Cryptocurrency

A Closer Look Into Shiba Inu (SHIB) Potential in July: Is It Worth Buying? Details

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.

Read Also: Artificial Intelligence (AI) Leaks Shiba Inu P2E Game Plan Featuring New Shiboshis Use Case: Details

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).

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.

Read Also: A Closer Look At Potential Return of $100 Shiba Inu Investment If SHIB Hit $0.001

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.

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.

Read Also: Shiba Inu Lead Developer: I’m Not Playing Around, Shibarium is Near Completion

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.


Follow us on Twitter, Facebook, Telegram, and Google News

Adedoyin Aka

Adedoyin is a graduate of Law and a Crypto & Blockchain expert who strongly believes that Blockchain is the future. At TimesTabloid, she focuses on crypto and blockchain educational content.

Recent Posts

Standard Chartered Says $10000 for Ethereum (ETH) is Inevitable, Where Will Solana (SOL) and Rexas Finance (RXS) Be then?

Standard Chartered's bold prediction of Ethereum (ETH) reaching $10,000 has set a bullish tone for…

5 hours ago

Ethereum, XRP, and XYZVerse: The Whale Favorites Driving the Crypto Market Right Now!

Major cryptocurrencies are capturing significant attention as influential investors shift focus toward assets with promising…

7 hours ago

Ready for Explosive Gains? These 5 Altcoins Could Deliver 4500% Portfolio Growth in Weeks!

Cryptocurrency investors are on the hunt for digital assets that can deliver exponential returns in…

8 hours ago

Trump’s Victory Sparks Crypto Chaos: $XYZ Meme Coin Ready to Smash 99,900% Gains

BOOM! The Trump administration just smashed open the gates for the crypto bull run of…

9 hours ago

Ripple CLO: “Jay Lit the match, I (Gary Gensler) Just Added the Gasoline”

In a recent development, SEC Chair Gary Gensler attempted to frame his regulatory actions against…

9 hours ago