Tag: Shib Price

Shiba Inu ShibArmy Rallies Community Amidst 30% SHIB Price Drop and Shibaswap Delay

by Blockchain News

#SHIBARMY, is demonstrating resilience and unity in the face of a challenging market environment. A tweet from the official Shib Army, @theshibdream, emphasized the community’s strength as the SHIB token experienced a 31.69% price drop from its August 12, 2023, high of $0.00001136 to its current value of $0.00000776.

Community Strength in Focus

The real backbone of this whole operation, you, the #SHIBARMY. The community you’ve built here? It’s incredible!

stated @theshibdream today, on September 4, 2023. The tweet highlighted the community’s role in spreading updates, answering questions, and assisting newcomers. 

That sense of unity and strength makes me even more optimistic about what we’re setting up for,

the tweet added. The community has been a beacon of positivity, even as the market shows bearish signs.

Market Context and Price Drop

The broader crypto market has been in a bearish state, affecting various tokens including Shiba Inu.

Have you seen the state of the crypto world lately? It’s not just us feeling the heat—this is a market that sucks right now!

added @theshibdream. The tweet acknowledged the bearish trend that historically characterizes September in the crypto market. The 31.69% price drop in SHIB during Shibarium Summer has been a point of concern but also a rallying cry for the community to stay strong and united.

Shibarium and Technical Milestones

Shibarium, the Layer 2 solution for Shiba Inu, has successfully gone live, a milestone that was also acknowledged by @theshibdream. Additional technical developments were highlighted by another community spokesperson, @kuro_9696_9696, who tweeted on September 3, 2023, that $WBone is complete and that verified contracts are done.

Renouncing the contract is next as well as increasing Validator nodes. It’s a process,

@kuro_9696_9696 added. The tweet also mentioned that the delay in launching Shibaswap is to give room for other tokens and projects that have been building on Shibarium.

Looking Ahead

Despite the challenging market conditions, the Shiba Inu community remains optimistic. 

When the market turns bullish, and it’s gonna happen, this community is going to rocket like you wouldn’t believe,

concluded @theshibdream. The community is not just waiting for market conditions to improve; they are actively participating in the ecosystem’s development, a sentiment echoed by both @theshibdream and @kuro_9696_9696.

As the Shiba Inu community navigates these turbulent times, the focus remains on long-term development and the strength of its community.

Our time to shine is just around the corner,

the tweet from @theshibdream affirmed.

Image source: Shutterstock

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Shiba Inu Shibarium Wallets Top 1 Million, Yet SHIB Price Faces Uncertainty

by Blockchain News

Key Takeaways

Shibarium, Shiba Inu’s Layer 2 network, crosses 1 million wallet addresses.

Over 700,000 transactions have been completed on the network.

Despite rapid adoption, the SHIB token faces potential price volatility.

Shiba Inu’s Layer 2 network, Shibarium, has crossed a significant threshold, boasting over 1 million wallet addresses and completing more than 770,000 transactions as of September 2, 2023. The data comes from Shibariumscan, the Shibarium network’s official block explorer. The milestone follows an announcement by Shiba Inu’s lead developer, Shytoshi Kusama, confirming that the Shibarium mainnet and its cross-chain bridges became fully operational on August 28, 2023.

Shibarium’s Strategy with Scalability Concern

Shibarium, a fork of Polygon, initially grappled with scalability issues. The network’s fail-safe mode was activated due to an unprecedented surge in user activity shortly after its launch. “Nearly half of the platform’s monthly allocation of 400 million compute units was consumed within just 30 minutes of its launch,” according to internal data. However, collaborations with teams like Alchemy led to a 1500% scaling of operations, stabilizing the network’s ability to handle its growing user base.

Shytoshi Kusama stated on August 28 that the Shibarium mainnet and its cross-chain bridges are “functioning smoothly.” Users can now complete withdrawals of various assets, including ETH, Shib, Leash, and WEth, within a time frame of 45 minutes to 3 hours. However, withdrawals involving Bone, the network’s native token, may take up to 7 days.

The Layer 2 network aims to alleviate congestion and high fees on the Ethereum mainnet. Shibarium’s rapid adoption is in line with the growing trend of Layer 2 solutions in the crypto space, which offer scalability and lower transaction costs. These features are particularly beneficial for decentralized finance (DeFi) applications and non-fungible tokens (NFTs).

4-Hour Chart: 99-Period Moving Average as a Strong Resistance

While this suggests a promising future for the network, the $SHIB token is grappling with its own set of challenges, particularly in terms of price stability.

In the shorter time frame of the 4-hour chart, the 99-period Moving Average stands out as a formidable resistance line for $SHIB. This technical indicator has consistently acted as a ceiling for the token’s price, making it a critical level to watch for traders. The overall market environment appears permissive, indicating that there’s a likelihood for the price to decline further. Investors should exercise caution as the asset nears this resistance, as a failure to break above could signal a bearish trend.

