Bulletpoints Summary
• With Bitcoin consolidating around $29.5K, the spotlight is shifting to meme coins, with Shiba Inu taking the lead.
• The impending introduction of Shibarium, a layer 2 blockchain enhancement for Shiba Inu’s platform, might be the catalyst propelling SHIB towards the $0.01 mark.
• By expanding its applicability to transactions with leading retailers, asset staking for rewards, social media tipping, and more, SHIB can achieve a new resistance this month.
Shiba Inu Prepares For A Bullish Surge From This Key Support! The Unexpected SHIB Price Twist You Can’t Miss
The Potential For Meme Coins To Take Lead
As Bitcoin hovers in a prolonged consolidation around $29.5K, the spotlight is shifting to meme coins like Shiba Inu (SHIB), which has taken the lead in terms of potential growth and developments. Despite a recent sharp drop following its impressive rally, SHIB’s analysis remains promising. With the SHIB community getting filled with excitement about upcoming launches and other developments on its platform – there is an unexpected twist in store that could result in a bullish surge from key support levels later this month.
Shibarium: Catalyst For A Bullish Surge?
The impending introduction of Shibarium – a layer 2 blockchain enhancement for Shiba Inu’s platform – might be the catalyst propelling SHIB towards the $0.01 mark. Shibarium promises to simplify transactions involving SHIB-related tokens and provide developers with a nexus to kick-start their projects via improved features such as fresh burn mechanisms and Self-Sovereign Identity (SSI) integration – which was recently announced by Shytoshi Kusama (the lead of Shiba Inu). Through these use cases for Shiba Inu’s platform, there is potential for significant growth in value – particularly when expanding applicability to leading retailers for transactions or asset staking rewards/social media tipping etc..
Heavy Liquidation Seen Over 24 Hours
According to Coinglass data, both buyers and sellers liquidated their positions heavily in the last 24 hours; resulting in total liquidations surpassing $1.5 million after price declined by over 13%. However it appears that while current liquidity and selling pressure are still high – investors are beginning to buy back into SHIB; potentially indicating that support around key levels will remain strong going forward despite some short term volatility seen over recent days/weeks due to market fluctuation & FOMO buying etc..
Price Analysis
At press time, SHIB is trading at $0.00085808 with 24-hours gains of 0.75%. It holds a market cap of approximately$6 billion making it rank #20 on CoinMarketCap’s list of top cryptocurrencies by market cap (at time of writing). According to IntoTheBlock’s “In/Out of The Money Around Price” (IOMAP) model – there is strong support line at around $0.0007 where nearly 843 addresses holding 9 billion tokens were bought between $0–$0.08 range – suggesting that if prices fall below this level then selling pressure could increase significantly creating downward momentum & vice versa if prices break above this key resistance level then we may see further bullish upside trend continuing into August given all other factors remain equal & constant over coming days/weeks ahead..
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