Shiba Inu (SHIB), a meme-based cryptocurrency, has been gaining momentum in the market with its price rising by 2% in the past 24 hours to reach $0.00001129. SHIB has also increased by 3% in a week and by 6.5% in the past two weeks. Since the beginning of 2023, the price of SHIB has seen an impressive 39% rise. The move comes as the global cryptocurrency market gains by 3.5% and follows the recent announcement that Twitter is partnering with eToro to offer cryptocurrency and stock trading on its network, with SHIB already listed on eToro’s website.
SHIB’s indicators suggest that it could be in line for further price increases over the weekend, with its relative strength index rising steadily above 50 and beyond. Its 30-day moving average (yellow) has also started rising above its 200-day average (blue), indicating that SHIB’s price is showing a bullish trend. However, the key resistance level remains at $0.0000113, and if SHIB can break through this price, which it has failed to do several times since March, it could see further consolidated gains in the next few days.
The recent launch of a stock- and crypto-trading feature on Twitter, in partnership with eToro, is expected to further boost trading and, by extension, SHIB’s price. Additionally, layer-two network Shibarium is due for a full public rollout in the coming weeks following the launch of its beta in the previous month. Shibarium has already processed over three million transactions to date, indicating how widely it is being tested by developers and how popular it could become after the public launch.
Shibarium is expected to cause an explosion in the size of Shiba Inu’s ecosystem, even though the rate at which SHIB will be burned has not been confirmed. However, each transaction on the layer-two will burn a portion of SHIB’s overall value, which is bullish for the meme token, and the market can expect it to rise gradually in price over the coming months. Traders could expect SHIB to reach $0.000015 following the launch of Shibarium, with the coin potentially rising up to $0.00002 in the latter half of 2023. Furthermore, if Shiba Inu witnesses the launch of SHIB: The Metaverse by the end of 2023, SHIB’s price could even lose a decimal place by the time 2024 rolls around.
Despite the potential for SHIB, it may still take some time before it witnesses a major rally, particularly with the uncertainty around the launch date of SHIB: The Metaverse. Traders have increasingly been looking for new altcoins in recent weeks, with a number of promising presale tokens attracting significant investment as they await their listings and launches.
One of the most exciting examples of these is Love Hate Inu, which has seen the presale for its LHINU token raise over $4.1 million in less than a month. Love Hate Inu is a decentralized polling platform running on the Ethereum blockchain that offers its users the opportunity to receive crypto-based rewards for casting their votes in a topical range of surveys and polls. It aims to capture a slice of the growing global online survey market, which is forecast to reach a value of $5.69 billion by 2027, from $3.2 billion in 2021.
Love Hate Inu has already attracted more than 35,000 followers on Twitter, indicating that its unique mix of meme token and social media-based polling platform is already proving popular with the cryptocurrency community. This suggests that Love Hate Inu may attract a large user base once it launches later in the year, indicating plenty of demand for its native LHINU token, which has to be staked by users to participate in polls.
Investors can purchase LHINU by visiting the official Love Hate Inu website, where they can use USDT, ETH or fiat currency to buy the altcoin. The sale is now in its fifth stage, with one LHINU token costing $0.0000115, although this will rise again to $0.0000125 with the sixth stage, due in ten days. These regular increases have added a sense of urgency to the presale, along with Love Hate Inu’s strong fundamentals, which explain why the sale has been so successful so far.