The enigmatic Shiba Inu lead Shytoshi Kusama shares a response to investors asking him to propel a massive price spike for SHIB.
Shiba Inu has been unusually calm since its previous rally earlier this month, which saw it surge to $0.00003031. However, the token could not continue its uptrend as it recently plunged below the $0.000025 level.
Investors Desire Substantial Rally for SHIB Amid Ongoing Market Uptrend
With other crypto assets, particularly Bitcoin, witnessing significant price spikes, several SHIB investors have been urging the team behind the Shiba Inu ecosystem to make efforts that could lead to a substantial rally for the token.
These users have communicated their demands differently, with some explicitly asking Kusama to ‘send SHIB to the moon.’ This request signals their desire for a substantial price increase for Shiba Inu.
Kusama Responds
Interestingly, Kusama has recently responded to this, boasting about Shiba Inu’s success. The Shiba Inu lead emphasized that SHIB is the top ERC-20 token on Ethereum, being the most valuable ERC-20 token on the Ethereum blockchain besides multi-chain stablecoins.
“Hey dude send Shib to the moon.”
Checks we are still #1 eth token in the world.
— Shytoshi Kusama™ (@ShytoshiKusama) November 21, 2024
His response aligns with sentiments shared by other team members, including developer Kaal Dhairya. As reported earlier, Dhairya highlighted SHIB as the number one ERC-20 token, excluding USDT and USDC, due to their availability on other blockchains outside Ethereum.
Notable, Shiba Inu currently boasts a market cap of $14.67 billion, making it the 12th biggest token in the global crypto ranking and the largest in terms of ERC-20 tokens. Kusama’s response indicates that SHIB had already witnessed resounding success despite prospects of more substantial growth.
Current Status
Currently, SHIB is trading at $0.00002489, up 3.2% over the past 24 hours. Shiba Inu has been hovering around the $0.000025 territory over the past few days, with notable crypto expert Ali Martinez identifying a major resistance at this level.
According to Martinez, about 40,150 addresses acquired 54.6 trillion SHIB for an average price of $0.000025, posing a major resistance to the token. As Shiba Inu attempts to surpass this level, some of these addresses would likely sell their holdings to secure profit, presenting a roadblock to any rally.
However, if SHIB successfully overcomes this resistance, Martinez expects the token to soar to around $0.000039, citing the formation of a bull flag pattern on Shiba Inu’s chart.
Investors Remain Bullish
Meanwhile, although many investors are eager for this bullish move, it is worth mentioning that Shiba Inu remains one of the most successful cryptocurrencies in the market.
Despite trading at an initial price of $0.000000000056 in August 2020, SHIB surged over 150 million percent to an ATH of $0.00008616. At press time, SHIB is down 71.11% from its ATH record set on October 28, 2021.
Nonetheless, several community members are confident that Shiba Inu will register a new ATH this cycle, with some experts, like Javon Marks, setting a target of $0.0001553 for the token.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
