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

#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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AMC Theaters Considers Accepting Shiba Inu As Payment Amid Growing Interest

AMC Theatres, the largest movie theater chain in the world, is considering adding Shiba Inu (SHIB) as a way to pay for tickets.

On Friday, the CEO of the theatre chain, Adam Aron, put up a poll on Twitter asking the crypto community if they would be potentially interested in paying for movie tickets with Shiba Inu.

After acquiring some cinemas in 2016, AMC became the largest movie theater chain in the world. It has 2,866 screens in 358 theatres in Europe and 7,967 screens in 620 theatres in the United States.

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Shiba Inu – A Potential Means Of Payment

AMC Theatres is already in the process of integrating the payment options for movie tickets using Bitcoin, Litecoin, Ethereum, and Dogecoin, into its system. So this recent development is not really a surprise.

On Friday, Shiba Inu overtook Dogecoin to become the ninth-largest cryptocurrency by market capitalization. With a market cap of $40,476,844,035, the meme coin was up 5.13% in the last 24 hours.

Related Reading | By The Numbers: What $1000 In SHIB Is Worth Now

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In the early hours of Friday, Aron took to his Twitter page to ask users if the company should accept online payments in Shiba Inu in addition to the other digital currencies that it’s working on.

The poll already has a significant number of interactions even though there are still four days left to vote. At the time of writing, 121,916 Twitter users have already voted. So far, 87% support the movie theater chain accepting SHIB, while 13% are opposed to the idea.

This is, however, not Aron’s first Twitter poll of this sort. The first poll, which was conducted in September, was about whether AMC Theatres should accept rival meme coin Dogecoin. That poll also attracted a lot of attention. And after the voting ended, Aron expressed his fascination with the number of interactions it garnered.

Among those who liked his tweet was Tesla CEO and dogecoin supporter Elon Musk.

AMC Theatres And Crypto

The multinational entertainment giant has been showing serious interest in blockchain technology recently.

Last week during an interview with CNBC, CEO Adam Aron discussed AMC’s crypto ambitions. He said, “We’ve made a lot of noise in the last few months about getting hyperactive in cryptocurrency.” He also discussed the possibility of issuing company-specific crypto.

Related Reading | Crypto Adoption Boosts Travel: Travala Rises From The Ashes

In August, the firm stated its intention to include Bitcoin payments for movie tickets into its infrastructure by the end of this year.

The following month, the theater giant expanded on those crypto payment options by including Ethereum (ETH), Litecoin (LTC), and Bitcoin Cash (BCH). According to Aron, moviegoers are keen to pay for their movies with crypto at AMC theatres. These new payment methods will also be available by the end of the year.

SHIBUSD on TradingView.com

SHIBUSD on TradingView.com


SHIB trading at $0.0000736 | Source: SHIBUSD on TradingView.com

Earlier this month, AMC added Dogecoin to the list of crypto payment options. However, this will be added in early 2022. The company also announced that users can now buy digital gift cards with Dogecoin and other cryptocurrencies using their BitPay wallets.

Last month, the CEO of AMC theatres also indicated its interest in minting commemorative movie tickets as non-fungible tokens (NFTs) during a CNBC interview.

Featured image by Financial Times, Chart by TradingView.com

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AMC Theatres CEO considers adding Shiba Inu as payment for ticket purchases

AMC Entertainment is in the process of updating its technical infrastructure to allow consumers to pay online with Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and Dogecoin (DOGE) for movie tickets. But it doesn’t stop there. In a Twitter post early Friday morning, Adam Aron, the company’s CEO, asked if users would be potentially interested in paying with Shiba Inu as well. At the time of writing, 97,582 Twitter users had already taken part in the poll, with approximately 85% of voters choosing “Yes.”

The iconic theatre chain has taken a growing interest in crypto as of late. Last week, its CEO discussed the possibility of issuing a company-specific cryptocurrency. Earlier this month, AMC enabled its customers to purchase digital gift cards via Dogecoin and other cryptocurrencies using the BitPay wallet. Back in September, Aron expressed interest in minting commemorative movie tickets as non-fungible tokens, or NFTs, during a CNBC interview.

On Friday, Shiba Inu overtook Dogecoin to become the world’s ninth-largest cryptocurrency by market capitalization. According to Etherscan, the daily number of Shiba Inu transactions has surpassed 140,000, just shy of its all-time high of 172,411 daily transactions achieved in May.

In light of a record run-up, the Shiba Inu ecosystem has expanded to include ShibaSwap, a decentralized exchange, or DEX. Total value locked, or TVL, on ShibaSwap amounts to $537.92 million based on data from Defi Llama. There are currently 29 coins

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Shiba Inu Outranks Chainlink And Takes Place In Top 15 Crypto-Assets

Shiba Inu, the self-acclaimed Dogecoin-killer, has shaken the market with its recent bullish momentum.

The meme coin has surmounted over 350% upsurge within one week, ranking it amongst the top 12 cryptocurrencies based on market capitalization. Presently, SHIBA is the most traded currency on leading exchanges like Coinbase, Binance, and Huobi.

Memecoins

A meme coin is a digital currency linked with some theme, more often as a jest rather than for more serious products. Dogecoin was the very first meme coin deployed.

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The Shiba Inu Protocol

Shiba Inu was developed by a person named Ryoshi in August 2020. The protocol’s three tokens SHIB, LEASH, and BONE, experienced tremendous increments within the past few weeks.

