Popular meme coin Shiba Inu gave an important reminder to its community and celebrated with a contest where it will give away 10 lands. In the midst of this development, an analyst charts the routes SHIB can follow next.
Shiba Inu made an exciting reminder!
The official SHIB Twitter account has brought an important reminder to the Shiba Inu community. As you may remember from the news of Kriptokoin.com, at the beginning of April, the SHIB metaverse offered an update on the progress and new improvements. SHIB The Metaverse’s new social account on Twitter has been announced as the place to share new updates about the project in the future. The social media account will also act as a channel for all communication and social updates regarding the SHIB metaverse.
https://twitter.com/Shibtoken/status/1649814934971195393
The Shiba Inu metaverse celebrated the launch of its brand new Twitter to encourage users with a contest where it will give away 10 lands. The promotion will run until April 30. Just seven days before the end of the promotion period, the official Shiba Inu has sent a reminder to the community to enter the contest and have a chance to win a piece of land in the SHIB metaverse.
Meanwhile, the development of the SHIB metaverse is progressing at a remarkable pace. According to the April update, the vision and direction of SHIB The Metaverse has undergone a significant change to offer users a more realistic experience. Accordingly, the MV team has been tirelessly creating a set of tools for the first release of SHIB The Metaverse. The Metaverse team is optimistic that by the end of 2023 users will have the opportunity to explore some areas of the metaverse.
Shibarium beta passes 14 million addresses
The Shibarium beta “Puppynet” sees a significant increase in the number of interactive wallet addresses on the test-net. PuppyScan reports that the number of interactive wallet addresses in Tier 2 Shibarium is currently 14,061,614. The number of wallets was 13,856,413 on April 19. The total number of transactions is 4,629,521 and there are currently 504,851 total blocks.
Possible next routes of Shiba Inu (SHIB)
Crypto analyst Arman Shirinyan assesses the technical outlook of the Shiba Inu. SHIB recently settled on solid support at $0.00001, prompting investors and traders to speculate on the meme coin’s next potential moves. As the 200 EMA is above the 50 EMA and the price of the SHIB is below the 50 EMA, market participants are closely watching the developments in the coming days.
A possible outcome for SHIB is a rebound from the support level and the resumption of an uptrend. The $0.00001 support proved to be a strong base as the price of SHIB has bounced off this level many times in the past. If the RSI, currently at 40, starts to rise and trading volume increases, this could indicate increased buying interest and a potential reversal of the recent downtrend. In this case, traders may look for an opportunity to enter long positions in anticipation of further earnings.
Source: TradingViewAnother possibility for SHIB is a period of consolidation where the price continues to trade in a tight range around the $0.00001 support level. This scenario could occur if the RSI stays steady around the 40 mark and the trading volume remains relatively low. This indicates that there is no strong buying or selling pressure. In this case, investors may prefer to wait on the sidelines, looking for a clearer signal of the future direction of the coin before taking any trades. It should be noted that the consolidation phases can continue for long periods before a definitive breakout occurs either up or down.
The third scenario involves a break of the $0.00001 support level, which will lead to a further decline in the price of the SHIB. This could happen if trading volume increases on the sell side and the RSI continues to drop, indicating bearish momentum.
SHIB sees rise in investor optimism
When it comes to the Shiba Inu, it looks like the bulls are starting to get ahead of the bears. This is the result when we look at the data of the cryptocurrency intelligence portal IntoTheBlock. According to these statistics, 200 billion more SHIB tokens were purchased over the past week than were sold by major investors. In total, this category of crypto market participants was responsible for a weekly total of 14.7 trillion Shiba Inu tokens.
But as of today, the bears dominate the bulls in terms of address count: 128 vs. 126. If you look at the dynamics, however, you can see that the number of buyers has increased, while the difference in address count was 10 last week. As a reminder, IntoTheBlock’s methodology only considers addresses that handle at least 1% of the token’s total trading volume. The shift in sentiment from major players came as the SHIB price fell more than 10% in the last seven days, the biggest weekday drop since late February.
SHIB weekly price chart / Source: CoinMarketCapLooking at the price chart of the Shiba Inu token, there is a clear level where a buyer steps in: $0.00001. This is where the bulls start to buy back the token and prevent its price from adding another zero.
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