A Shiba Inu rally (SHIB), may soon be held.
The Shiba Inu and the native cryptocurrency it is backed have been subject to a lot of interest due to recent events. On Thursday, the company’s founder and chief programmer, Shytoshi Kusama, informed the SHIB Army that the company’s development team is working on a burn mechanism that will have implications for the entire Shiba Inu ecosystem.
SHIB holders can’t help but be giddy about the future, what with the community’s official Twitter account teasing yet another major update.
Shiba Inu ‘Eternity’ Excitement
Since the Australian release Shiba Eternity, a lot has been accomplished. This excitement is amplified by the tweet from the official account.
We are grateful for all your wonderful comments. #SHIBARMYListeners, participants and anyone who asked questions.
You’re a rockstar!
— SHIBQueenie (@SHIBQueenie) September 23, 2022
The Shiba Inu team just announced via the Twitter Space Event “Shiba Eternity Community Update” the official date for the global debut of the Shiba Inu Collectible Card Game.
According to this announcement, Shiba Eternity launches on October 1. The Shiba Inu Community will celebrate the release as “Download Day” while simultaneously breaking the Android and iOS App Stores.
The coin was greeted with a great deal of enthusiasm.
Additional good news is available for the ecosystem. The development team continues to work on Shibarium as of the writing. This update is expected to be released around September 30.
This is the crucial step towards scaling
The upgrade, it is believed, will allow for greater scale in the Shiba Inu ecosystem. It also reduces gas prices, particularly on gaming.
But, will this be enough to allow the coin rally?
Currently, the coin’s value is between $0.000000957 and $0.00001230. It means that the currency trades within its June price range. This is not a favorable time for cryptos.
This price decline, following a steady climb from June through August, can be attributed to larger market factors.
Investors and traders were worried by the recent 0.75 percent rise in interest rates, and news about worsening year over year inflation. It fell 25.06% from its September 10 peak.
SHIB Seems To Be Rising On The Occasion
However, the price has increased to $0.00001038 from September 21, when it was at its lowest. This range of prices will support the token’s expected relief rally.
Resistance is represented by the $0.00001192 last fall. The resistance level is crucial because bulls could easily profit from any breakthroughs to the 78.60 Fib.
The Ethereum ecosystem could have an impact on the SHIB token’s value due to its Ethereum-based basis. The current market conditions can magnify the coin’s volatility that may lead to a crash.
SHIB can ride the wave of recovery if the financial markets recover from September 13’s decline.
SHIB's total market cap is $5.8B on the daily charts | Source: TradingView.com Featured image taken from Coin Culture and Chart: TradingView.com