29 September 2023
In a whirlwind of anticipation, the Shiba Inu community is holding its collective breath as Shytoshi Kusama, the chief architect behind SHIB, hints at breaking his silence. With a slew of developments on the horizon for the Shiba Inu project, the statement amplifies expectations for potential significant updates.
In a message conveyed by team member Lucie on Twitter, Kusama emphasized his unwavering support for the Shiba Inu community, stating, “We FULLY intend to support the community. Hence the paper. Takes time, that’s all. But I think it’s time for my silence to end SOON.”
This announcement has fueled heightened expectations and excitement for what’s next for the Shiba Inu project.
Potential Shiba Inu News
The Shiba Inu project has been the subject of much discussion recently, especially with recent alterations and announcements. A few days ago, there was a notable transformation of BONE, Shibarium’s gas token. The process, termed “renouncing,” ensures that BONE has now become fully decentralized, thereby eliminating any chance for future alterations or manipulations by the contract owner.
Kaal Dhairya, a prominent developer within the Shiba Inu community, took to X (previously known as Twitter) to affirm this significant shift. He remarked, “The deed is done, BONE is now renounced via the TopDog contract. We will continue to build decentralized, permissionless systems for the benefit of the community.”
Furthermore, on the dawn of September, Lucie, who holds the mantle of Shiba Inu’s Marketing Officer, pulled back the curtains on the unveiling of Wrapped BONE. WBONE has been introduced as a Shibarium-based token. It offers a standardized representation of the BONE token, ensuring its compatibility with the diverse ecosystem of smart contracts and DApps on the Shibarium network.
So, what developments can be anticipated next? Speculation runs rife on the next potential move for Shiba Inu. ShibaSwap’s transition to Shibarium has been a hot topic since Kusama’s last update in August, where he hinted at the move happening “soon”. However, an echoing silence has surrounded ShibaSwap’s migration progress since then.
However, the Shibarium project is more than just ShibaSwap and there’s a broader vision. The SHIB team has pledged to transition all Shiba Inu-linked ventures to the state-of-the-art Shibarium platform. This migration includes captivating offerings like non-fungible tokens (NFTs). Moreover, eyes are keenly set on “Shib: The Metaverse” – a metaverse product that has been in the wings for some time without any fresh updates as of lately.
SHIB Price Poised For Massive Rally?
In recent days, the Shiba Inu price has shown a slight uptrend. However, the 4-hour chart shows that the bulls need to show much more buying power to break out of the sideways trend of the last three-plus weeks. Today, the SHIB price was rejected at the 38.2% Fibonacci retracement level of $0.00000742.
Related Reading: Shiba Inu At $0.0000072: Sellers Push For Breakout From Compact Zone
In order to build more bullish momentum in the smaller time frames, it is essential for SHIB to break through this resistance. As of now, the 23.6% Fibonacci retracement level at $0.00000753 and the September 23 local high at $0.00000770 are key price targets.
If SHIB can build bullish momentum on the smaller time frames, this could also suggest that SHIB bulls are winning the battle on the higher time frames where a bullish quadruple bottom or a descending triangle is looming (1-week chart). As explained in previous analyses, both patterns are still too similar to make a final judgment at the moment.
If the quadruple bottom bottom—a noteworthy pattern in technical analysis—is validated, SHIB could be poised for a substantial rally. Market participants would be wise to observe the 23.6% Fibonacci retracement level closely, situated at $0.00002545, which could signify an approximate surge of 250% from its current standing.
However, the bullish scenario depicted by the quadruple bottom is juxtaposed by the contrasting bearish implications of the descending triangle. A breach below the support level of $0.00000715 could corroborate the descending triangle pattern, likely thrusting SHIB toward a low of $0.000006 for the year.
Such a breach may lead SHIB into unknown territory, with the prospect of establishing a new all-time low becoming a stark possibility.