The Shiba Inu price jumped over 2% in the past 24 hours to push its weekly performance above 15% to trade at $0.00002721 as of 6:10 a.m. EST.
SHIB’s price increase comes after the meme coin’s team managed to raise $12 million by selling its unreleased token, TREAT. Non-U.S. venture capital firms were the only investors in this funding round, with big names such as Animoca Brands, Polygon Ventures and others purchasing into the token.
TREAT will serve as the utility and governance token of the team’s new Layer 3 blockchain, which is being built on the Layer 2 Shibarium.
The Shiba Inu Price Escapes Consolidation
4-hour chart for SHIB/USDT (Source: TradingView)
The Shiba Inu price was able to escape above a medium-term consolidation channel between $0.00002083 and $0.00002398 over the past 48 hours. Following this breakout, the meme coin printed a series of higher highs and higher lows on the 4-hour chart to form an ascending trend line.
Traders are now attempting to push SHIB above the $0.00002832 resistance level. A 4-hour candle close above this threshold within the coming 24 hours could give the crypto the foundation needed to keep rising in the short term. This might lead to the Shiba Inu price rising to as high as $0.00003140.
A rejection from the $0.00002832 mark could invalidate this bullish thesis. SHIB might then fall below the recently-formed trend line, opening the door to a potential bearish trend reversal.
A wave of sell pressure could enter SHIB’s charts as a result, and lead to a retest of the aforementioned $0.00002398 price point. A potential drop below this mark will see the Shiba Inu price re-enter the consolidation channel it recently escaped.
The Shiba Inu Price Is Losing Technical Support
Technical indicators on SHIB’s 4-hour chart are flagging slightly bullish, but do warn of an impending correction. SHIB remains in a bullish trend, which is evident by the Moving Average Convergence Divergence (MACD) line’s positioning above the MACD Signal line. However, the narrowing gap between the two technical indicators might be a sign that the bullish trend has reached a peak and is now subsiding.
Buyers are also losing their advantage against sellers. In the last 48 hours, the Relative Strength Index (RSI) crossed above its Simple Moving Average (SMA) line to signal that bulls gained a short-term upper hand against bears. The RSI line has since collapsed towards the SMA line, signaling diminishing strength. Should the RSI cross below the SMA in the next 12 hours, it could indicate a major shift in momentum that favors sellers.
As SHIB approaches technical resistance, momentum keeps building for the multi-chain Dogecoin derivative Dogeverse (DOGEVERSE).
The meme coin’s presale recently passed the $9 million milestone, and is on track to raise $10 million in the coming days as investors rush to buy the crypto at this early stage.
A Seamless Transactional Experience
Dogeverse is the first Dogecoin derivative to make its way onto multiple blockchain networks simultaneously. Housed on popular networks such as Ethereum, Polygon, BNB Chain, Solana, Avalanche and the Layer 2 network Base, Dogeverse (DOGEVERSE) enables a seamless transactional experience for token holders.
Unlike other meme coins that are housed on one chain, DOGEVERSE allows investors to take part in a plethora of decentralized finance (DeFi) protocols regardless of which networks the protocols were deployed on.
The risk of network outages, such as those Solana has experienced in the last few weeks, trapping DOGEVERSE holders’ tokens until the network’s issues are resolved is also mitigated because of the meme coin’s cross-chain presence.
Investors and token holders won’t even need to swap out their DOGEVERSE tokens to earn rewards on DeFi protocols. This is because Dogeverse allows holders to stake their holdings on the Ethereum network in exchange for annual rewards.
Dogeverse is currently offering anyone who purchases and stakes their tokens at this early stage a 117% APY.
Liquidity Could Shift To Dogeverse
With the fourth Bitcoin halving in the past, investors might take capital allocated towards the market leader and invest it in smaller meme coins. This potential influx of capital in the meme coin market could be a big boost for DOGEVERSE after its launch.
Adding to the crypto’s potential is its high levels of utility, something that’s not commonly associated with meme coins.
There is also the link to Dogecoin, the world’s largest meme coin by market cap, which could help pull in investors in the coming weeks.
🌌 Embarking on a journey through the #DOGEVERSE, the pioneering multi-chain #Doge #Token, inspired by #Cosmo's epic adventures. 🚀
Leading in #Blockchain connectivity, uniting diverse #Crypto communities with Doge memes and a vision of a unified ecosystem across chains! 🌍 pic.twitter.com/Woe1wYvxqh
— DogeVerse (@The_DogeVerse) April 16, 2024
Anyone looking to buy DOGEVERSE can navigate to the project’s official website. The token is currently selling for $0.0003, and can be bought using either ETH, USDT, BNB, MATIC, BASE, AVAX or bank card. Investors will want to act fast because the meme coin’s price will increase in less than a day.
DOGEVERSE can be purchased and staked for a 115% APY here.
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