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Shiba Inu Partner K9 Announces Launch Date of Its Staking Solution

Lele Jima
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Shiba Inu Partner K9 Announces Launch Date of Its Staking Solution

The Shiba Inu official liquid staking partner K9 Finance confirms plans to launch its highly anticipated liquid staking derivative (LSD) platform this month. 

Per a recent X post, the team behind K9 Finance declared its readiness to launch the staking platform in September. 

K9 Staking Solution Passes Security Audit 

In preparation for the launch, the team said the K9 liquid staking and farming contracts have successfully passed a smart contract audit. SourceHat, a popular Web3 security platform, conducted the audit. 

K9 attached two separate links to the audit reports for its liquid staking and farming contracts to show transparency. 

Launch Date of K9 Staking dApp 

Following the successful completion of the smart contracts audit, the team disclosed that the liquid staking solution and farming contracts will launch on September 18. 

The upcoming launch of K9’s liquid staking and derivative platform on Shibarium marks the completion of the second phase of the project’s debut. 

Afterward, K9 will roll out Caninae, the last phase of the project launch, by the year’s fourth quarter. In this stage, K9 will offer a complete version of its staking solution, actualizing its vision of providing a fully decentralized liquid staking derivative product. 

Benefits for Shiba Inu Ecosystem 

Notably, K9’s staking product will allow Shiba Inu community members to lock up their BONE tokens and earn rewards. Unlike conventional crypto staking, the K9 staking dApp will enable users to swap their staked BONE for K9’s liquid token, knBONE. 

From this, users can utilize K9’s liquid token within the Shibarium ecosystem. K9’s upcoming LSD platform is a game-changing initiative for the Shiba Inu ecosystem. It will further expand Shiba Inu’s utility while strengthening the security of Shiba Inu’s L2 blockchain Shibarium. 

In addition to these benefits, K9 disclosed that the solution will boost Shibarium’s total value locked (TVL). Earlier this year, K9’s pseudonymous founder Buzz projected that the upcoming LSD dApp could bolster Shibarium’s TVL by 50x. 

At press time, Shibarium’s TVL stands at $1.15 million, a decline of 70.51% from its all-time high of $3.9 million registered on March 26. However, if it experiences a 50x or 5,000% increase, it could soar to $58.65 million. 

Flare Team Shares How XRP Holders Can Become Collateral Providers on FAssets

Sam Wisdom Raphael
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Flare Team Shares How XRP Holders Can Become Collateral Providers on FAssets

The Flare Network team shares a guide on how XRP holders can become collateral providers within the FAssets project.

The FAssets system, currently in its beta phase, is designed to bring Decentralized Finance (DeFi) and smart contract capabilities to assets that traditionally lack these functions, such as XRP, BTC, DOGE, and LTC.

This opens up new possibilities for holders of these cryptocurrencies, allowing them to participate in various DeFi protocols by minting their tokens on the Flare network.

How to Become a Collateral Provider

In a video guide, the Flare team explained how users, particularly XRP holders, can become collateral providers on the FAssets platform.

Participants can begin the process by navigating to the FAssets website, where they can view various pools, including the total value locked (TVL), transaction history, and their current position within the ecosystem. 

According to the guide, to become collateral providers, users could simply select a pool of their choice, enter the amount of Flare (FLR) tokens to deposit, and confirm the transaction via their wallet.

Each collateral pool is managed by an agent, and users can choose any number of active pools to contribute to. By adding their FLR tokens to a pool, participants help enhance the reliability of the minting process. In return, they earn rewards every time the agent’s pool is used to mint FAssets. 

Withdrawing from a pool is just as straightforward. Users can click on the “Withdraw” button, choose the amount they want to remove from the pool, and confirm the action in their wallet.

Earning Rewards as a Collateral Provider

The guide confirmed that the rewards for being a collateral provider are determined by several factors, including the pool’s size and the minting fees charged by the agent. 

The minting fee is a commission paid by users when they mint FAssets, and a percentage of that fee is distributed among the collateral providers. Per the video, the distribution of rewards depends on the proportion of the user’s funds within the pool.

For example, if a collateral provider’s funds make up 20% of a pool, and the pool’s minting fee is 10%, the user would receive a share of the fee based on their contribution. Notably, if a user mints 100 FXRP and the pool’s share is 50%, the collateral provider would earn a percentage of the 50% pool share.

The rewards can be claimed through the FAssets platform. Participants have the option to claim all available rewards at once, or they can withdraw rewards from specific agents. The rewards are displayed at the top of the page, allowing users to track their claimable and lifetime earnings.

