Shiba Inu: Market Stability At Pivotal Point As Buyers Hold Strong At This Level

Christian Encila

2 years ago

4 mins read

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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

Source: CoinMarketCap

Source: Coingecko

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

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

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