Shiba Inu (SHIB) is currently consolidating after a massive rally earlier this month, which saw the token climb to $0.00003046 (on Binance). However, the momentum weakened as SHIB returned to levels below $0.00002303. As Bitcoin experiences a push toward $100,000, SHIB investors have urged the development team to implement strategies that could catalyze a substantial rally.
Key catalysts for Shiba Inu price
In response to these calls, Shytoshi Kusama, the lead developer of the Shiba Inu ecosystem, responded to the community’s concerns by highlighting SHIB’s achievements and the catalysts that will improve the valuation of the SHIB token. Highlighting the importance of the token on the Ethereum blockchain, Kusama is the first declared via X: “Hey man, send Shib to the moon. » It is verified that we are still the #1 eth token in the world.
Addressing the idea that SHIB is simply a get-rich-quick scheme, one user commented: “What people don’t understand is that this token is about function and not just about getting rich quick. » Kusama agreed, responding that superior technology and its adoption is the key catalyst for the Shiba Inu token price: “Because through function, we change the world and wagmi. No leader. Lots of technology. Unrivaled insight into the entirety of crypto. What more could you ask for? » Kusama wrote.
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The conversation also turned to SHIB: the metaversea project that should promote wider adoption of the Shiba Inu ecosystem. When asked about its launch, Kusama revealed, “I’m expecting an MV update in the Shib Mag soon :)”
SHIB: The Metaverse is envisioned as a virtual world within the SHIB ecosystem, providing a digital playground where users can socialize, play, and trade digital assets. This metaverse aims to integrate the Shiba Inu community, tokens, and services like ShibaSwap into a cohesive online environment. Users will be able to purchase virtual land, create unique experiences and potentially mirror real-life businesses.
Concerns about competition from other meme tokens were also addressed by Kusama. When a user asked about the competition of Dogecoin (DOGE) And BONKKusama emphasized that the SHIB ecosystem will be at the enterprise level: “I hope all the memes will work well so that wagmi. But they’re playing “I Declare War” and I’m playing multi-level chess with the shields up saying “Check to a Klingon.” #kipla,” he said.
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Further highlighting the upcoming developments, Kusama announcement via X: “Analysis: Shib is still king! Bone is key. The leash is solid. TREAT is coming. He added shortly after: “Reminder that TREAT released by Shib Core is not yet available. »
The TREAT token, designed as a key to access advanced features of the Shiba Inu ecosystem, is expected to be released soon. This token will complement the existing SHIB, BONE and LEASH tokens, each playing a distinct role within the ecosystem. While LEASH focuses on exclusivity and BONE on technology, TREAT will unlock advanced features, enriching the overall user experience.
In July, Kusama explained: “As you may know, Shib is home to a variety of tokens, including Shib, Bone, Leash, and our next unreleased token: TREAT. Each token has its own purpose and governance, and TREAT is the access token to all the advanced features of our system, unlike Leash, which is about exclusivity, or Bone, which focuses on technology.
Hinting at another potential catalyst, Kusama retweeted an article from artchick.eth (@digitalartchick), which speculated: “Memecoin ETF within 10 months.” Kusama commented, “I didn’t say it…. but I did it RT.
The prospect of a memecoin ETF in the United States is significant. Similar to Bitcoin spot in the United States and Ethereum ETFs, a memecoin ETF could attract significant inflows from investors currently unable to access memecoin markets. Given its status as the second largest memecoin by market capitalization, Shiba Inu would be a prime candidate for inclusion.
At press time, SHIB was trading at $0.00002502.
Featured image from Shutterstock, chart from TradingView.com