FAssets Gains Traction

The FAssets project is a crucial part of the Flare Network’s mission to enhance the utility of non-smart contract tokens. Amid increased adoption, the Flare Network saw the minting of over 937,000 XRP on the first day of testing.

In using FAssets, participants can mint tokens like FXRP (Flare-based XRP) on the Flare Network. These minted tokens can then be used within the Flare ecosystem for a range of decentralized financial applications, including lending, staking, and yield farming. 

This creates new opportunities for participants to earn rewards and engage in smart contract functionalities without relying on their original blockchain’s limitations. Flare founder Hugo Philion confirmed that the upcoming XRPL smart contracts functionality would not hinder FXRP.

Bitcoin Revisits $55K: Will a Drop to $45K Follow, or Could a Rate Cut Spark a Recovery?

Albert Brown
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Bitcoin Revisits $55K: Will a Drop to $45K Follow, or Could a Rate Cut Spark a Recovery?

Despite the Bitcoin price correction cracking under $56,000, the potential interest cut in September could spark a renewed recovery trend. 

As Bitcoin’s downtrend continues, the broader market uncertainties grow intense. With a lack of bullish momentum related to increased outflow from U.S.-Based Bitcoin spot ETFs, the bulls anticipate the upcoming Fed cut as the next uptrend catalyst. 

Bitcoin Coils Up Momentum Under Pressure

The Bitcoin price is currently trading at $55,499, with a 24-hour drop of 2.5% and a decline of 6.2% over the past seven days. In the daily chart, the BTC price has dropped under the crucial support of $57,500, suggesting the market dynamics are in bearish gear. 

Bitcoin Price Chart
Bitcoin Price Chart

With a massive 3.10% drop yesterday, a bearish engulfing candle is visible in the daily chart. This marks the first closing under the $57,000 mark in almost a month.

The intraday candle reveals a 1.3% drop from its opening price of $56,179, as BTC now trades at around $55K. The bearish influence is clearly visible with the 50-day and 200-day EMA ready for a death cross event. 

Bitcoin Price Chart
Bitcoin Price Chart

In addition, however, the BTC day price chart projects a bullish flag pattern sustained in the long term, contrasting the ongoing short-term correction phase. The bullish flag pattern maintains a counter-trend move in contrast to the temporary correction phase of BTC. 

If the pattern holds, the BTC price decline to $53,500, accounting for a 5.17% drop. 

Interest Rates and Job Market Avenue

Amid the short-term bearishness and the increased volatility, the backdrop bullish catalyst of a potential rate cut remains hope for BTC buyers. According to the Chicago Mercantile Exchange FedWatchTool, the probability of a 50-basis point rate cut in September has risen by 41%. 

FED Watch Tool
FED Watch Tool

With the lowered interest rates, the increased possibility of a money flow in the market could boost the prices of risky assets like Bitcoin and other cryptocurrencies.

However, the yet-to-come unemployment data, which will reflect the overall health of the labor market, will play a major role in determining the possibility of a rate cut. 

A recent tweet from Peter Berezin, Director of Research at BCA Research, draws attention to a concerning trend in the US job market. According to data from Indeed, new job postings have declined significantly, diverging from the relatively stable trend in total job openings.

Berezin highlights the implications of this decline, noting that the job openings rate has fallen to 4.55%, just above the 4.5% threshold mentioned by Fed Governor Christopher Waller. This downward trend in job openings is expected to negatively impact labor demand, ultimately leading to slower economic growth as fewer companies create new positions.

Where is Bitcoin Headed?

Notably, the higher-than-expected unemployment data could prompt the Federal Reserve to implement a 50-basis point rate cut if the current situation persists. In this scenario, a weakening labor market, as reflected by declining job numbers, might signal that the economy needs a boost, triggering this rate-cut event.

On the other hand, lower-than-expected unemployment data would indicate a strong labor market and could result in a more modest 25-basis point rate cut. In either case, the Bitcoin price is expected to rebound from its crucial support levels of $50,000 or $53,500.

In the worst-case scenario, if the rate cuts are delayed, the ongoing correction could potentially lead to fear, uncertainty, and doubt (FUD) in the market, causing the price to fall below the $50,000 psychological mark and potentially hit the $45,000 level.

XRP Sentiment Shifts: $100 Price Now Seen as Attainable

Abdulkarim Abdulwahab
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XRP Sentiment Shifts: $100 Price Now Seen as Attainable

Xena, a notable XRP community pundit, has observed a shifting sentiment among community members wherein the $100 target price is now considered attainable.

