Bitcoin‘s price continues its struggle to maintain above $42,500, while many cryptocurrencies are reaching new peaks. For instance, INJ Coin has surpassed the anticipated $40 threshold and is now searching for new highs above $42. Shiba Coin appears to have permanently removed a zero from its price, at least for now. So, what do the latest announcements indicate?
Shiba Coin News
Shiba Inu (SHIB) developer Shytoshi Kusama stated that it is time to move away from legends and memes in favor of real-world utility. The partnership with D3 Global will enable the creation of shib name tokens in the Shib Name Service. We had been discussing why the Shiba Coin team hadn’t raised the excitement with a new product for some time.
Finally, the Shiba Coin team took the expected step. The Shiba Inu community claims that their domain name system is different from established projects like the Ethereum Name Server system.
As a difference, users who obtain domain names for their wallets will also be able to have an email address ending with .shib. Kusama’s latest post says this represents another stage in the groundbreaking Shiba Coin experiment. The new phase had already begun with Shibarium, and the team continues to work on building their own ecosystem.
Although the Layer2 solution has not seen the expected level of sustainable growth to date, it could achieve this with a delay by introducing products that keep the community alive. Adoption continues, albeit weak. Earlier this year, the Manny Pacquiao Foundation announced it would use Shibarium to organize events.
Shiba Coin Commentary
As this article is being prepared, Shiba Coin is trading at $0.0000103. It’s positive that the price maintains a critical area because BTC has also anchored above $42,500. As we have been saying since Sunday, the upcoming PCE data on Friday is a critical indicator for inflation, and the fear is not that weak.
However, signs that we are approaching the approval of a spot Bitcoin ETF are encouraging investors in altcoins. Even though the price surpassed $0.00001161 last week, it could not stay in that region and is now aiming to close above the critical threshold again.
If successful, bulls may become more encouraged for peaks above $0.00001488. However, a gradual decline to $0.00000758 would not be surprising if the $0.00001 threshold is lost.
