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.
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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.
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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.
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