Shiba Inu has been the subject of speculation by investors. According to CoinMarketCap, the token is up 4% in the past week, following the general upward trend of the crypto market. This is also following the recent announcement made by @LucieSHIB, a content creator that’s completely focused on updates surrounding the Shiba Inu ecosystem.
ShibaSwap, the in-house decentralized exchange of Shiba Inu, will receive an upgrade according to Lucie’s recent tweet. Along with increased whale activity on-chain, SHIB maintains its position as the top crypto on investors’ portfolios.
$SHIB means business.
What is #ShibaSwap 2.0?
The ShibaSwap DEX will receive an upgrade called ShibaSwap 2.0, which should include a number of brand new features. One of the tips dev Eric M hinted was that ShibaSwap 2.0 will not only be a swap platform, but also a crypto… pic.twitter.com/g5fAen42Zg
— 𝐋𝐔𝐂𝐈𝐄 (@LucieSHIB) April 3, 2023
Shiba Inu On-Chain Developments Drive Investors Bullish
According to WhaleStats, SHIB remains as top crypto on whale addresses. Sporting an average dollar value equivalent of $6 million held by whales, it sits in the top four on the roster, only behind stablecoins USDC and USDT.
The Shib Metaverse is also hammering the bullishness home. First previewed at the SXSW 2023 Festival in Austin, Texas, it seems as though more designs for the Metaverse will be revealed later this year.
Miss @marciejastrow shared some up coming information about @shib_iothemv
Everyone is working on something. Patience required. pic.twitter.com/CoekWPRKzg
— 𝐋𝐔𝐂𝐈𝐄 (@LucieSHIB) April 4, 2023
Shibarium is the biggest development for SHIB and the Shibarmy. Since its testnet launch back in early March, there haven’t been any major developments in this realm for investors. However, the amount of SHIB burnt skyrocketed in the past 24 hours.
According to Shibburn, a dedicated Twitter account for tracking the amount of SHIB tokens burnt, 22.2 million SHIB tokens were burnt since yesterday. The monthly burn rate continues to be abysmal for SHIB, with the metric decreasing by nearly 76%.
At $0.00001106, Can SHIB Hold For A Big Upside?
The token’s current price point holds the key to higher price action in the coming days. However, investors should continue to accumulate in the coming days, which may or may not happen. The latter may be the case as short-sellers outnumber the long-buyers, showing that the current price action of SHIB is not popular with investors.
SHIB total market cap now at $6.6 billion on the daily chart at TradingView.com
With the whales entering the scene, this burden might be lower for the bulls. However, with SHIB being one of the most traded tokens for whales, this could mean that whenever a whale accumulates, another whale dumps their holdings into the open market.
This provides a stagnant price range for SHIB which leaves it in danger of a bigger downside. Despite this, the technicals for the token seem solid, with TradingView’s numbers showing a “buy” signal.
-Featured image from Plasticine House