Amidst the dizzying array of cryptocurrencies available, Shiba Inu’s (SHIB) price has slightly dipped by 1% within the past 24 hours. This stumble in SHIB’s stride stands out on the backdrop of a the whole crypto market that climbed by 1% on that very day. Nevertheless, it’s worth noting that SHIB has climbed by 5% in the last week and surged by 7.5% over the past month, a relatively humble increase in comparison to other monumental players such as Bitcoin and Ethereum that displayed double-digit percentage increases.
However, the SHIB community remains optimistic, hoping that the currency’s fortunes will turn with the anticipated launch of the Shibarium layer-two network, set to occur within the month. This network, coupled with associated projects like Shibacals, would allow SHIB transactions to be completed faster and more cheaply thus enhancing the appeal of constructing Shiba Inu-inclined dapps for developers. This might in turn simulate a surge in demand for SHIB.
Notwithstanding today’s stumble, SHIB’s chart and technical indicators are quite promising, with expectations for the altcoin to see more gains in the next few days bearing their head. Moreover, SHIB’s 30-day moving average indicates signs of a rise, pointing to more incoming gains. Additionally, its support level has shown some considerable growth over the past week, hinting that any declines could be minor.
Nevertheless, one cannot disregard the intense competition SHIB faces. One such competitor is the promising Shibie (SHIBIE), a new meme coin that is currently in presale. This ERC-20 token is a unique fusion of memes based on Shiba Inu and Barbie. With a maximum supply of 2,107,202,300 tokens, 60% of these are designated for sale. This combination of different memes might help it carve a niche for itself in the competitive meme token market. It is anticipated that a strong community will rally behind SHIBIE, essentially boosting the token’s price, its longevity, and the success of recurring rallies.
To buy into SHIBIE’s presale, interested investors need to connect their software wallets to Shibie’s official website. Once the presale concludes, SHIBIE will make its debut on DEXes which could potentially cause a significant boost in its value.
In conclusion: With the promising launch of the Shibarium network and new meme tokens entering the scene, the ride could either soar beyond expectations or delve into unpredictable turns for all parties involved. Cryptocurrencies remain a high-risk asset class, and this information serves to enhance understanding rather than provide investment advice.
Source: Cryptonews
