Thu, October 5

All Eyes on Shibarium, as SHIB Stays Above $0.00001 Resistance

Shiba Inu Influencer Uncovers Potential Dark Side of Shibarium, Caution Advised Altcoin News
  • Shiba Inu (SHIB) broke through the $0.00001 resistance, solid support level for a bullish rally.
  • Shytoshi Kusama, hinted at upcoming announcements for LEASH token holders, including a new utility.

Shiba Inu (SHIB) token has surged to the forefront of the cryptocurrency market, captivating investors and enthusiasts with its meme-inspired origins. As anticipation builds for the upcoming launch of Shibarium, the Shiba Inu ecosystem is poised to achieve yet another significant milestone.

Over the past month, the SHIB token has experienced a rally in activity, reaching its peak during the month of July. This surge has been accompanied by a remarkable increase in the number of new SHIB addresses. According to IntoTheBlock data, Shiba Inu addresses stand at a volume of 3.5 million. 

Further, Shiba Inu’s lead developer, Shytoshi Kusama, has dropped hints about an upcoming announcement for LEASH token holders. Kusama, recently unveiled plans to reveal something special on Tuesday at 1 p.m. EST. Following this, a new utility for the Leash token is set to be introduced.

The Leash token, often dubbed the “Doge Killer,” stands as one of the three native tokens within the Shiba Inu ecosystem, alongside BONE and SHIB. According to CoinMarketCap data, the Leash token’s current price is $567, with its market capitalization hovering around $60.16 million.

Shiba Inu (SHIB) 24-Hour Market Status

As the countdown to the launch of Shibarium continues, all eyes are on the Shiba Inu ecosystem. Shiba Inu prices soared 11% in a week and 30% in a month. But still SHIB has declined by 2.7% in the last 24 hours. 

Shiba Inu (SHIB) Price Chart (Source: TradingView)

However, the price of Shiba Inu stands in the $0.00001 range, standing in the way of bulls. With a newfound support level for bulls, SHIB has maintained its upward trend. With the price moving in the direction of the $0.000011 resistance and even the $0.000013 level.

If the bear grabs the SHIB, the price may pullback to $0.000009. This price rejection proved to be of short duration, as an upsurge in positive social sentiment propelled the memecoin to surpass the $0.00001 hurdle on August 11.

On the other hand, the on-chart indicators showed a strong possibility of the extension of the bullish rally in the Shiba Inu price prediction. The Relative Strength Index (RSI) climbed into the overbought zone and stood at 66.76.

A journalism graduate who is passionate about writing loves to dance and travel currently starts exploring blockchain technology.