Is It A New Journey for Shiba Inu?
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The concept of the metaverse is popular nowadays, and many brands and companies are announcing their metaverse projects. Now the developers of Shiba Inu have taken the initial step to create their metaverse project in the name of ‘Shibaverse.’ The Shibu Inu authority announced it on Twitter.
This news has excited the Shiba followers. After the announcement, the coin took a rollercoaster ride. This news has made the required boost for the meme coin in this dull phase of the crypto market. It rose almost 9% after the announcement.
Most importantly, this announcement provides ‘the real value to the users, that was promised by Shiba Inu. Now we can say it is not simply a meme coin, and it is more than that. It makes the future and fundamentals more dependable than ever. However, the interesting thing would be how Shiba Inu can compete with other reputed brands that are also in the metaverse industry.
Still, it is great news, and we are very excited to analyze the price of the Shiba Inu coin.
At the time of writing this analysis, the price is around $0.00002070. It is forming support at the level, but on the upper level, it will face resistance around $0.000031. Many short-term investors may try their luck at this level, but we do not suggest such a move. Rather, we would believe what technical indicators are pointing to.
On the daily chart, the MACD is down along with the RSI, which is in the oversold zone. The Bollinger Band is also bearish. Shibu Inu, as a meme coin, in this dull market, cannot start a bullish run unless it has great news.
It has started to build a metaverse, but the SHIB price will depend on the popularity of the metaverse. The interesting thing is that many reputed brands, crypto networks, and companies have started to figure out the new concept of the metaverse. Indeed, as a meme coin, Shiba Inu will face a strong competition and trust issue unless it has done something unique in this field.
Based on SHIB coin price prediction, the news may influence the price, but the future growth of this coin will depend on the fundamentals. That is why, we think, Shinu Inu has many things to improve and prove to their users.
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