Shiba Inu (SHIB) price has been fluctuating as we approach the end of June, leaving cryptocurrency traders and investors to ponder whether this meme crypto asset is a good bet for July.
SHIB may be a solid buy in July for several reasons, including its quickly increasing ecosystem, regular upgrades, SHIB burn rate, and its dedicated community that believes in the project’s long-term potential.
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The development of SHIB’s ecosystem is rapidly growing and progressing. Shytoshi Kusama, its chief developer, recently revealed that something nice is on the way for Shiboshis, the special SHIB-generated non-fungible tokens (NFTs).
Yesterday, our tech frens @badideaai mentioned a new Shiboshi use case. (Thanks @_Mazrael_ 🤣) The Kanpai agency have been planning just this thing @shiboshisworld. So, safe to say: Something lovely is coming. #shiboshis #soon pic.twitter.com/2RhQXl1cMB
— Shytoshi Kusama™ (@ShytoshiKusama) June 26, 2023
Furthermore, the successful completion of 20 million transactions on Puppynet, a SHIB testnet for Layer 2 scaling solutions, drew a lot of attention and contributed to SHIB’s brief price rebound from the previous week.
The project’s primary developer also spoke to the community on Telegram, encouraging them and answering their concerns.
It’s worth noting that SHIB is one of 30 significant cryptocurrencies to be included in the Hong Kong Virtual Asset Consortium’s new digital asset index.
SHIB Supply and Burn Rate Recent data showed a significant increase in the SHIB burn rate, indicating a favorable catalyst for the asset’s value by reducing its supply. On the downside, newcomer Pepe (PEPE) is challenging SHIB’s dominance, with SHIB losing about 40,000 holdings in three days in mid-June, however, the coin has since recovered partially.
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Shiba Inu (SHIB) Price and Technical Evaluations
SHIB was trading at $0.000007531 on June 27, representing a 7.47% gain on its weekly chart despite a 3.16% drop in the previous 24 hours and a 13.84% loss over the previous month. It’s important to note that SHIB is often influenced by the broader crypto market environment unless there are fresh changes linked to its ecosystem.
Still not too late to get it #Shibarmy …$LEASH news incoming 👇💪
🚀 Check out Doge Killer $LEASH prices @CoinGecko!✨🦎 https://t.co/TWxETc269c pic.twitter.com/2oFc5RrMI4
— Jolt (@Jolt_yourday) June 22, 2023
The current important support level is 0.00000696, while the current resistance level is 0.0000082, where sellers may sell their SHIB holdings, putting downward pressure on the price of SHIB. At the same time, TradingView’s one-day technical analysis for SHIB indicates a negative attitude, with oscillators showing a ‘neutral’ at 8, and moving averages in the sell zone at 12.
To summarize, the long-term utility of SHIB remains questionable. However, its welcoming community, expanding ecosystem, and rising burn rate are significant positive characteristics. Traders should wait for any substantial advancements in its ecosystem before investing, as the broader crypto market has a strong influence on SHIB’s success.
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Increased Adoption of Shiba Inu (SHIB)
Another element that may make SHIB a good buy in July is its growing popularity among cryptocurrency aficionados. Despite its novelty as a parody cryptocurrency, SHIB has recently grown in popularity.
More cryptocurrency exchanges are listing SHIB, making it more accessible to anyone looking to invest or trade in the coin. This improved accessibility is also expected to boost the coin’s liquidity and trading volumes.
Furthermore, the SHIB community is rapidly developing, with more people joining the project and supporting its long-term success. More people will likely become interested in SHIB as the community grows, pushing its acceptance even more.
Overall, while the future of SHIB is uncertain, its growing popularity and adoption are encouraging signals that it may be a smart investment for individuals looking to diversify their crypto portfolio.
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