The Shiba Inu-inspired meme coin (SHIB), which exists as an ERC-20 token on the ethereum blockchain, is still rising even as the broader cryptocurrency market pulled back from the previous session's highs on Thursday. The crypto token, the second most popular meme coin behind Dogecoin, last traded up 3.0 percent on the day and is up about 9 percent since rebounding from its 21-day moving average on Wednesday. - Last Friday, the Fed's meeting was as aggressive as feared.
According to some analysts, recent news that Canadian cryptocurrency payment gateway FCF Pay has added key tokens from the Shiba Inu ecosystem (SHIB, LEASH and BONE) to its Visa and Mastercard prepaid cards has given Shiba Inu a boost. FCF Pay cardholders can now preload their cards with up to $5,000 in SHIB, LEASH and BONE, as well as other cryptocurrencies including Bitcoin and major stablecoins.
To the moon?
SHIB/USD last changed hands around $0.0000125, an impressive gain of over 50% since the start of 2023. The rally could be about to accelerate. Shiba Inu is currently testing a bearish trend connecting the highs of August and October 2022. Given that SHIB/USD has been well supported during the pullbacks to the 200-day and 21-day SMAs in recent weeks, buying pressure appears to be building , suggesting a breakout of the key $0.000013 area for a longer-term downtrend and January high. looks as attractive as possible.
This would open the door for a quick move towards the October highs in the $0.0000152 area and possibly a run towards the August highs just below $0.000018. Technology and widespread crypto winds are not the only potential sources of support for meme-based cryptocurrencies.
The Shiba Inu developers are working on several exciting projects that promise to add significant utility to the SHIB token this year. This includes Shiba Inu's own Ethereum scaling solution blockchain called Shibarium - which will be built as a layer 2 extension of the Ethereum blockchain, will use SHIB as its native token and promise to achieve 1) lower gas and 2) faster growth Shiba Inu web3 ecosystem.
The developers are also working on many other exciting projects like the Shiba Inu metaverse. Given the cryptocurrency's large and highly supportive community and impressive development efforts, investors are likely to be increasingly drawn to SHIB in 2023 as more than just a way to make a quick buck, it's a long-term investment. Valuable, long-term cryptographic project.