Shytoshi Kusama, the prominent figure behind the Shiba Inu ecosystem, has ignited curiosity among investors with a cryptic hint about an impending announcement related to the LEASH token. Scheduled for disclosure at 1 p.m. EST on a forthcoming Tuesday, this revelation is set to introduce a novel utility for the Leash token. LEASH often termed the “Doge Killer,” stands out as one of the three pivotal tokens in the Shiba Inu portfolio, with the other two being SHIB and BONE.
Investors who have staked their LEASH tokens on ShibaSwap, know its attractive reward prospects. But not everyone is basking in the sun of anticipation. There’s a spectrum of reactions to Kusama’s hint, ranging from those at the edge of their seats to those who advise restraint and emphasize the importance of the leadership delivering on their promises.
Heightening this collective sense of expectancy is the much-discussed Shibarium layer-2 solution, designed to supercharge transaction velocities while slashing fees. Despite its projected launch in August, as of Aug. 13, the mainnet introduction still needs to be completed.
Yet, that hasn’t deterred the Shiba Inu crew from championing what they’ve christened, the “Summer of Shibarium”. The team clearly has multiple updates prepared for imminent release. Parallelly, in a recent move, the team has been in discussions with the cryptocurrency trading platform, KuCoin, pressing to list BONE and LEASH tokens.
Data from CoinMarketCap revealed that SHIB/USD stands at $0.0000104 and has a 24-hour decrease of 2.72%. The bears have been mounting on the SHIB market as selling pressure has been increasing. The 24-hour trading volume for the SHIB/USD pair stands at $375 million, down by 16% from the previous day. Currently, Shiba Inu is ranked 12th by market capitalization, with a total market cap of $6 billion. The circulating supply stands at 589,346,914,631 SHIB tokens out of the max supply, which has yet to be available.
The support for the token is present at the $0.00001001 level, and if bears break this level, then it is likely that the price could further drop. On the other hand, if bulls are able to push the price above $0.00001066, then SHIB/USD could move up and test its resistance level at $0.00001500.
The daily technical indicators suggest that the Shiba Inu price is in a bearish zone. The 20-day EMA has crossed below the 50-day EMA, indicating that further downside might be possible for SHIB/USD if selling pressure persists. The Moving average convergence divergence (MACD) line is also below the signal line, further confirming the SHIB market’s bearish momentum. The Relative Strength Index (RSI) level is currently at 67, indicating a neutral zone.
In conclusion, while Shytoshi Kusama’s hints have ignited anticipation within the Shiba Inu community, the actual outcomes remain to be seen. With Shibarium’s delay and current market indicators leaning bearish, investors should approach cautiously and stay informed to make well-considered decisions.
