The price of Shiba Inu (SHIB) has been highly volatile in 2023, exhibiting both extended rallies and sharp crashes.
While unpredictable, traders continue to watch SHIB closely for signs of the token’s next big move.
In this article, we highlight three reasons why the Shiba Inu price remains fascinating to watch in the weeks ahead before discussing Shibie Coin's (SHIBIE) ongoing presale, which aims to raise $1 million for project development.
1. Upcoming launch of Shibarium Network
Firstly, the upcoming launch of Shibarium is one of the main reasons to monitor the Shiba Inu price in the coming weeks.
Shibarium is a layer-2 scaling solution built on top of the Ethereum blockchain.
As a scaling solution, Shibarium will enable faster and cheaper SHIB transactions, with the aim of making the token more usable for payments and decentralized applications.
In turn, many in the Shiba Inu community expect Shibarium to expand the inherent value of SHIB significantly.
According to Shiba Inu’s roadmap, Shibarium’s mainnet launch will also see the ShibaSwap DEX integrated into the platform for easier access to tools and functionalities.
If successful, this holistic approach may increase SHIB's utility and demand.
However, Shibarium's launch has been delayed numerous times, so there's always the chance that the release doesn't occur as planned.
Any significant delays at this point could diminish hype and disappoint investors, negatively affecting SHIB's value.
2. Binance adds SHIB as accepted collateral asset
Binance, the world’s largest cryptocurrency exchange based on daily trading volume, has recently announced the addition of SHIB as a supported collateral asset on its lending platforms.
According to a Binance statement, SHIB and 21 other cryptocurrencies have been added as collateral options for its Flexible Loan service.
Adding SHIB as a collateral asset could increase demand for the token, given that it could now be used to acquire loans – thereby adding some much-needed utility.
Binance's move has also fueled speculation that the exchange could list Bone ShibaSwap (BONE), the governance token of the ShibaSwap DEX.
Given the synergistic relationship between the two tokens, if BONE was to be added to Binance's roster, it could further boost demand for SHIB.
Ultimately, Binance offering both tokens would signal its commitment to the entire Shiba Inu ecosystem, which may positively affect SHIB's price.
3. Break below 20-day EMA on 4-hour price chart
Lastly, SHIB could also be worth watching from a technical perspective, given that the token’s price has just broken below the 20-day Exponential Moving Average (EMA) on the 4-hour price chart.
This break below the EMA comes after two days of strong bearish momentum, during which time the SHIB price has dropped by nearly 13%.
SHIB's reversal has surprised meme coin investors, given that the token had experienced a sharp uptrend in the preceding 48 hours.
Regardless, the fact that SHIB has fallen below the 20-day EMA could be a bearish signal that precedes further downside.
If SHIB fails to reclaim this EMA as support, traders may interpret that as increased confirmation of a short-term bearish trend reversal.
This possibility makes Shiba Inu’s price action worth monitoring closely from a technical standpoint over the coming days and weeks.
New meme coin SHIBIE gains presale momentum & aims for $1M raise
As interest grows in Shiba Inu due to the imminent Shibarium rollout and recent addition to Binance’s list of accepted collateral assets, a new meme coin called Shibie Coin (SHIBIE) has emerged, aiming to step into the limelight.
The aptly named SHIBIE labels itself the "bombshell bitch of the crypto world" and is modeled after Shiba Inu and Barbie.
Shibie Coin's presale has garnered early investor participation, with over $168,000 contributed so far.
SHIBIE is priced at $0.000167 during this presale, with 60% of the 10 billion supply available to early investors.
As outlined in Shibie Coin’s whitepaper, this substantial allocation ensures that over half of the supply is in the hands of the community – fostering strong engagement right from the offset.
Additionally, the development team has allocated 20% of the supply to liquidity, with the aim to create a stable trading environment once SHIBIE makes its DEX debut.
Looking ahead, Shibie Coin's team plans to add utility to the token by releasing an AI-powered Telegram bot, which will provide fun community engagement through playful banter.
Ultimately, while the road ahead may be unpredictable, SHIBIE's community-focused tokenomics provide a solid foundation for the token as it tries to make its mark in the meme coin space.