Shiba Inu (SHIB) seems to be attempting a weak recovery after its downslide, and while the market sentiment keeps the memecoin under pressure, several promising fundamental developments offer hope for the losses to be limited and possibly overturned in the near term. At the time of writing, SHIB/USD is trading at around $0.000036.
One of the biggest fundamentals offering support to the second most popular memecoin and the 13th largest crypto by market cap is leading crypto trading platform Bybit’s decision to list SHIB. The company made this announcement earlier this week, adding trading support for SHIB/USDT as a spot pair. This comes weeks after Bybit previously introduced SHIB futures contracts with up to 25 times leverage for its traders back in October.
SHIB Army Offers Support to BitMart After Hack
On a different note, however, Shiba Inu has come under some pressure in the previous session in the aftermath of the BitMart hack, where a hacker stole 893 billion SHIB tokens from one of the two hot wallets. Although BitMart has confirmed that it will offer a full replacement to users who lost their tokens in the hack, the security breach has shaken investor confidence in an already bearish market and hit the memecoin’s price action.
The SHIB Army has since extend support to BitMart in the wake of the attack. Meanwhile, Shiba Inu’s creator who goes by the pseudonym Ryoshi discussed how their team is constantly reviewing potential security threats against the crypto’s very own DEX ShibaSwap. They also cautioned the Shib Army to watch out for scams, especially on social media and other platforms, targeting the token’s holders lately.
Upcoming Developments That Can Propel Shiba Inu Higher
Ryoshi had previously confirmed that Shiba Inu is planning to undergo a significant burn in the coming weeks to reduce the total number of coins in circulation as it gears up to enter the metaverse. The development will not only drive up the value of the existing SHIB tokens in the market but its foray into the trending metaverse is likely to amp up investor interest in the coin further. The team of developers is working on the coin’s very own metaverse, Oshiverse, in addition to several other initiatives, such as Shibarium, Shi, Shibanet, The Decentralized Shiboshi Game, Incubator and more.
The Shiba Inu coin can also enjoy strong support from increased buying activity among whales lately, who seem to be using the current dip in price as an opportunity to enhance their holdings in the token. A popular Ethereum whale ‘Gimli’ bought over 28 million SHIB last week, valued at over $1.1 million, as per data by WhaleStats. In the past seven days, whales have been busy performing buy transactions of over $1 million in SHIB. Such a move can further support investor confidence and the price of the memecoin.
SHIB/USD Technical Analysis
On the 4-hour chart of SHIB/USD, most of the moving averages along with the momentum indicator suggest a bearish bias among investors. However, the MACD reveals some buying interest as well.
Shiba Inu’s price is under the pivot point at $0.000039 but well above the immediate support at $0.000025. We need to wait and see if more buyers jump in as that can take SHIB past the pivot point and bring more investors back into the market.