Shiba Inu Faces Setbacks After Price Increase, Developers Talk About Growth
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Shiba Inu, a cryptocurrency inspired by memes, recently went up in price but faced resistance at a key level and dropped again.
Shiba Inu has a market value of around $13.75 billion, putting it in the eleventh spot among cryptocurrencies. Reports also noted that its daily trading activity went up sharply to about $1.47 billion.
Shiba Inu Seeks Stability Amid Price Fluctuations And Future Prospects
Experts explained that the SHIB/USD pair hit resistance at $0.00002935, causing the price to fall to $0.00002350. They said support might show up near $0.00002150, a spot where the price reacted before. Reports also mentioned that Shiba Inu had trouble at this same level in May 2024.
Analysts said the price has stayed around $0.00002340 for some time. This spot has had several bounces, which could form a Double Bottom pattern.
If this happens, experts said buyers might push the price up again. However, they warned that if the price drops below this level, sellers could take control, leading to more drops.
Shiba Inu, often called the “Dogecoin killer,” has grown beyond its meme origins. It now uses a Layer-2 solution Shibarium to help handle more activity and grow its system.
Lucie, the marketing leader for Shiba Inu, said she believes the token could reach $0.00006, but there is no timeline for this.
Shiba Inu Responds To Criticism While Expanding Its Ecosystem
The lead developer, Shytoshi Kusama, spoke about recent criticism from Corleone Alpha News. The news group questioned how much Shiba Inu has improved compared to other meme tokens.
Kusama said Shiba Inu focuses on technology and usefulness, pointing to Shibarium and its decentralized exchange as examples. He also shared plans for a new podcast to talk about these updates.
In the meantime, Dogecoin has also drawn attention after its price jumped. It reached $0.3292, with a 152% rise in the past month and an 86% increase in the last week. Experts said this rise has sparked new talk about whether Dogecoin could eventually reach $1.
Toncoin has also gained interest because it connects with Telegram, which has over 700 million users each month. Analysts believe this connection could encourage more people to use it.
Shiba Inu’s loyal “Shib Army” continues to support the cryptocurrency. Reports said the community has helped it get listed on major exchanges. Experts reminded investors to be careful, saying that cryptocurrencies like Shiba Inu, Dogecoin, and Toncoin can bring risks even as they gain popularity.
