Shiba Inu proponent and SquidGrow founder Shibtoshi believes the recent Shiba Inu price rise can be sustained.
In an interview with Shib Daily, Shibtoshi discussed the buzz surrounding Shiba Inu. The coin’s price surged over 20%, reaching $0.00002031 on September 28. This growth followed a significant increase in on-chain activities within the Shiba Inu ecosystem.
Bullish Sentiments Drive the Surge
Shibtoshi attributed Shiba Inu’s price increase to its growing adoption and utility. He pointed to the excitement around Shibarium, Shiba Inu’s layer 2 scaling network, which improved transaction speeds and reduced costs.
According to Shibtoshi, the launch of Shibarium has made Shiba Inu more appealing to both developers and investors. Adopting a burn mechanism and the decentralized trading platform ShibaSwap also contributed to the rise in bullish sentiment.
In addition, the network saw increased traction by introducing a liquid staking protocol created in partnership with K9 Finance. The release of the Bonecrusher decentralized app helped push Shibarium’s total value locked (TVL) to $7.03 million.
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Sustaining the Price Surge
When asked if the price surge could last, Shibtoshi was optimistic. He referred to technical analysis tools like moving averages, RSI, and Bollinger Bands, which suggest a continuation of the uptrend.
However, he warned that Shiba Inu might face slight corrections during this rise. He highlighted key resistance levels and Fibonacci retracements as indicators of potential challenges for SHIB.
Shiba Inu recently faced resistance at the $0.00002 level, correcting by 22%. But SHIB KNIGHT, another expert, suggested this dip offers a buying opportunity for large investors. Based on SHIB’s historical October performance, he predicted a price increase of $0.00002421.
Shiba Inu’s Evolution Beyond a Memecoin
Shibtoshi believes Shiba Inu can move beyond its memecoin origins to become a significant player in the crypto world. He pointed to the ecosystem’s recent expansions as evidence of this potential.
However, he emphasized that Shiba Inu must continue to grow its adoption and remain competitive. To ensure its long-term success, he suggested expanding into decentralized finance (DeFi), real-world asset tokenization, and increasing user engagement.
Analysts predict that these efforts could drive SHIB’s price higher, with some speculating that it could eventually reach $1 if the token’s utility continues to grow.