Daily Chart: Upward Trending Line Offers Robust Support

On the flip side, the daily chart offers a more optimistic outlook. An upward trending line, currently pegged at a price of 0.0000077, serves as a robust support level for $SHIB. This line has historically acted as a floor for the token’s price, providing a safety net during market downturns. It is crucial for investors to monitor this level closely; a break below it could trigger a significant price drop, potentially leading to a deep plunge in $SHIB’s market value.

Conclusion

The $SHIB token is currently navigating a complex technical landscape, caught between a strong resistance level on the 4-hour chart and a crucial support level on the daily chart. As Shibarium continues to grow, the token’s price dynamics remain uncertain. Both the 99-period Moving Average and the upward trending line at 0.0000077 are key technical levels that could dictate the token’s future price action. Investors and traders should keep a close eye on these indicators to make informed decisions.

TA with support from “Trade Wise“.

Image source: Shutterstock

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Shiba Inu Barks At Bears With 25% Gains, But Social Media Continues To Trend Dogecoin

by NEWSBTC

Leading altcoins like Shiba Inu saw decent gains as the global crypto market value rose past $1.71 trillion on the strength of Bitcoin’s climb above $42,000. Meme coins, on the other hand, still had the hearts of the crypto audiences, with Shiba Inu recording the largest market gains and Dogecoin, the top dog coin, remaining the most talked about crypto in social media after BTC.

Interest Surge In Shiba Inu

On Monday, the memecoin surged to $0.00002961, its highest level since January 18, as the cryptocurrency market saw fresh buying interest. SHIB’s price has plummeted by nearly 80% from its all-time high of $0.00008870 prior to the retracement.

Daily increases of near to 25% and weekly gains of more than 36% were recorded by the meme token. SHIB also saw a remarkable surge in trading volumes, with almost $2.8 billion traded at press time, a 244% increase.

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Shiba Inu 

The 24 hours price chart of SHIB/USDT. Source: Tradingview

SHIB was the sixth most traded cryptocurrency by Coin Market Cap at the time of publication, following Tether, Bitcoin, Ethereum, Bitcoin Cash, and Binance USD.

According to Ishan Arora, Partner at Tykhe Block Ventures, a crypto hedge fund, the general crypto markets have been given a relief rally after weeks of persistent downtrend.

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Ishan noted:

“Bitcoin and Etherum both bouncing off the lows have again given investors confidence in other coins such as Shiba Inu which have also bounced off weeks of downtrend.”

shiba Inu 

Crypto market turn green. Source: Coin360

Despite the recent rebound, Shiba Inu is still 72% below its all-time high, which was reached in October 2021, as the memetoken followed in the footsteps of the other altcoins.

Shiba Inu, also known as the ‘Dogecoin Killer,’ has a maximum supply of 589,735,030,408,323 SHIB, with a total circulating supply of 549,063.28B SHIB.

On the basis of a review of the tech charts, Shiba Inu’s price consolidation and an on-chain analysis suggest prices are inching towards $0.000054, he stated.

Related article | Shiba Inu Enters The Metaverse, But Will This Help Its Price?

Dogecoin Still Rules Social Media

As a result, while SHIB may have a high chance of flipping DOGE (while it has in the past), the flipping may have to wait as DOGE’s social media sentiment remains positive.

Notably, DOGE appears to have declined in popularity in comparison to SHIB, yet Dogecoin remains the most popular cryptocurrency on social media, second only to the king coin BTC. For example, the official Dogecoin Twitter account recently topped 3 million followers. With 4.5 million followers, Dogecoin is the second most popular cryptocurrency after Bitcoin. Shiba Inu comes in second with 2.7 million followers, but Dogecoin remains the most popular cryptocurrency.

For the time being, Shiba Inu’s price has been boosted by retail enthusiasm and respectable trading volumes, as well as market-driven gains. Dogecoin rallies have been boosted in the past by Elon Musk-driven price increases as well as external news such as Tesla accepting the coin as payment for some Tesla-branded items.

So, as the meme token war continues, with Dogecoin still leading, it’s unclear whether Shiba Inu will be able to surpass DOGE in the near future.

Related article | Recapping 2021 Memecoin Mania: Dogecoin, Shiba Inu, & More

Featured image from Unsplash. Chart from Coin360,and TradingView

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Shiba Inu Enters The Metaverse, But Will This Help Its Price?

by NEWSBTC

Meme coin Shiba Inu recently announced its move into the metaverse. The ‘Shibverse’ as it’s called will usher the cryptocurrency into a booming space, presumably to provide more utility for the digital asset. This news is no doubt well received by the community as it allows SHIB to participate in what is a booming industry. But how has the price of the digital asset reacted to this so far?