Related Reading | New To Bitcoin? Learn To Trade Crypto With The NewsBTC Trading Course

Last week, Shina increased to $0.000035, the second-highest record after an All-Time-High value of $0.000038 on May 10th, 2021. Just a few inches away from setting a new All-Time-High record.

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Shiba Inu Outranks Chainlink And Takes Place In Top 15 Cryptos

Shiba Inu Outranks Chainlink And Takes Place In Top 15 Cryptos


SHIB Token is trading upwards | Source: SHIB/USD on TradingView.com

Just recently, SHIB’s market cap increased to over half of Dogecoin’s market cap. Currently, Dogecoin ranks 10th globally, with a market capitalization of $32 billion, while SHIB ranks 12.

The Whale-Sized Trading

Just after an anonymous whale trader decided to purchase over 6.3 Trillion SHIB tokens and increase SHIBS token valuation, it expanded massively.

As a result, Shiba has been one of the most traded digital currencies in the market within this past week. With a current market cap of over $13.23 billion, the coin spiked by 17% in the last 24 hours.

The deployment of Shiba Inu’s DEX ecosystem ShibaSwap and the introduction of the platform’s burn mechanism incited a rally in the altcoin’s prices. Some developments in SHIB are the main contributors to the massive growth in the price valuation.

Significant factors include the announcement of the release of 10,000 Shiboshis on ShibaSwap, the execution of the burn mechanism, and the increase in the number of token holders.

Shiba Inu To Venture Into Gaming

While Shiba Inu makes preparations to win the gaming sector, token holders anticipate a rise in its demand. At first, the protocol was experiencing the challenges of insufficient liquidity and inaccessibility of the platform updates.

Due to its recent token listing on Coinbase, the challenge of insufficient liquidity was salvaged to a great extent, noting how its daily trading volume surpasses $13 billion.

Shiba Inu Conquers Other Major Coins

The SHIB token has exceeded cryptocurrencies like Chainlink, Avalanche, Litecoin, and UniSwap.

Its double-digit increase within the last four days has assisted the nearly obliterated altcoins in arriving at the headlines again. During these few days of price rallying, the meme coin has successfully erased one zero from its price after over four months of price dormancy.

Featured Image From Pexels and Charts From TradingView.Com

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Shiba Inu rebounds 40% despite major selling by SHIB whales

Shiba Inu (SHIB) kickstarted its new weekly session in the green as it continued its bullish retracement move from the last week’s low of $0.00002058.

The SHIB price logged an intraday high of $0.00002907 on Oct. 11, netting over 40% returns from its ongoing rebound trend. In doing so, the Dogecoin-inspired meme cryptocurrency eyed an extended runup toward its technical resistance level near $0.00002978, as shown in the chart below.

SHIB/USDT 4H price chart. Source: TradingView.com

Extended rally ahead?

The Shiba Inu chart also showed traders’ intention to accumulate SHIB tokens when its price tests the 20-4H exponential moving average (20-4H EMA; the green wave) as support.

For instance, the cryptocurrency crashed by over 40% on Thursday as Shiba Inu’s addresses worth 1M to 10M SHIB dumped over 31 billion tokens, the largest in six months, as per Santiment data. However, the price recovered as traders started accumulating SHIB tokens near the 20-4H EMA.

Additionally, Shiba Inu’s ongoing retracement took cues from a potential correlation between the 1M-10M SHIB address dump and its price. Santiment noted that the Shiba Inu price rebounds every time after SHIB millionaires dump their holdings, as shown in the chart below.

Shiba Inu supply distribution. Source: Santiment

That shows micro traders’ intention to absorb massive selloffs. 

Retail sentiment moons

The bullish retracement in the SHIB market coincided with a rising number of internet queries for the keyword “Shiba Inu,” as per Google Trends. 

Web data shows a rise in the Shiba Inu trend in the United States on a 12-month interest timeframe, signaling a booming retail interest. At 92, the trend is closer to the peak popularity score of 100, last seen in the second week of May. It indicates that more internet users are looking for information on Shiba Inu. 

Google searches for “Shiba Inu.” Source: Google Trends

Nevertheless, the internet queries for the keyword “how to buy Shiba Inu” came out to be only 18 in the same period. Nonetheless, compared to the previous week, the interest shot up by 260%.

Tale of two indicators

On a technical front, SHIB’s latest rebound move appears to have invalidated a bearish setup that Cointelegraph discussed in one of its previous coverages.

Related: Shiba Inu is now a top-20 cryptocurrency with SHIB price soaring 300% in 9 days

Specifically, the SHIB price broke bullish out of an otherwise bearish Descending Triangle pattern as it closed above the structure’s upper trendline with a rise in trading volume. While the breakout still awaits confirmation, it has boosted the prospects of bullish continuation.

The reason for an extended upside is a makeshift Bull Pennant, which typically sends the price higher by as much as the height of the previous upside move. In other words, SHIB’s breakout above its Bull Pennant pattern could send its price to $0.00004713.

SHIB/USDT 4h price chart featuring bull pennant setup. Source: TradingView.com

Meanwhile, should the price slips back inside the pennant range, it would risk reactivating the Descending Triangle setup. In doing so, SHIB may eyes a correction toward $0.00002195, followed by a negative breakout move toward $0.00001000.

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.