SHIB Maintains Strong Position Above $0.00001 Resistance

The Shiba Inu (SHIB) token has emerged as a focal point in the cryptocurrency market, capturing the attention of investors and enthusiasts alike with its playful meme-inspired origins.

As the highly anticipated launch of Shibarium approaches, the Shiba Inu ecosystem is on the cusp of achieving a significant milestone.

Over the past month, the SHIB token has experienced a notable surge in activity, peaking in July. This surge coincides with a remarkable increase in the creation of new SHIB addresses.

According to data from IntoTheBlock, the volume of Shiba Inu addresses has reached an impressive 3.5 million.

Shiba Inu’s lead developer, Shytoshi Kusama, has been teasing an impending announcement for LEASH token holders. Kusama has hinted at unveiling something special at 1 p.m. EST on an upcoming Tuesday, with plans to introduce a new utility for the Leash token.

The Leash token, often referred to as the “Doge Killer,” is one of the three native tokens within the Shiba Inu ecosystem, alongside BONE and SHIB.

Presently, the Leash token is trading at $567, boasting a market capitalization of around $60.16 million, as per CoinMarketCap.

With the countdown to the Shibarium launch underway, the spotlight remains on the Shiba Inu ecosystem. SHIB prices have witnessed an 11% increase over the past week and a 30% surge over the month.

However, in the last 24 hours, SHIB experienced a slight decline of 2.7%. Despite this, the token’s price continues to hover in the $0.00001 range, presenting a challenge for bullish momentum.

Amidst these fluctuations, SHIB’s price movement indicates a potential battle between bulls and bears. The recent support level for bulls has sustained an upward trend, pushing SHIB towards resistance levels at $0.000011 and even $0.000013.

Conversely, a bearish scenario could lead to a pullback to $0.000009. Notably, a surge in positive social sentiment propelled SHIB to surpass the $0.00001 hurdle on August 11.