In a whirlwind of anticipation, the Shiba Inu community is holding its breath as Shytoshi Kusama, the chief architect behind SHIB, hints that he will break his silence. With a host of new developments on the horizon for the Shiba Inu project, the statement amplifies expectations for potential significant updates.
In a message relayed by team member Lucie on Twitter, Kusama emphasized her unwavering support for the Shiba Inu community. indicating, “We FULLY intend to support the community. Hence the document. It takes time, that’s all. But I think it’s time for my silence to end SOON.”
This announcement has raised expectations and excitement for the future of the Shiba Inu project.
Possible news about Shiba Inu
The Shiba Inu project has been the subject of a lot of discussion recently, especially with the recent mods and announcements. A notable transformation of BONE, Shibarium’s gas token, occurred a few days ago. The process, called “relinquishment,” ensures that BONE has now become fully decentralized, thus eliminating any possibility of future modifications or manipulations by the contract owner.
Kaal Dhairya, a prominent developer within the Shiba Inu community, took to X (formerly known as Twitter) to affirm this significant change. He commented, “The deed is done, BONE is now renounced through the TopDog contract. “We will continue to build decentralized and permissionless systems for the benefit of the community.”
Additionally, in early September, Lucie, who holds the position of Marketing Director for Shiba Inu, raised the curtain on the presentation of Wrapped BONE. WBONE was 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 is rife about Shiba Inu’s potential next move. The transition from ShibaSwap to Shibarium has been a hot topic since Kusama’s last update in August, where he hinted that the change would happen “soon.” However, a resounding silence has surrounded ShibaSwap’s migration progress since then.
However, the Shibarium project is more than just ShibaSwap and there is a wider range. vision. The SHIB team is committed to transitioning all Shiba Inu-linked businesses to the next-generation Shibarium platform. This migration includes captivating offerings such as non-fungible tokens (NFTs). Additionally, eyes are on “Shib: The Metaverse,” a metaverse product that has been behind the scenes for some time with no new updates lately.
Is SHIB Price Poised for a Massive Rally?
In recent days, the price of the Shiba Inu has shown a slight upward trend. However, the 4-hour chart shows that the bulls need to show much more buying power to break the sideways trend of the last three weeks. Today, SHIB price was rejected at the 38.2% Fibonacci retracement level of $0.00000742.
Related Reading: Shiba Inu at $0.0000072: Sellers Push to Break Out of Compact Zone
To generate greater bullish momentum on shorter time frames, it is essential for SHIB to overcome 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 generate bullish momentum on smaller time frames, this could also suggest that SHIB bulls are winning the battle on higher time frames where a bullish quad bottom or descending triangle is looming (chart of 1 week). As explained in previous analyses, both patterns remain too similar to make a definitive judgment just yet.
If the quad bottom is validated, a notable pattern in technical analysis, SHIB could be poised for a substantial rally. Market participants would do well to closely watch the 23.6% Fibonacci retracement level at $0.00002545, which could mean an approximate 250% upside from its current position.
However, the bullish scenario represented by the quadruple bottom is juxtaposed with the contrasting bearish implications of the descending triangle. A break below the $0.00000715 support level could corroborate the descending triangle pattern, which would likely push SHIB towards a yearly low of $0.000006.
Such a breach may take SHIB into uncharted territory, and the prospect of setting a new all-time low becomes an absolute possibility.
Featured image from Shutterstock, chart from TradingView.com
