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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. He noted that key resistance levels and Fibonacci retracements would dictate where SHIB will face a tussle.
Notably, SHIB failed to shrug off the resistance at the $0.00002 level, correcting over 22% since then. Nevertheless, expert SHIB KNIGHT stated that the recent retracement was a buying opportunity for whales, predicting the memecoin to surge to $0.00002421. The analyst cited SHIB’s historical performance in October as a factor behind his price call.
Shiba Transcending Memecoin Origin
The SquidGrow founder argued that Shiba Inu has the potential to transcend its meme coin origins and become a crucial player in the crypto sector. He noted that the ecosystem is already showing its determination to do so with its recent integrations and expansions.
Meanwhile, he noted that Shiba Inu needs to sustain its adoption curve and competitiveness in the crypto sector. The SHIB enthusiast suggested that delving into decentralized finance (DeFi), real-world assets (RWA) tokenization, and maintaining user engagement will ensure the long-term success of the Shiba Inu ecosystem.
Notably, integrating these sectors into the Shiba Inu ecosystem will extensively boost SHIB’s price. Analysts predicting that the memecoin’s price will hit a lofty target of $1 have implied that the exponential surge will only be possible if the token’s utility is enhanced.