Shiba Inu: What’s Happening?
Even if the overall cryptocurrency market on Thursday retreated from its highs from the previous session. The Shiba Inu-inspired meme coin (SHIB), which lives as an ERC-20 token on the ethereum blockchain. It is still climbing. The cryptocurrency token, which is second in popularity to Dogecoin as a meme coin. It last traded up 3.0 percent on the day and has gained roughly 9 percent since Wednesday. When it bounced back from its 21-day moving average. The Fed meeting last Friday was just as combative as anticipated.
Analysts claim that Shiba Inu has recently benefited from the news that Canadian cryptocurrency payment gateway FCF Pay has linked major tokens from the Shiba Inu ecosystem (SHIB, LEASH, and BONE) to its Visa and Mastercard prepaid cards. The SHIB, LEASH, and BONE cryptocurrencies, as well as other cryptocurrencies like Bitcoin and other stablecoins, can now be preloaded into FCF Pay cards for up to $5,000.
SHIB/USD last traded at approximately $0.0000125, representing an amazing increase of over 50% from the beginning of 2023. The rally might soon pick up speed. A bearish trend that connects the highs of August and October 2022 is being tested by Shiba Inu at the moment. Given that SHIB/USD has maintained strong support during recent pullbacks to the 200-day and 21-day SMAs, buying pressure appears to be increasing, pointing to a breakthrough of the crucial $0.000013 region for a longer-term downtrend and January high. best beautiful appearance imaginable.
A rapid climb towards the October highs in the $0.0000152 region and perhaps a run into the August highs just below $0.000018 might be possible as a result. Meme-based cryptocurrencies may receive support from more than just technology and popular crypto winds.
More about shib
This year, the SHIB token is expected to gain a lot of usefulness. Because to the fascinating initiatives the Shiba Inu developers are currently working on. This includes Shibarium, Shiba Inu’s own Ethereum scaling solution blockchain. Which will be developed as a layer 2 extension of the Ethereum blockchain, use SHIB as its native token, and promise to 1) minimize gas and 2) accelerate the expansion of the Shiba Inu web3 ecosystem.
The Shiba Inu metaverse is only one of the intriguing projects the creators are currently working on. Investors are anticipated to become more interested in SHIB in 2023 as a long-term investment. Rather than merely a chance to earn a quick profit. Because of the cryptocurrency’s sizable and incredibly supportive community and remarkable development initiatives. Long-term, worthwhile cryptography project.