- Shiba Inu price breakout chances are solidified with a bullish triangle.
- Shytoshi Kusama appears in Token2049, hinting at a new utility case.
- SHIB’s lead dev fights off FUD, echoing Ryoshi’s decentralized vision.
The mainstream digital meme currency Shiba Inu (SHIB) tacked on a 10% rebound rally over the past 7 days, signaling a potential breakout. This has been confirmed by several technical analysts, who spotted a symmetrical triangle on Shiba Inu coin’s price charts.
How SHIB’s Symmetrical Triangle Can Play Out
Combined with a double bottom, this could lead to an extended streak to $0.000045, Mario Nawfal’s Roundtable reports. Meanwhile, other analysts aim higher, as Shiba Inu hasn’t gone below the last accumulation block of $0.00001200 since August 5, 2024. Currently, SHIB is 83% below the all-time peak of $0.00008616, hit on October 28, 2021.
Judging solely on technical analysis, the 0.236 Fibonacci levels showcase defensible support for Shiba Inu’s bulls at $0.00001104. Currently, Shiba Inu coin’s price remains at a level where 48% of SHIB holders are making a profit, IntoTheBlock reveals. On the way up, SHIB can expect a hefty challenge at $0.00001643, where retail traders are likely to start taking profits.
Shytoshi Kusama Teases Upgrade At Token2049
As Shiba Inu matures into a decentralized ecosystem rather than a regular dog-themed meme coin, Shibarium’s lead developer, Shytoshi Kusama, has appeared in Token2049, one of the largest annual crypto conferences on the planet. YouTuber Raajeev Anand filmed a video of himself shaking hands with the masked Shytoshi Kusama.
Appearing in a Ninja-style masked costume for the second time, Shytoshi Kusama stated that “something big” is coming in the next two weeks for Shiba Inu’s Ecosystem. SHIB’s own DeFi solution, the Layer-2 blockchain Shibarium, has garnered a user base that comprises a total value locked (TVL) of $1.44M, according to DefiLlama.
In his X thread, the YouTuber didn’t provide many details about the upcoming upgrade, but Shy Kusama hinted at a major new utility case for Shiba Inu. The fees garnered on Shibarium L2 have contributed towards Shiba Inu burns, as the meme coin asset yielded a 98% gain since Shibarium’s inception.
As of press time, the Japanese guard dog-styled crypto currency Shiba Inu is changing hands at $0.00001469, fetching 1.3% gains over the past 24 hours. Sporting a 0.88 price correlation with Bitcoin (BTC), Shiba Inu coin is still some distance away from its monthly peak, clinched at $0.00001535 on August 25, 2024.
On the Flipside
- Shytoshi Kusama dispelled several allegations on social media after one crypto enthusiast on X complained that SHIB’s developer team had been acting “fraudulent” and “immoral”.
- Before the message was deleted, Kusama responded: “I have only done well for Shib, and will continue to do so until, and after, I complete Ryoshi’s vision with or without your blessings.”
Why This Matters
This level of continuous growth on a global scale has put SHIB among the leading major-cap altcoins, while new utility cases often come with price appreciation.
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