As a seasoned crypto investor with several years of experience under my belt, I have witnessed the rollercoaster ride that is the world of digital currencies. The recent price fluctuations in Shiba Inu (SHIB) have been no exception to this trend. After seeing SHIB plummet as low as $0.00001667 on Sunday, it’s encouraging to see a recovery back up to around $0.000017 levels. However, we are still far from the July high of $0.000017.
After dropping as low as $0.00001667 on Sunday, Shiba Inu is now back to $0.000017 levels.
The SHIB price has bounced back significantly from the recent downturn, but it remains a significant distance from its peak in July at $0.000017.
The drastic price fluctuations for SHIB in the present time have resulted in a 2% increase for it during this month.
The peak price of $0.000035 was reached by SHIB in June. This week could mark a significant shift in its price trend.
Major updates
The Shiba Inu world is on the brink of substantial progress as they work on establishing their very own layer-3 network.
A Shib Inu team member named Lucie recently shared information about recent developments in various tokens and decentralized applications (dApps) through a tweet, with a particular emphasis on the upcoming layer-3 network.
Using Fully Homomorphic Encryption (FHE) in this network offers the benefit of securely processing data on unsecured platforms without the need for decryption. This ensures both security and privacy.
The Shiba Inu ecosystem, which comprises Shiba Inu, Bone, Treat tokens, and initiatives such as the Metaverse and Shibdentity, is anticipated to derive significant advantages from Functionally Homomorphic Encryption (FHE).
Approaching its one-year mark, Shibarium, the Shiba Inu Layer-2 blockchain, is rapidly approaching a significant achievement of six million blocks. This milestone underscores its robust expansion and unwavering strength since its inception in August 2021.
As a member of the research team, I’m excited to share that we have disclosed plans for new initiatives such as Shibacal NFTs and Shiba Eternity. These projects signify our swift growth and the promise of additional offerings in the near future.
Price forecast
Shiba Inu has seen significant enhancements in various metrics lately. Some metrics even hint at possible continued growth.
Based on historical trends from CryptoRank, SHIB may experience a bullish surge in August, with an average return of 2.67% and a median gain of 3.36% during this month.
Despite some metrics presenting a straightforward image, such as the decreased whale activity, there is a noticeable decline in transaction volume and large transactions.
As a researcher studying the cryptocurrency market, I’ve noticed that Shiba Inu (SHIB) is presently forming a descending wedge pattern on its price chart. This technical configuration typically foreshadows heightened volatility. When SHIB reaches the resistance level established by the upper boundary of this pattern, it could potentially surge upward, aiming for the highs achieved in June.
Currently, SHIB‘s Relative Strength Index (RSI) is at 46, indicating neutral territory.
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2024-07-29 18:45