Shiba Inu (SHIB) price, a popular meme cryptocurrency, is experiencing a notable uptick. The SHIB token now exhibits a bullish pattern as it ascends, registering a 7% increase in the past week. This resurgence is buoyed by positive market dynamics and anticipations of substantial technological advancements that draw investor interest, setting the stage for potential significant gains.
Shiba Inu Price Soars As Major-Tech Upgrades Unfold
Shiba Inu Price Insights: Puppynet, the preliminary network for Shibarium’s layer-2 technology, is set to receive significant updates. The network’s key component, Bor, will be upgraded soon. This change coincides with the implementation of the Cancun hard fork. Anticipated improvements include swifter transaction processing, a more streamlined storage solution, and enhanced user experiences.
Shiba Inu Ecosystem Upgrade! 🚀
Puppynet Bor bone-beta + Cancun Hard Fork drops this Friday at 8am UTC! 🔥
Update your nodes for top performance & security! pic.twitter.com/vOkA9AqUVv
— Shibarium Network (@ShibariumNet) September 13, 2024
The meme coin Shiba Inu price hovers above the $0.000013 support level, indicating an ascending trend, Aligning with other crypto markets.
At the time of writing, the SHIB price is trading at $0.00001386, having surged 2.90% in the past 24 hours. According to CoinMarketCap data, the 24-hour trading volume has reached $168.48 million, an increase of 47.59%. This indicates heightened trading activity and increased investor interest in the token.
Will SHIB Price Surge to $0.0003 in This September?
The technical indicators for SHIB suggest a potential shift in momentum. The Moving Average Convergence Divergence) (MACD), shows signs of a bullish crossover, with the MACD line (blue) crossing above the signal line (orange). Additionally, the histogram is turning positive, further reinforcing the bullish outlook.
The Meme coin Shiba Inu has displayed notable volatility in its market price over recent months, as illustrated by the comprehensive data chart. The green line, representing the price of SHIB, shows significant fluctuations, peaking and dipping frequently from mid-March to mid-September.
Concurrently, the MVRV ratio (Market Value to Realized Value), depicted in red, indicates the average profit or loss of holders who purchased SHIB in the last 30 days. This metric has mostly stayed below the breakeven point, suggesting that most transactions during this period resulted in losses, corresponding closely with the downtrends in the green price line.
With the current surge in Shiba Inu price a buying pressure could propel the Shiba Inu price forecast above the resistance at $0.000015. If this bullish scenario plays out, targets of $0.000017 and $0.00002 might soon be within reach. If bullish momentum gains more pressure, SHIB price can Hit $0.0003 by the end of September
Frequently Asked Questions (FAQs)
Shibarium is a proposed layer-2 scaling solution for the Shiba Inu ecosystem, aimed at improving transaction speeds and reducing costs.
Upcoming upgrades include improvements to the Bor component, swifter transaction processing, enhanced storage solutions, and better user experiences.
The Cancun hard fork is an upcoming update within the SHIB ecosystem that coincides with upgrades to the Shibarium layer-2 technology, focusing on performance improvements.
Coingape Staff
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Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Source: https://coingape.com/markets/shiba-inu-price-spikes-as-shib-ecosystem-prepares-for-major-tech-upgrades/
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