Crypto
Shiba Inu Price Forecast: Why SHIB is Ripe for a 16% Jump
The price of Shiba Inu is currently moving sideways after the developers released some important information. First, they announced that they will soon launch a new token called TREAT. With these coins, participants in DeFi’s ShibaSwap ecosystem will get a return on their investments. In addition, they announced that there will soon be a new stablecoin with the ticker SHI.
The price of Shiba Inu (SHIB) is consolidating at the moment after heavy turbulence in recent months. Developers have made a number of announcements that are reigniting interest in the meme coin. The SHIB token is trading at $0.000010 today, the same as it was in the last few days. This price is about 45% above last month’s low.
Discover the world’s most interesting financial news with the mobile app Born2Invest. The app provides its readers access to the latest news in global business, stock market, finance news, and also trending topics like bitcoin, cryptocurrency, and biotech.
Shiba Inu wants to launch a stablecoin
Shiba Inu is one of the largest meme coins in the world. Launched in May 2021, the cryptocurrency has become one of the most popular on social media. At its peak, SHIB had a market cap of over $20 billion, making it larger than well-known companies like American Airlines and DropBox.
Shiba Inu’s creators have worked hard to transform the coin from a mere meme coin to a viable player in the decentralized industry. One of their first actions was to launch separate utility tokens known as Leash and Bone.
They then launched ShibaSwap, a DeFi platform that makes it easy for people to exchange cryptocurrencies. At its peak, over $150 million worth of coins were invested on ShibaSwap.
The price of Shiba Inu is currently moving sideways after the developers released some important information. First, they announced that they will soon launch a new token called TREAT. With these coins, participants in DeFi’s ShibaSwap ecosystem will get a return on their investments.
In addition, they announced that there will soon be a new stablecoin with the ticker SHI. The stablecoin will have features that prevent it from being paired with Terra UST. It is still unclear when the coin will be launched and how it will be paired.
In addition, they are also working on the completion of another project within the SHIB ecosystem – Shibarium. It is a Layer 2 scaling solution that is expected to be released this quarter. Meanwhile, the network has already burned over 271 million coins in the last few days.
Shina Inu Price Forecast
The four-hour chart shows that the SHIB price has been moving in a narrow range over the past few days. The coin remains slightly below the important resistance level at $0.000012. This resistance is important as the coin struggled to overcome it in May and June.
Shiba Inu also oscillates along the lines of the moving averages of the last 25 and 50 days. It also seems to have formed an inverted head and shoulders pattern. Although it is too early to tell, there is a probability that the coin will recover soon. If it does, the key point to watch will be at $0.000012, which is about 16% above the current level.
__
(Featured image by Kanchanara via Unsplash)
DISCLAIMER: This article was written by a third party contributor and does not reflect the opinion of Born2Invest, its management, staff or its associates. Please review our disclaimer for more information.
This article may include forward-looking statements. These forward-looking statements generally are identified by the words “believe,” “project,” “estimate,” “become,” “plan,” “will,” and similar expressions. These forward-looking statements involve known and unknown risks as well as uncertainties, including those discussed in the following cautionary statements and elsewhere in this article and on this site. Although the Company may believe that its expectations are based on reasonable assumptions, the actual results that the Company may achieve may differ materially from any forward-looking statements, which reflect the opinions of the management of the Company only as of the date hereof. Additionally, please make sure to read these important disclosures.
First published in CRYPTO MONDAY, a third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.
Although we made reasonable efforts to provide accurate translations, some parts may be incorrect. Born2Invest assumes no responsibility for errors, omissions or ambiguities in the translations provided on this website. Any person or entity relying on translated content does so at their own risk. Born2Invest is not responsible for losses caused by such reliance on the accuracy or reliability of translated information. If you wish to report an error or inaccuracy in the translation, we encourage you to contact us.
-
Markets2 weeks ago
Timing the Market with NYSE 52Wk Highs and Lows
-
Business5 days ago
Further Gains for the Dow Jones and Gold Are Anticipated
-
Biotech2 weeks ago
KFSHRC Revolutionizes Global Healthcare with AI and Robotics
-
Fintech3 days ago
Kraken Launches Ink as Its Own Layer 2 – Optimism Technology Is Used