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In 2021, just like PEPE Coin, Shiba Coin entered the lives of cryptocurrency investors out of nowhere and experienced its first bear market last year as a result of the Fed’s tight monetary policy. Shiba Coin, which suffered significant value loss due to the transition to a tight monetary policy by the Fed, is constantly fighting to stay alive with continuous innovations.
The Future of Shiba Coin
Shiba Coin team, unlike almost all meme coins, can easily come up with products in current hype areas. For example, they followed the hype of last year with Shiba Metaverse. Now, while everyone is struggling to build their own layer2 solution and mainnet, Shibarium has been launched. The team is doing its best to maintain its market share in the meme coin field as SEC increases its pressure on the cryptocurrency markets.
Moreover, the latest partnership news suggests that we will see significant developments in advertising and marketing. When we put all the pieces together, we can easily say that the team has done a successful job of building its own ecosystem by taking advantage of bear markets.
Furthermore, while coins like Dogecoin and others are striving to build their own networks, DeFi, NFT platforms, Shiba Coin has already made progress.
September Analysis of Shiba Coin
In September, we will see comprehensive reports regarding the Shibarium mainnet. Adoption of the network, network activities, earnings from transaction fees, and much more. If the mainnet receives even half of the attention it received during the testnet phase, this will trigger millions of dollars worth of SHIB burn. The main motivation for the coming months will largely be the supply shortage brought by network activity. However, there is a problem. Why would people trade on Shibarium? For this, we should see the launches of impressive applications that can attract users to the network in September and the following months.
Turning to the price aspect, the Grayscale case injected some excitement that the market needed. SHIBA Coin bounced off the base of the narrow range we mentioned in the recent comprehensive analysis. However, it has yet to surpass the upper limit. For a real rally, the price needs to close above $0.0000085. If it can achieve this, levels of $0.0000088 and $0.0000010 can be tested.
In the reverse scenario, the lower limit of $0.0000075 can be revisited. This narrow range has provided good opportunities for short-term traders for about 10 days.
