Shiba Inu (SHIB) is currently consolidating after a massive rebound earlier this month, with the token soaring to $0.00003046 (on Binance). However, momentum has weakened as SHIB pulled back below the $0.00002303 level. As Bitcoin moves towards $100,000, SHIB investors are urging the development team to implement strategies that could catalyze a significant rebound.
Key catalysts for Shiba Inu's price.
In response to these calls, Shiba Inu ecosystem's chief developer Shytoshi Kusama addressed the community's concerns by highlighting SHIB's achievements and catalysts that will enhance the valuation of the SHIB token. To emphasize the token's prominent position on the Ethereum blockchain, Kusama first expressed through X: 'Hey, guys, let's send Shib to the moon. Check that we are still the world's #1 eth token.
In response to the notion that SHIB is just a quick-rich scheme, one user commented: 'What people are missing is that this token is about functionality and not just quick wealth.' Kusama agreed and replied that excellent technology and adoption are key catalysts for the price of Shiba Inu tokens: 'Because through functionality, we change the world and wagmi. No leaders. A lot of technology. An unparalleled vision for the entire cryptocurrency. What more can you ask for?' Kusama wrote.
The conversation also turned to SHIB: The Metaverse, a project expected to drive broader adoption of the Shiba Inu ecosystem. When asked about its launch, Kusama revealed: 'I expect Shib Mag to be coming soon :) MV update.
SHIB: Metaverse is envisioned as a virtual world within the SHIB ecosystem, providing a digital playground where users can socialize, game, 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 reflect real-life businesses.
Kusama also addressed concerns regarding competition from other meme tokens. When users inquired about competition from Dogecoin (DOGE) and BONK, Kusama emphasized that the SHIB ecosystem is playing on an enterprise level: 'I hope all memes do well, so wagmi. But they are playing 'I declare war,' while I am playing multi-level international chess on the enterprise level, raising my shield to pass over Klingons. #kipla,' he said.
Further emphasizing the upcoming developments, Kusama announced through X: 'Analysis: Shib remains king! Bone is key. Leash is strong. TREAT is coming soon.' He later added: 'Just a reminder, TREAT released by Shib Core is not yet on the market.
The TREAT token is designed to serve as an access key for advanced features within the Shiba Inu ecosystem, set to be released soon. This token will complement the existing SHIB, BONE, and LEASH tokens, each playing different roles within the ecosystem. LEASH focuses on exclusivity, while BONE emphasizes technology, and TREAT will unlock advanced features, enhancing the overall user experience.
In July, Kusama elaborated: 'You may know that Shib is home to various tokens, including Shib, Bone, Leash, and our upcoming unreleased token: TREAT. Each token has its own utility and governance, with TREAT being the access token for all advanced features of our system, in stark contrast to the exclusivity-focused Leash or the tech-focused Bone.
Kusama retweeted a post from artchick.eth (@digitalartchick), hinting at another potential catalyst, speculating: 'Memecoin ETF in 10 months. Kusama commented: 'I didn't say... but I did.
The prospects for a memecoin ETF in the U.S. are significant. Similar to the U.S. spot Bitcoin and Ethereum ETFs, a memecoin ETF could attract a substantial influx of funds from investors currently unable to enter the memecoin market. Given its status as the second-largest memecoin by market cap, Shiba Inu will be a major candidate for inclusion.
As of the time of writing, the trading price of SHIB is $0.00002502.