In a recent post on X, she claimed that XRP enthusiasts increasingly see the ambitious $100 price for XRP reachable within a few years, deviating from previous sentiments suggesting a decade timeline with a touch of doubt.

According to her, just weeks ago, the consensus among many was that hitting $10 would be a long shot, possibly not happening until 2030. However, recent developments and announcements have significantly influenced some to reconsider their stance, she claimed.

Recent Developments Impacting XRP Sentiments

Indeed, the XRP ecosystem has seen crucial announcements in recent weeks, particularly from Ripple. The latest is the notification to natively introduce smart contracts to the XRP Ledger blockchain. 

This feature has been lacking in the XRP Ledger, and some have attributed XRP’s poor price performance to its absence. Smart contracts would make the blockchain more DeFi-friendly, onboard more users, and unlock more functionalities crucial for price growth.

Notably, smart contracts have been a key selling point for blockchains like Ethereum, which is reflected in ETH’s price.

Ripple announced its move to pursue smart contracts on Monday. While the XRP price surged following the announcement, defying the bearish sentiment in the broader market, it quickly lost momentum.

Before this smart contract announcement, Ripple collaborated with SBI Digital Commodity in August to drive the adoption of XRPL. Likewise, despite the promising collaboration, the price of XRP failed to experience a significant boost.

In the same August, the long-running Ripple lawsuit saw its final ruling, with the company largely emerging victorious. Notably, the development boosted the value of XRP for a few days before the momentum evaporated.

Nevertheless, Xena believes these recent developments have significantly shifted perspectives within the community. She stressed that even those who once doubted XRP’s potential to climb past $10 are now entertaining the idea of much higher targets amid the string of positive news since August.

However, Xena points out a deeper dynamic within the community, suggesting that some early skepticism may have been more of a strategic play to encourage doubt in others rather than genuine disbelief in XRP’s long-term potential. 

Doubt Still Lingers on XRP Reaching $100

Yet, her latest observation concerning a shifting sentiment towards the $100 price point is not widely welcomed. Responding to her post, many have expressed disagreement, with some saying she is merely dreaming.

For context, XRP is trading around $0.54 today. To reach $100, XRP needs to soar by over 18,410%.

Many consider this far-fetched and out of reality. Meanwhile, believers in this price point cite 2017, when XRP saw more than three times this percentage growth within a year.

Cardano Welcomes Launch of New Memecoin Creator Snek.Fun

Mark Brennan
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Cardano Welcomes Launch of New Memecoin Creator Snek.Fun

Snek.Fun pulls user attention in its first few hours of debut, with the Cardano-based protocol struggling to keep up with increased demand.

The Cardano network could be the next chain where the meme frenzy sojourns after the debut of a memecoin launchpad. Snek.Fun, a memecoin creator, went live on the network late Thursday and was met with enthusiasm and criticism alike.

Snek.Fun is a project affiliated with Snek, the most popular memecoin on the Cardano ecosystem. The deflationary memecoin took the Cardano ecosystem by storm after its April 2023 debut and has made notable contributions to the blockchain.

Its latest endeavor, Snek.Fun, gained traction immediately after launch, with users flocking to create memecoins on the platform. The protocol’s official X account noted that it had over 20,000 users in ten seconds, with the traffic stressing its platform.

Traffic Overloaded Snek.Fun APIs

Due to the massive influx, the protocol’s server became overloaded. This caused transactions on the platform to slow down, and users complained about unsuccessful token creation.

Moreover, users complained they made transactions on the platform and neither received their created token nor a refund, as the protocol was unresponsive for a long time. A few others criticized the developers behind the platform, noting that they didn’t stress-test before launch.

Notably, Snek.Fun posted a few hours later, confirming that it had worked on the overloaded API and transactions were flowing better. However, the team noted it was still working to improve the situation.

Meme Frenzy?

Meanwhile, tokens deployed from Snek.Fun has seen massive attraction after just a few hours of trading. At the time of writing, three memecoins have surpassed 1 million ADA market cap ($326,000).

Tractions of this nature were instrumental to SunPump’s success, which birthed a renewed interest in the Tron network. The Crypto Basic reported that the platform generated over $585,000 in revenue fees in 24 hours.

Notably, memecoin creation on Snek.Fun is similar to that of Pump.Fun and SunPump. However, the Cardano-based launchpad charges more than the two other protocols. To deploy a memecoin, the user would have to pay 25 ADA ($8).

