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LUCKNOW (CoinChapter.com) — The Shiba Inu team is gearing up for ETHToronto 2024, set to take place on August 13-14. As a title sponsor for the event, the team plans to share some big news with the crypto community.
Source: X Shiba Inu Returning to ETHToronto as a Title Sponsor
ETHToronto, a part of the Blockchain Futurist Conference, has historically been a pivotal event for Shiba Inu. Last year’s conference saw the launch of Shibarium, SHIB’s Layer 2 solution on the Ethereum blockchain. Since then, Shibarium has seen over 400 million transactions and is close to reaching 4.5 million blocks.
ETHToronto has always been an important event for us when it comes to making news and outlining the steps on our roadmap to becoming the ultimate decentralization hub.
said Shytoshi Kusama, Shiba Inu’s lead developer.
Kusama hinted at potentially major announcements at this year’s event, saying:
We look forward to returning to ETHToronto as a title sponsor and being extremely active during this year’s Canada Crypto Week.
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Shiba Inu’s Recent Developments and Investments
Recent developments show the SHIB team’s commitment. In June, the project got a $12 million venture capital investment to improve Shibarium’s infrastructure. The team used this funding to improve security features and to maintain regulatory compliance.
Recent collaborations have seen Shiba Inu venture into new territories. The project has established a .shib top-level domain service in partnership with D3 and has forged connections with major players in the media and entertainment industry, including the Content Delivery & Security Association (CDSA).
Furthermore, to bolster community participation, the SHIB team is offering its community members preferential event tickets for the upcoming Canada Crypto Week. This initiative aims to encourage direct engagement with the platform’s latest developments.
What Does Technical Analysis Say About Potential Market Performance?
On the market front, the token has shown resilience despite recent volatility. The token recovered after experiencing a sell-off in early July that saw SHIB’s price drop to a four-month low of $0.0000125. A subsequent relief rally pushed the price up by 10% to $0.000016, with its market cap reaching approximately $9.48 billion.
SHIB USD weekly Price Chart. Source: TradingView
The technical indicators suggest a cautious bullish sentiment. A break above the SMA ($0.00002008) will confirm a bullish trend continuation. Conversely, a failure to break this resistance could lead to a retest of the support level around $0.00001750.
The 14-period RSI is currently at 50.45, indicating a neutral momentum. However, it’s showing signs of turning upward, which could signal increasing buying pressure.
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