Enigmatic Shiba Inu leader Shytoshi Kusama shares a response to investors asking him to cause a massive surge in SHIB prices.
Shiba Inu has been unusually quiet since its previous rally earlier this month, which saw it climb to $0.00003031. However, the token was unable to continue its uptrend as it recently plunged below the $0.000025 level.
Investors Seek Substantial Rally for SHIB Amid Continued Market Uptrend
As other crypto assets, particularly Bitcoin, see significant price increases, several SHIB investors have urged the team behind the Shiba Inu ecosystem to make efforts that could lead to a substantial rally for the token.
These users communicated their demands differently, with some explicitly asking Kusama to “send SHIB to the moon.” This request signals their desire for a substantial increase in the price of the Shiba Inu.
Kusama responds
Interestingly, Kusama recently answered this question by boasting about the success of the Shiba Inu. The Shiba Inu official highlighted that SHIB is the first ERC-20 token on Ethereum, being the most valuable ERC-20 token on the Ethereum blockchain in addition to multi-chain stablecoins.
“Hey man, send Shib to the moon.”
Verify that we are still the #1 eth token in the world.
– Shytoshi Kusama™ (@ShytoshiKusama) November 21, 2024
His response matches sentiments shared by other team members, including developer Kaal Dhairya. As reported Earlier, Dhairya highlighted SHIB as the number one ERC-20 token, excluding USDT and USDC, due to its availability on other blockchains besides Ethereum.
It is worth noting that Shiba Inu currently boasts a market capitalization of $14.67 billion, making it the 12th largest token in the global cryptocurrency rankings and the largest in terms of ERC-20 tokens. Kusama’s response indicates that SHIB has already enjoyed resounding success despite prospects for more substantial growth.
Current status
Currently, SHIB is trading at $0.00002489, up 3.2% in the last 24 hours. Shiba Inu has been hovering around the $0.000025 territory in recent days, with famous crypto expert Ali Martinez. identify major resistance at this level.
According to Martinez, approximately 40,150 addresses acquired 54.6 trillion SHIB at an average price of $0.000025, providing major resistance to the token. As Shiba Inu attempts to break above this level, some of these addresses would likely sell their holdings for profits, which would pose a barrier to any rally.
However, if SHIB manages to overcome this resistance, Martinez expects the token to climb to around $0.000039, citing the formation of a bullish flag pattern on Shiba Inu’s chart.
Investors remain optimistic
Meanwhile, even though many investors are eager to see this bullish move, it is worth mentioning that Shiba Inu remains one of the best performing cryptocurrencies on the market.
Despite an initial price of $0.000000000056 in August 2020, SHIB surged over 150 million percent to reach an ATH of $0.00008616. At press time, SHIB is down 71.11% from its all-time high ATH set on October 28, 2021.
Nonetheless, many in the community are confident that Shiba Inu will record a new HUD this cycle, with some experts, like Javon Marks, setting a target of $0.0001553 for the token.
DisClamier: This content is informational and should not be considered financial advice. The opinions expressed in this article may include the personal opinions of the author and do not reflect the opinions of The Crypto Basic. Readers are encouraged to conduct thorough research before making any investment decisions. Crypto Basic is not responsible for any financial losses.