Amid the Snek.Fun situation, the Cardano token saw a temporary boost, briefly rising above $0.33 before facing resistance. At the time of writing, ADA was trading at $0.3248, up over 1% in the past 24 hours.

Data Confirms Cardano Tends to Outshine the Market During Bullish Impulses

Sam Wisdom Raphael
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Data Confirms Cardano Tends to Outshine the Market During Bullish Impulses

Cardano Whale, a Cardano community figure, shares a chart comparing ADA’s performance with 18 of the top assets in the crypto market. 

This chart, which spans from September 2023 to the current date, shows Cardano’s price movements in relation to 18 other cryptocurrencies using the Blooming Generic Price (BGN) metric. 

The results showed that despite current market struggles, Cardano outperformed many of these top assets during the initial stages of the most recent bullish phase.

Cardano Outperforms the Broader Market

Notably, a greater scrutiny of market data shows that from September 2023 to March 2024, Cardano experienced a significant 217% increase, reaching its yearly peak at $0.8104 in March. 

Meanwhile, in comparison, Bitcoin spiked 184% in the same time frame, hitting an all-time high of over $73K. In addition, the global crypto market cap grew 164% within this period, confirming Cardano’s excellent performance compared to most of the market.

However, since then, ADA has seen a notable decline. As of now, it trades at $0.3281, representing a 59% drop from its March peak. Meanwhile, Bitcoin has shown greater resilience, declining only 23% from its $73K peak. 

ADA’s Penchant for Greatet Spikes During Bullish Runs

Cardano Whale shared the recent chart amid persistent bearish commentaries, particularly as ADA’s recent underperformance has drawn attention from critics. 

Cardano Price Performance Cardano Whale
Cardano Price Performance | Cardano Whale

While some have scrutinized ADA’s inability to sustain its early gains, others remain optimistic about the long-term potential of the project. Cardano Whale weighed in on the matter, discussing ADA’s market behavior and future potential.

He noted that while ADA experienced a strong upward movement early on, it seems to have slowed down prematurely. The pundit acknowledged that the 18 coins included in the BGN comparison are not a complete index of the crypto market. 

For instance, notable assets like Solana were not included in the chart, which may skew the results. Nonetheless, the comparison still provides useful data, as the selected coins represent many of the most established and respected cryptocurrencies.

Cardano Whale emphasized that ADA tends to run harder than the broader market during bullish phases. Market data confirms this. 

Notably, in the 2021 bull run, ADA rallied 6,481% from March 2020 to September 2021. Meanwhile, BTC only increased 709%. Cardano repeating this trend in the early stage of the ongoing push suggests that it could be poised for strong growth when the next bull run occurs. 

A Focus on Long-Term Returns

Cardano Whale also highlighted the challenges of comparing ADA’s performance with other assets, noting that price and market cap can be easily manipulated. This makes it important to focus on long-term performance and the overall trajectory of the project.

He stressed that in the crypto market, new tokens are constantly being created, and older ones recycled. Despite these trends, the pundit emphasized the importance of longevity and a proven track record in assessing a project’s true value. 

Addressing the ongoing criticisms, Cardano Whale expressed weariness with discussions that focus solely on short-term results. He pointed out that in traditional markets, assets are not always expected to be the top performers to be considered valuable. 

The fact that Cardano continues to trade around the top 10 list of crypto assets and outperformed the broader market during the most recent bullish impulse is a positive sign for its future.

Top Lawyer Says Appeal Odds in Ripple v SEC Case Have Risen

Lele Jima
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Top Lawyer Says Appeal Odds in Ripple v SEC Case Have Risen

Famous legal expert Fred Rispoli suggests that the likelihood of an appeal in the SEC Vs. Ripple lawsuit has increased. 

Attorney Rispoli made the assertion shortly after Ripple requested a stay on the monetary portion of Judge Analisa Torres’ August 7 final judgment. 

Recall that Ripple reached an agreement with the SEC to move 111% of the penalty amount, representing $138.75 million, to the account of its legal team.

Ripple disclosed that the money would be held in the account and released 30 days after the expiration of the deadline required to file an appeal notice or the conclusion of an appeal. 

Appeal Odds Soar 

Reacting to this development, Attorney Rispoli suggested that the arrangement bolsters the odds of an appeal in the case. While the move does not confirm that an appeal might be filed, Rispoli speculated that the initiative signals uncertainty.

He suggested that Ripple likely made the arrangement because the SEC’s lawyers have not confirmed whether they plan to appeal. 

