Shiba Inu Has Potential To Maintain Its Recent Price Levels, Shibtoshi Says
During an interview with the Shib Daily, Shibtoshi discussed the recent surge in the price of SHIB, the native token of the Shiba Inu ecosystem. He attributed the bullish momentum to the growing adoption and utility of the ecosystem, particularly highlighting the positive sentiment around the launch of the layer 2 scaling network, Shibarium.
Shibtoshi Emphasis
Shibtoshi emphasized that the integration of Shibarium has significantly improved transaction speed and cost-effectiveness, making the Shiba Inu ecosystem more attractive to investors and developers. He also mentioned the impact of the burn mechanism and the introduction of the decentralized trading platform ShibaSwap in driving bullish sentiments and the subsequent price surge.
The recent introduction of the liquid staking protocol in partnership with K9 Finance and the launch of the Bonecrusher decentralized application have further enhanced the utility of the Shiba Inu ecosystem. The total value-locked (TVL) on Shibarium peaked at $7.03 million as a result of these developments.
When asked about the sustainability of the recent price surge, Shibtoshi expressed confidence, pointing to technical analysis indicators such as moving averages, Relative Index Strength (RSI), and the Bollinger Band. He acknowledged the possibility of slight corrections but remained optimistic about the uptrend, citing key resistance levels and Fibonacci retracements as factors to watch.
Despite a recent correction from the $0.00002 level, expert SHIB KNIGHT viewed this as a buying opportunity for whales and predicted a surge to $0.00002421, considering SHIB’s historical performance in October.
Future Prospect and Potentials
Shibtoshi also discussed Shiba Inu’s potential to move beyond its meme coin origins and become a significant player in the crypto sector. He emphasized the importance of sustaining adoption and competitiveness, suggesting that further integration into decentralized finance (DeFi) and real-world assets (RWA) tokenization, along with maintaining user engagement, would contribute to the long-term success of the ecosystem and boost SHIB’s price. Analysts have suggested that achieving a lofty target of $1 for SHIB would require enhancing the token’s utility through these means.
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