SHIBA INU (SHIB) ON FIRE TODAY
Know The Factors Of Behind Bullishness
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Shiba Inu (SHIB) On Fire Today
(Sunday 18 June 2023 :10 PM IST)
Shiba Inu (SHIB), the meme cryptocurrency that gained immense popularity, is experiencing a significant bullish trend today, with its price surging by +8.44% within the past 24 hours. Currently, SHIB is trading at $0.0000075, boasting a market capitalization of $4 billion according to CoinMarketCap. In order to comprehend the reasons behind this sudden pump in price, it is crucial to analyze the contributing factors.
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Factors Behind Today Bullishness In Shiba Inu
1.Resistance Level Breakout:
Shiba Inu (SHIB) had been trading in a descending pattern, failing to surpass its resistance level of $0.0000069 since Sunday, 11 June.
However, today marked a breakthrough as the resistance level was finally breached, leading to an upswing in the price. This breakout indicates a shift in market sentiment and instills confidence among investors.
2.Shibarium Mainnet Launch:
Another significant factor contributing to the bullishness of Shiba Inu (SHIB) is the impending launch of the Shibarium mainnet. This development has played a pivotal role in triggering the upside movement in price. Shibarium is a layer 2 solution designed to enhance transaction speed and reduce costs within the Shiba Inu ecosystem.
The scalability limitations and high gas fees associated with the Ethereum network have impeded the full potential of various Shiba Inu projects, including the Shiboshi NFT Project, the Shib Metaverse, DEX features, and Shiba Inu games. The introduction of Shibarium aims to address these challenges, providing a more efficient and cost-effective platform for the Shiba Inu community.
Note: The price data is taken from coinmarketcap.
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By improving scalability and reducing transaction costs, Shibarium opens up new opportunities for the Shiba Inu ecosystem, enabling the development and growth of decentralized applications (DApps) and NFT-based projects. This enhanced infrastructure fosters innovation and attracts both developers and users to the Shiba Inu platform.
It is important to note that the crypto market is highly volatile, and price movements can be influenced by various factors, including market sentiment, news, and investor speculation. While the factors mentioned above have contributed to the current bullishness of Shiba Inu (SHIB), investors should exercise caution and conduct thorough research before making any investment decisions.
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FAQ
Cryptocurrency is a digital or virtual form of currency that uses cryptography for security and operates independently of a central bank. It is designed to be secure, transparent, and decentralized. Unlike traditional fiat currencies (such as the US dollar or the Euro), which are issued and regulated by a central authority, cryptocurrencies rely on cryptographic techniques to secure transactions and control the creation of new units.
Shiba Inu Coin is a cryptocurrency that emerged as part of the larger wave of meme-inspired digital currencies. It takes its name from the Shiba Inu dog breed, which gained popularity as the mascot of the Dogecoin community. Shiba Inu Coin, often referred to as SHIB, was created in August 2020 by an anonymous person or group of people using the pseudonym “Ryoshi.”
Similar to Dogecoin, Shiba Inu Coin was developed as a decentralized and community-driven cryptocurrency. It operates on the Ethereum blockchain, utilizing smart contracts to enable various functions and features. SHIB gained significant attention and popularity in 2021, particularly during the cryptocurrency bull market and the broader surge in interest around meme coins.
A memecoin refers to a type of cryptocurrency that is created based on or inspired by internet memes. It is typically designed to be humorous, satirical, or ironic in nature, and its value is often driven by the popularity and attention it receives rather than any underlying technological or financial fundamentals.
Memecoins emerged as a trend within the cryptocurrency space, particularly during the bull market of 2021. They gained popularity due to their association with viral internet culture and the potential for quick and significant returns on investment. Some well-known examples of memecoins include Dogecoin, Shiba Inu (SHIB), and SafeMoon.
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Conclusion
Shiba Inu (SHIB) has witnessed a notable surge in price, with several factors fueling this bullish trend. The breakout from a resistance level and the upcoming launch of the Shibarium mainnet are key drivers behind the recent price movement.
As Shiba Inu continues to evolve and address scalability and cost issues, it has the potential to unlock new opportunities and attract a broader audience within the crypto community. Nevertheless, market participants should approach investments in Shiba Inu (SHIB) or any other cryptocurrency with careful consideration and a clear understanding of the associated risks.
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Disclaimer:
Consult your financial advisor before making any decisions because Investing in digital assets is extremely risky. Digital asset prices are subject to high market risk and price volatility. No information on this website is intended to be a solicitation or an offer.
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