Shiba Inu (SHIB), a meme coin inspired by dogs that exist as an ERC-20 token on the Ethereum blockchain, is rising despite a decline from earlier session highs in the overall cryptocurrency market on Thursday. The cryptocurrency, which is the second-most popular meme coin after Dogecoin, was last trading approximately 3.0% higher on the day. It has gained over 9% since it bounced off its 21-Day Moving Average on Wednesday in anticipation of the Fed meeting that wasn’t as aggressive as expected.
According to some experts, Shiba Inu is now benefiting from the news that Canadian crypto payment gateway FCF Pay has linked the key tokens of the Shiba Inu ecosystem (SHIB, LEASH, and BONE) to its prepaid Visa and Mastercard cards. In addition to SHIB, LEASH, and BONE, cardholders of FCF Pay will soon be able to preload their cards with up to $5000 worth of significant stablecoins and other cryptocurrencies, including Bitcoin.
SHIB Ready to Blow Up?
SHIB/USD was recently traded at about $0.0000125, a remarkable increase of more than 50% from the beginning of 2023. And the gains can soon pick up speed. Shiba Inu is now evaluating a downward trend that connects the highs of August and October 2022. Buying pressure looks to be increasing, indicating a break above the main long-term downtrend and January’s highs in the $0.000013 level is looking more feasible given how effectively SHIB/USD has been maintained during pullbacks to its 200DMA and 21DMA in recent weeks.
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That would allow for a quick run into the October high in the vicinity of $0.0000152 and maybe even farther toward the August high just below $0.000018. There are other potential sources of support for the meme cryptocurrency outside technical and general crypto tailwinds.
Future Shiba Inu Projects Will Offer Long-Term Winds
The fascinating projects being developed by Shiba Inu developers this year appear to bring a lot of value to the SHIB coin. One of these is Shiba Inu’s own Ethereum scaling solution blockchain, known as the Shibarium. It will be developed as a layer-2 extension of the Ethereum blockchain and use SHIB as its native token, with the hopes of 1) lowering gas fees and 2) accelerating the growth of the Shiba Inu web3 ecosystem.
A Shiba Inu metaverse is one of the many amazing ideas that developers are currently working on. Investors are likely to become more interested in SHIB in 2023 as they start to see it as more than just a way to make a quick buck and start to see it as an investment in a long-term, valuable crypto project due to the cryptocurrency’s enormous and highly supportive community and impressive development efforts.