Shiba Inu Sponsors Blockchain Futurist Conference
Shiba Inu (SHIB), a memecoin built on the Ethereum network and inspired by Dogecoin, was launched in 2020 by an anonymous developer named Ryoshi. Unlike Bitcoin, which has a limited supply, SHIB is intentionally abundant, with a total supply of one quadrillion. The SHIB ecosystem backs initiatives like an NFT art incubator and the development of a decentralized exchange, Shibaswap.
Since July 2023, SHIB has achieved six consecutive weeks of gains, shifting its reputation from a speculative meme coin to a more mature and credible digital asset.
SHIB’s growing community has been instrumental in its rise, while its listing on major exchanges like Binance and Coinbase has added legitimacy in the eyes of larger investors.
Moreover, Shiba Inu has made significant strides as the official title sponsor of the Blockchain Futurist Conference, Canada’s largest and longest-running Web3 event, which kicked off on Tuesday. The event is gathering thousands of global participants to discuss the future of blockchain technology, and Shiba Inu is expected to make “some serious announcements” that could impact SHIB’s market outlook.
The Expected Launch of Shibarium
Shytoshi Kusama, the pseudonymous lead developer of Shiba Inu, is expected to deliver a speech via AI at the Blockchain Futurist Conference. The SHIB community eagerly anticipates the official mainnet launch of the Layer 2 Shibarium blockchain during the conference, scheduled for August 15 and 16. Additionally, Kusama plans to announce something exclusively for LEASH token holders and introduce a new utility for LEASH on Wednesday.
In a positive development, Doge Killer (LEASH), a token within the Shiba Inu ecosystem, was recently listed on the Singapore-based exchange, Crypto.com. This listing has sparked excitement, with deposits and trading of LEASH now available on the platform.
Rising Number of SHIB Addresses
Shiba Inu (SHIB) has witnessed a significant increase in market cap over recent weeks, despite Bitcoin’s price remaining relatively stable. According to Santiment, an on-chain analytics firm, SHIB has experienced a surge in social volume, as traders shifted their attention toward the Blockchain Futurist Conference, where Shiba Inu is an official sponsor.
The number of new SHIB addresses is growing, indicating rising investor enthusiasm. Over the past seven days, there was a remarkable 14.18% increase in new addresses. Source: IntoTheBlock
Another notable development is the rising number of non-empty wallets holding SHIB. This metric has reached an all-time high of 1.24 million addresses holding SHIB tokens. Most of the growth in the past 30 days occurred among addresses holding between 100 billion and 1 trillion SHIB tokens.
While these trends reflect positive momentum for SHIB, it’s important to remember that the cryptocurrency remains volatile, and broader market dynamics influence SHIB’s price trajectory. Additionally, macroeconomic factors like recession fears and central bank policies will impact the crypto market in the coming weeks.
SHIB техникалық талдауы
Shiba Inu (SHIB) has seen a more than 30% increase since July 2023, rising from $0.0000077 to a high of $0.000011. Currently priced at $0.0000106, SHIB’s recent price action remains bullish. Analysts predict that more investors may consider purchasing SHIB, and as long as its price stays above $0.000010, it remains in the BUY-ZONE for traders.
SHIB үшін негізгі қолдау және қарсылық деңгейлері
In the chart from January 2023, important support and resistance levels are highlighted to guide traders. SHIB remains well-supported, and if it rises above the current resistance at $0.000011, the next target could be $0.000012.
Key support lies at $0.0000100. Should SHIB fall below this level, it would signal a “SELL” opportunity, with the next target being $0.0000095. If SHIB dips below $0.0000090, which also serves as a significant support level, the next target could be around $0.00000800.
Factors Supporting the Increase in SHIB’s Price
SHIB’s six consecutive weeks of growth since July 2023, along with the continuous rise in new SHIB addresses, reflect strong investor sentiment. Should the price break above the $0.000011 resistance level, the next price target may be $0.000012.
Shiba Inu’s status as the official sponsor of the Blockchain Futurist Conference, where “serious announcements” are expected, may provide further positive catalysts for the price of SHIB.
Indicators of Potential Decline in SHIB’s Price
Despite positive developments, cryptocurrency markets remain inherently volatile. While favorable news can drive prices upward, the risks associated with such speculative assets are significant. SHIB’s unpredictability means investors should exercise caution.
Additionally, the broader macroeconomic environment remains uncertain, with policy tightening measures to combat inflation, worsening financial conditions, and geopolitical tensions continuing to affect market sentiment. Given SHIB’s correlation with Bitcoin, a downturn in Bitcoin’s price below the $28,000 support level could also drag SHIB down.
Expert and Analyst Insights
SHIB’s six consecutive weeks of gains, coupled with the rise in new addresses and a growing focus ahead of the Blockchain Futurist Conference, suggest that the cryptocurrency has potential for further upside. Experts suggest that SHIB may continue its positive trajectory, especially if whales continue to increase their trading activity.
However, investors are advised to remain cautious due to the volatile nature of the crypto market. While positive trends like increased whale activity could lead to short-term price spikes, long-term price predictions remain challenging, especially with macroeconomic risks looming over the market.
Overall, the current climate requires a defensive investment strategy, as unexpected market shifts and global risks may lead to increased volatility.
Жауапкершіліктен бас тарту: Cryptocurrency trading is highly speculative and comes with significant risk. Never invest more than you can afford to lose. The content here is for educational purposes only and should not be taken as financial or investment advice.
