Shiba Inu (SHIB) is currently in the spotlight, showing a growth rate of 33% over the last month and a solid 4% rise in merely 24 hours. This renewed enthusiasm among investors can be attributed to the much-awaited launch of the Shibarium layer-two network in the coming days – a development set to revolutionize the use-case of this so-called meme token.
If we delve into the technicalities, SHIB’s key indicators are impressive. The relative strength index is on its way towards 70 – a sure sign that buying momentum is prevalent without being excessive. The 30-day moving average is also looking promising with new investors continuously driving the token’s price upwards.
Maintaining a healthy level of skepticism, it’s fair to question if this show of strength from SHIB will endure over time. However, consistent growth in the support level over the past weeks certainly hints at a robust consolidation phase.
The Shibarium platform’s imminent launch is not solely the cause for this fervor. The recent revelation of at least three significant partnerships related to Shibarium has fuelled speculations about Shiba Inu’s potential adoption and future use-cases. The release of the NFT-based collectibles, Shibacals, and the prospect of SHIB: The Metaverse by year-end add to potential drivers of an upward trajectory, eventually leading to a significant growth in Shiba Inu’s ecosystem.
Taking a look at the broader perspective, there is the possibility that the market has already factored in the Shibarium launch, meaning SHIB’s further growth might be gradual and tied directly to its organic adoption and usage – a word to the wise for those seeking quicker returns.
Simultaneously, the market is brimming with promising new options such as Shibie (SHIBIE), a newcomer in the world of meme tokens, tying the narratives of Barbie and Shiba Inu. Despite being its first week, SHIBIE’s presale has already managed to accumulate more than $300,000, hitting 60% of its hard cap. With a total supply of 2,107,202,300, spread across a large investor base, SHIBIE’s decentralized nature, combined with its engaging marketing strategy, may allow it to cultivate an active community of holders.
As always, it is crucial to note that dealing in cryptocurrency is a high-risk investment area. The information provided should not serve as investment advice since the volatility of the market could lead to the loss of your capital.
Source: Cryptonews
