The post Shibtoshi Says Shiba Inu Can Sustain Recent Price Surge appeared on BitcoinEthereumNews.com.

Pseudonymous Shiba Inu proponent and SquidGrow founder Shibtoshi has tipped Shiba Inu to continue the recent uptrend, citing growing traction as a source of the price surge. In an interview with the Shib Daily, Shibtoshi shared his thoughts on the buzz around the Shiba Inu ecosystem, which has significantly boosted the price of SHIB. For context, SHIB surged over 20% to a six-month high of $0.00002031 on September 28, with on-chain activities growing exponentially. Uptick Fueled by Supersaturated Bullish Sentiments Shibtoshi asserted that the growing adoption and utility of the Shiba Inu ecosystem facilitated the recent bullish pull in the SHIB price. The enigmatic SquidGrow founder cited positive sentiments around the launch of the layer 2 scaling network, Shibarium. According to him, the improved transaction speed and cost-effectiveness that the integration of Shibarium brought to Shiba Inu were evident. Shibtoshi stated that the L2 network brought with it adoption and increased attractiveness to investors and developers. Furthermore, Shibtoshi stated that the recently adopted burn mechanism, which has increased the amount of SHIB incinerated, and the introduction of the decentralized trading platform ShibaSwap have heightened bullish sentiments on the Shiba Inu ecosystem, driving the recent price surge. In truth, the Shiba Inu ecosystem has recently improved its utility. The introduction of the liquid staking protocol, in partnership with K9 Finance, has boosted traction to the network. Notably, the launch of the Bonecrusher decentralized application pushed the total value-locked (TVL) on Shibarium to a peak of $7.03 million. Recent Uptick Sustainable When quizzed if the recent price surge is sustainable, Shibtoshi affirmed. He pointed to technical analysis and indicators that could suggest a continuance of the uptrend, including moving averages, Relative Index Strength (RSI), and the Bollinger Band. However, Shibtoshi asserted that the dog-themed memecoin might see slight corrections along its upsurge path.…

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Filed under: News - @ October 3, 2024 10:18 am