Shiba Inu Announces Shibverse

Shiba Inu, one of the most popular meme coins, and winners of 2021 has announced that it would be making its debut in the metaverse with the Shivers. It comes as no surprise as the team has been forthcoming about working on more use cases for the cryptocurrency. Previously, the Shiba Inu team had announced that it was launching its own game, where SHIB will serve as the utility token.

Related Reading | Ethereum Bullish Signal: Number Of Holders With 1 ETH Touches New ATH

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The announcement tweet has included a sneak peek of the metaverse, which featured a high-resolution picture of the popular Shiba Inu dog breed standing in the middle of the woods with what looks like a pickaxe in its mouth.

Given the popularity of the metaverse in recent months, it is no surprise to see more established projects entering the space. Social media giant Facebook (now Meta), is one of the most notable entrants, rebranding its name and image to fit into its metaverse mission going forward. The retail chain, Walmart, has also made moves into the metaverse according to a number of patent filings that were made public.

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How Has SHIB Fared On The Charts

Following the announcement of Shibverse, the price of the digital asset had responded positively. One thing to note is that SHIB has been on a downtrend since it hit its all-time high last year and has continued on this path. News like these are expected to help the value of coins like Shiba Inu but the cryptocurrency seemed adamant to continue its journey downwards.

Shiba Inu price chart from TradingView.com

SHIB trending at $0.00002 | Source: SHIBUSD on TradingView.com

The announcement had triggered a small rally in the price of the altcoin, sending it above the $0.0000225 point. However, this would prove to be only temporary as it continued downward.

Related Reading | Ethereum Whales Quietly Filled Up On ETH While Broader Market Panicked

Sentiment for the meme coin remains firmly in bearish territory, which does not spell good news for the long-term performance of the digital asset. Additionally, the majority of Shiba Inu holders are now at loss, making it a less than profitable venture for crypto investors.

In the last 24 hours, SHIB has continued to trend low hitting a low point of $0.00002. As the new week is ushered in and the market begins to open up, there could be some upside seen in the price of assets, although it is unlikely that it will be significant in any way.

Featured image from Thewistle, chart from TradingView.com

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Shiba Inu gains over 30% in just two days as Kraken announces SHIB listing

by Cointelegraph

Shiba Inu (SHIB), a Dogecoin-inspired meme cryptocurrency, emerged as one of the best performers across traditional and crypto markets entering the new weekly session as its price climbed by over 30% week-to-date.

SHIB’s price reached $0.00005155 Tuesday after bouncing from its technical support near $0.00003560 at the beginning of this week. Its rebound signaled a shift in trend, especially after the last week’s broader market selloff, induced by concerns related to the new Covid19 strain, dubbed Omicron.

Bullish catalysts for Shiba Inu price

At the core of Shiba Inu’s upside retracement was Kraken, a U.S.-based cryptocurrency exchange that announced Monday that it would effectively enable SHIB trading on its platform from Nov. 30. However, Kraken clarified that it would not offer SHIB futures and margin trading services.

Additionally, at the beginning of this week, Shiba Inu received bullish cues from a broader recovery across the top digital assets, including Bitcoin (BTC) and Ether (ETH). Bitcoin rallied by more than $3,000 from its Nov. 26 low near $53,500 — the day the Omicron variant caused turbulence across the traditional and crypto markets.

Correlation between SHIB/USDT and BTC/USD on a daily price chart. Source; TradingView

Meanwhile, Ether, which has a higher degree of positive correlation with Bitcoin, surged from nearly $3,900 to around $4,500 in the same period.

The market catalysts helped boost internet searches for the keyword “Shiba Inu,” data on Google Trends showed on a seven-day timeframe. That coincided with a spike in internet queries for the keyword “SHIB,” underscoring a recovering retail interest in the cryptocurrency this week.

‘SHIB’ interest searches recover. Source: Google Trends 

SHIB price chart technicals

Shiba Inu’s latest rebound also activated a Bull Flag pattern that projects its price per token at around $0.00010000.

SHIB/USDT daily price chart featuring Bull Flag setup. Source: TradingView

In detail, the SHIB price broke above the Flag’s upper trendline, accompanied by a rise in intraday trading volumes. That typically prompts traders to shift their profit target to a level that is at length equal to the previous uptrend’s height.

Related: Supersize McShib: Shiba Inu the largest ERC-20 holding among ETH whales

Simultaneously, SHIB also confirmed breaking out of a Falling Wedge pattern, a bullish reversal indicator, as shown in the chart below.

SHIB/USDT daily price chart featuring Falling Wedge pattern. Source: TradingView

The profit target of the Wedge pattern can be found at the length equal to the maximum distance between its upper and lower trendline — about $0.00003053 above the breakout point, i.e., around $0.00007500.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.