Amidst a backdrop of easing bearish pressures across the global cryptocurrency market, the lading memecoin Shiba Inu (SHIB) has positioned itself with a series of strategic updates aimed at navigating towards a potential recovery.
Following the conclusion of the IVS Crypto event in Kyoto, Shiba Inu’s pseudonymous lead developer, Shytoshi Kusama, has unveiled plans for a global tour aimed at engaging SHIB enthusiasts and the broader crypto community. This initiative includes the introduction of the upcoming “SHIBACON” conference during their final stop in Bangkok later this year.
Kusama, recognized as one of the project’s co-founders, also provided specifics on the rollout of the TREAT token, the newest addition to the Shiba Inu ecosystem and a pivotal element in fulfilling Ryoshil’s vision.
Shiba Inu Struggles to Reach New Highs
Recently, the memecoin has witnessed a surge in whale transactions, with significant buying activity. WhaleAlert data highlights an increase in transactions, peaking at 4.29 trillion SHIB on July 6, marking the highest daily volume in nearly two weeks.
Additionally, Shiba Inu’s burn rate soared significantly. In the last 24 hours, burned over 6 million SHIB, marking a 439% increase. Despite these developments, SHIB’s price has seen a decline. At the time of writing, Shiba Inu trading at $0.00001645, reflecting a 1.70% decrease over the past day. Daily trading volume has also dipped by over 21% to $402 million.
According to the Shiba Inu price prediction, if SHIB faces resistance at $0.00002817, it is expected to climb to a new-year high of $0.00004353, following a descending channel pattern. Conversely, if SHIB fails to hold above $0.00001521, it could decline to $0.00001235. That potentially trapping SHIB in a bearish zone and setting a new six-month low of $0.00000833.
However, in efforts to expand its ecosystem, Shiba Inu has integrated partner tokens K9 Finance DAO (KNINE) and Unification (FUND) onto Shibarium. Shibarium is a Layer-2 scaling solution designed to enhance transaction efficiency and reduce costs. The integration was facilitated through the innovative Shibarium Bridge, enabling seamless asset transfers from Ethereum to the Shiba Inu blockchain.
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