Shiba Inu (SHIB) Surge Potential Increases – Will It Reach $1?
The price of SHIB, the native token of the Shiba Inu ecosystem, has been oscillating around the $0.000007 price level over the past seven days. At 12:30 p.m. EST today, September 25, the coin is trading at $0.000007256, down by 1.70% following a surge above $0.000076 on September 23.
Though at a slow pace, Shiba Inu (SHIB) holders have been on a steady rise since September, according to data on Etherscan. Part of this growth could be attributed to the introduction of Shibarium, which now boasts over 1.25 million wallet addresses.
This increased usage amid tough market conditions could be a good sign because it might positively impact Shiba Inu's price trajectory. This prompts the question: What factors are necessary for SHIB to reach the coveted $1 mark?
Rise in Shiba Inu's Adoption Could Fuel Its Surge
Increased adoption of the Shiba Inu ecosystem's layer two network, Shibarium, is anticipated to rub off on SHIB. Also, Shiba Inu has been gaining increased attention lately.
LaborX recently fully integrated Shiba Inu. According to the announcement, LaborX not only introduced Shib payments but now allows users to transact with Bone ShibaSwap (BONE), a primary token of Shibarium.
Guess what? The meme coin Rock Star band is growing bigger!
@Shibtoken is now fully integrated into LaborX
We had already added SHIB payments, but now you can pay or get paid in $BONE, too!
Log in to your LaborX account, browse our Web3 jobs or add your vacancy, and... pic.twitter.com/sGRTKk0MFs
- LaborX: Crypto Jobs & Web3 Hiring (@LaborXNews) September 21, 2023
This integration followed Shibarium's blockchain launch, likely contributing to Shiba Inu's global adoption. Shibariumscan.io reported 1.25 million wallets and ~3.12 million transactions on Shibarium, with over 819k blocks generated at a five-second average block time.
However, despite the increasing adoption, Shiba Inu's price remained in tune with the broader crypto market, down by 1% in the last 24 hours. SHIB is down 2% in the last seven days, according to CoinMarketCap.
Despite market conditions, increased ecosystem activity ignites hope of a recovery in the coming days. Also, SHIB's burn rate has remained high, with over 410 trillion tokens burned, according to Shibburn data. This integration with LaborX can positively affect SHIB's price by increasing its utility and demand.
As more users and businesses begin to accept SHIB as a form of payment for services or products on the LaborX platform, the demand for SHIB tokens could increase. This increased demand, if sustained, can put upward pressure on SHIB's price.
SHIB's Green Candle Stick Formation Shows Significant Buying Activities - More Rallies Ahead!
Shiba Inu (SHIB) is forming a red candlestick below the 50-day and 200-day Simple Moving Average (SMA). This shows that the coin's price is affected by increased selling pressure amid the overall bearish market trend.
The declining Relative Strength Index (RSI) at 41.29 suggests a potential bearish price trend due to increased selling pressure. As such, SHIB could decrease further as sales activities increase.
Conversely, the Moving Average Convergence/Divergence is slightly above the signal line, suggesting the presence of a small bullish momentum in the market. It indicates that a few buyers have entered the market.
Shiba Inu's price could increase if more buyers enter longer positions before the day ends. However, traders and investors should consider these factors and other technical and fundamental analyses to make informed decisions about cryptocurrency.
SHIB Finds Support at $0.00000720 - A Historical Rebound Point for The Coin's Price
SHIB is dipping, with its price currently at $0.00000730. However, it has a support at $0.00000720 and resistance at $0.00000752.Notably, the demand for Shib inu is high at the support level of $0.00000720 and could act as a hedge against further decline.
This high demand could trigger an upward push and price upward to the $0.00000752 resistance level.But if the bearish momentum breaks through this threshold and pushes SHIB below $0.00000720, the token could record lower lows.
On the other hand, the resistance at $0.00000752 is a level where there's a higher supply of the cryptocurrency, with increased selling interest, which poses a barrier to further upswing. If the price rises above $0.00000752 and manages to break through the resistance, it could signal a bullish trend, and the price may continue to rise.
The price is currently in the middle of this range, so it's in a neutral position. Traders might wait for a breakout above the resistance or below the Support to make trading decisions.
Amid the uncertainties surrounding SHIB's growth trajectory, the new stake-to-earn crypto, Bitcoin BSC, is projecting a promising outlook for early buyers.
BTCBSC, the Green Version of Bitcoin Developed on Binance Smart Chain, Storms the Crypto Space with Explosive Presale
Bitcoin BSC has exceeded its presale soft cap and raised over $5 million out of its $6 million hard cap goal. BTCBSC trades at $0.99 per token, an attractive price for interested investors.
It operates with a stake-to-earn mechanism, making it a sustainable version of Bitcoin with potential future returns. This project offers purchasing, staking, and reward opportunities.
While it shares similarities with Bitcoin, it is independent of BTC and is deployed on the Binance Smart Chain (BSC). Interested investors can join the presale by visiting the website and swapping the token with BNB, ETH, or USDT.
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