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Simon Chandler
Author
Simon Chandler
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Shiba Inu has jumped by 2% today, with its price rising to $0.00001389 after its Shibarium L2 network rolled out BONE and USDC purchases via Visa or Mastercard.
This puts SHIB up by 1% in a week, with the crypto market as a whole enjoying a 4% gain in the past 24 hours.
Yet the meme token remains down by 20% in a month, and while it holds onto a 32% increase in a year, this is relatively modest in relation to other major coins.
As such, holders may hope that today’s news may be the kind of thing that underlines Shiba Inu’s fundamentals, and helps boost its price in the medium- and long-term.
Can Shiba Inu Skyrocket And Reach $0.001? BONE and USDC Purchases with Visa Now Live on Shibarium
SHIB’s chart is very interesting today, because while its indicators aren’t particularly bullish, its resistance (red) and support (green) levels are just about touching each other.
Normally, this kind of convergence predicts a breakout, with SHIB having traded in an increasingly narrow range over the past couple of weeks.
Its other indicators certainly don’t preclude a breakout, given that they aren’t close to overbought territory.
Its RSI (purple) sits at a very average 55, although it has lifted in the past hour or so, hinting at an incoming rally.
At the same time, its 30-period moving average (orange) has remained below the 200-period average (blue) for several days, something which normally indicates that a given asset should rebound.
One thing that’s concerning is that Shiba Inu’s 24-hour trading volume is only $150 million today.
It’s therefore to be hoped that today’s news regarding Shibarium can serve as a catalyst for higher demand for SHIB.
As mentioned above, Shibarium’s developers have launched a feature whereby you can use your Mastercard or Visa cards to purchase BONE and USDC directly on the layer-two network.
This will increase Shibarium’s accessibility and may help to boost adoption, yet it should be noted that the network has since a steep decline in daily transactions since launching last summer.
From around 7.4 million transactions per day in December, it has been languishing at around 4,000 transactions per day for several months now.
This shows a lack of interest in Shibarium, and may account for why the above news has done little to boost the Shiba Inu price.
Still, SHIB may reach $0.00002 in the next one or two months, and $0.00003 by the end of the year.
Newer SHIB Tokens Could Rise Higher
If traders are frustrated by SHIB’s lack of recent progress, they may prefer to invest in newer tokens, of the kind that can rally big as and when they gain new exchange listings.
Presale coins are often liable to do this, given that they start from such a low base but grow quickly thanks to the momentum they generate during their sales.
One coin doing just this is Shiba Shootout (SHIBASHOOT), a new Ethereum-based token that opened its token that has now raised $940,000 in its sale.
Given that it opened its sale only a few weeks ago, this figure is an encouraging sign that investors are taking to the coin in a big way.
Shiba Shootout is exciting because it provides a unique riff on the tried-and-true Shiba Inu-themed meme token.
It will add community-focused Wild West themes to the usual formula, with the coin developing an online community based around various mini-games and competitions.
These will include poker tournaments, virtual treasure hunts and lotteries, all of which will encourage investors to become SHIBASHOOT holders and stick with the coin for the long term.
As a token, SHIBASHOOT will have a max supply of 2.2 billion, with 35% of this supply going to the presale and 20% to staking.
What’s interesting is that loyal and active holders will be eligible to receive additional staking rewards, while they will also have the chance to participate in governance votes.
Because of all this, SHIBASHOOT will have much more utility than the average meme coin, with investors able to join its sale at the official Shiba Shootout website.
1 SHIBASHOOT token currently costs $0.0199, although the early success of the coin’s sale should see this price rise much higher when it lists.
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
