Is Shiba Inu Starting to Gain Traction?
Shiba Inu has experienced a sudden surge in popularity recently, leading many to wonder if this is the beginning of an upward trend for the token. In just a few hours, Shiba Inu managed to regain its footing and saw a 2.37% increase in its price. This rise in price comes after several positive developments in the ecosystem.
One significant event that benefited Shiba Inu’s related coin, BONE, seems to have paved the way for Shiba Inu’s own success. Additionally, HSBC Bank integrated Shiba Inu into its payment system alongside XRP, and Wirex and Onramper announced their partnership to offer a crypto payment system in over 190 countries, with SHIB being one of the selected tokens for adoption.
On-chain activity for Shiba Inu has also been on the rise, increasing by 36% in the past two weeks. However, it’s important to exercise caution as this rise in activity could lead to increased volatility and potential trend reversals in the future.
Shibarium Tests New Technologies
Despite initial criticism, Shibarium is planning to introduce new technologies that may change community members’ perception of it. The Layer 2 blockchain will be launching ShibariumID, its own domain name service, along with a digital authentication system by late October. It remains to be seen whether these additions will have a significant impact on the price of the Shiba Inu token.
Hot Take: Is Shiba Inu’s Resurgence Sustainable?
While Shiba Inu has seen a recent surge in popularity and positive developments within its ecosystem, it’s uncertain whether this upward trend is sustainable. The increase in on-chain activity could lead to increased volatility and potential reversals in the future. Additionally, the introduction of new technologies by Shibarium may or may not have a significant impact on the token’s price. As with any investment, it’s important to exercise caution and thoroughly research before making any decisions regarding Shiba Inu.
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