day EMA (orange), a modest victory in its own right. At the moment, SHIB faces an uphill battle against the 100-day EMA, priced at $0.00000840. As of press time, Shiba Inu traded just shy of this mark, at $0.00000830.

Shiba Inu price

Another bullish argument is that the meme coin recently broke out of the ascending triangle formation that had held it captive since mid-June. SHIB should not fall back below the formation’s former resistance at $0.00000831 to confirm the breakout. Remarkably, the 23.6% Fibonacci retracement level is also at this level, making this price twice as important.

If Shiba Inu can maintain its current position and use the 23.6% Fibonacci level as support, it could successfully break above the horizontal resistance around $0.00000870. Then, a subsequent jump to the bullish boundary – the 200-day EMA at $0.00000933 – could be on the cards.

Should SHIB bulls accomplish this feat, the price would technically trigger a buy signal. This could potentially pave the way for a further surge, with the next resistance looming at the 38.6% Fibonacci retracement level of $0.00000976.

At this point, substantial selling pressure can be expected, given that this price level functioned as strong support from early March to early May this year. Additional price targets are the 50% Fibonacci level at $0.00001093 and the 61.8% Fibonacci level at $0.00001209.

A bearish scenario would be triggered if SHIB fails to sustain the breakout above $0.00000831 on the 1-day chart. A drop to the previous month’s low of $0.00000709 could be in the offing. Holding this price level will be critical to avoid revisiting the year’s low at $0.00000597.

Yet, with the much-anticipated launch of Shibarium less than a month away, this bearish scenario appears less probable. The question that investors are grappling with: Will Shibarium be the catalyst that finally signals a trend reversal for Shiba Inu? Only time will reveal the answer.