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- Shiba Inu (SHIB) has surpassed the $0.00001 resistance, establishing a solid support level for a bullish trend.
- Shytoshi Kusama has suggested forthcoming announcements for LEASH token holders, which will include a new utility.
The Shiba Inu (SHIB) token has emerged prominently in the cryptocurrency market, attracting the attention of investors and enthusiasts due to its meme-inspired beginnings. With the launch of Shibarium on the horizon, the Shiba Inu ecosystem is set to reach another significant achievement.
In the last month, the SHIB token has seen a surge in activity, peaking in July. This increase has been accompanied by a notable rise in the number of new SHIB addresses. Data from IntoTheBlock indicates that the total number of Shiba Inu addresses has reached 3.5 million.
Additionally, Shiba Inu’s lead developer, Shytoshi Kusama, has hinted at an impending announcement for LEASH token holders. Kusama recently disclosed plans to unveil something noteworthy on Tuesday at 1 p.m. EST, followed by the introduction of a new utility for the Leash token.
The Leash token, often referred to as the “Doge Killer,” is one of the three native tokens within the Shiba Inu ecosystem, alongside BONE and SHIB. As per CoinMarketCap data, the current price of the Leash token is $567, with its market capitalization around $60.16 million.
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Shiba Inu (SHIB) 24-Hour Market Status
As the launch of Shibarium approaches, the Shiba Inu ecosystem remains in the spotlight. Shiba Inu prices have increased by 11% over the week and 30% over the month. However, SHIB has seen a decline of 2.7% in the last 24 hours.
Shiba Inu (SHIB) Price Chart (Source: TradingView)
Currently, the price of Shiba Inu is positioned in the $0.00001 range, presenting a challenge for bulls. With a newly established support level, SHIB has sustained its upward trajectory, moving towards the $0.000011 resistance and potentially the $0.000013 level.
If bearish pressure takes hold, the price may retract to $0.000009. This price rejection was brief, as a surge in positive social sentiment enabled the memecoin to overcome the $0.00001 barrier on August 11.
Conversely, the indicators on the chart suggest a strong likelihood of a continuation of the bullish rally in the Shiba Inu price forecast. The Relative Strength Index (RSI) has entered the overbought territory, currently standing at 66.76.