Although an appeal is not certain, Attorney Rispoli said the chances of one happening have soared based on recent developments in the lawsuit. 

Both Parties Could Appeal 

Crypto enthusiasts have continued to discuss whether the Ripple lawsuit will move to appeal since the court released the final judgment. 

Many speculated that both parties, especially the SEC, would appeal. As reported earlier, James Murphy cited two reasons the SEC might appeal, such as the disgorgement concerns and the court’s decision relating to XRP programmatic sales. 

Recall that the court denied the SEC’s disgorgement request, as the agency failed to prove XRP investors suffered pecuniary harm. The SEC also lost the summary judgment relating to XRP programmatic sales ruling.

According to Murphy, both decisions could impact other crypto-related cases filed by the SEC. Hence, the agency might appeal to overturn these rulings. 

Similarly, several legal experts believe Ripple might also appeal the verdict due to the injunction imposed on its future XRP sales to institutional clients. Ripple further increased the odds of a potential appeal when it commended the monetary portion of the verdict but ignored the injunction aspect. 

No Official Decision Yet 

Notably, none of the parties has officially filed an appeal notice. According to Attorney Jeremy Hogan, the SEC has not decided whether it wants to appeal. He said the SEC would have filed the appeal notice if it had reached this decision. 

While Hogan suggested that filing an appeal notice takes about 15 minutes, he emphasized that the SEC would be given 70 days to submit the actual appeal brief. It bears mentioning that the same timeline applies to Ripple should it decide to appeal. 

The crypto community is monitoring whether the Ripple case will go to the Second Circuit. At the moment, the parties now have about a month to file an appeal notice. 

Analyst Ambitious XRP $100+ Target: What It Means for the Market

Sam Wisdom Raphael
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Analyst Ambitious XRP $100+ Target: What It Means for the Market

Market analyst Moonshilla provides an update to his XRP price outlook, presenting what an XRP rally to $100 could mean for the market.

The analyst revisited one of the boldest price predictions, forecasting the possibility of XRP’s value reaching over $100. This follows an earlier analysis, where Moonshilla discussed XRP’s potential for a major rally. 

XRP’s Road to $100+

In his most recent analysis, Moonshilla first highlighted that XRP would need to skyrocket by over 200 times its current value for it to reach the $100 price target. Such a price would demand an 18,201% increase from XRP’s current price of $0.5464.

In addition, Moonshilla suggested that a rally to this level would give XRP a market capitalization of approximately $6.5 trillion, a figure that would catapult the coin into the ranks of the most valuable cryptocurrencies. Achieving this level would mean that XRP could potentially challenge or even surpass Bitcoin’s market dominance.

Moonshilla argued that for XRP to reach this milestone, Bitcoin would need to increase by a factor of six, bringing its value to around $350,000. “Rich Dad Poor Dad” author Robert Kiyosaki previously predicted this price level for Bitcoin.

This price would give Bitcoin a market cap of roughly $7 trillion, preventing XRP from surpassing it. Moonshilla suggested that this outcome is not only feasible but has been long overdue.

Initial XRP Analysis

The latest update from Moonshilla builds upon his earlier analysis, which laid the foundation for the bold prediction. 

In the initial analysis, the market analyst noted several key technical indicators, such as the extended consolidation period XRP has undergone and its potential breakout against the dollar and Bitcoin. He also spotlighted XRP’s market dominance.

Moonshilla previously pointed out that XRP’s dominance chart showed a triple bottom pattern, while its performance against Bitcoin revealed a quadruple bottom. Analysts typically see this as signals suggesting that XRP could be on the verge of a significant price increase. 

XRP Charts Moonshilla
XRP Charts | Moonshilla

He also referenced past cycles, drawing comparisons to XRP’s explosive growth between 2014 and 2016. During that time, it experienced a staggering 50,000% rise in value over the span of roughly 333 days.

The analyst further emphasized the importance of risk-to-reward ratios, noting that XRP’s current setup offered an enticing opportunity for traders. 

He acknowledged the skepticism that often surrounds XRP, but also recognized its longevity in the cryptocurrency market. With over a decade of history, XRP has proven its resilience, and Moonshilla urged investors not to overlook the opportunity it presents.

Shiba Inu Team Predicts SHIB Can Reach $0.01: Here Are Possible Timelines

Abdulkarim Abdulwahab
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0
Shiba Inu Team Predicts SHIB Can Reach $0.01: Here Are Possible Timelines

Shiba Inu content specialist Lucie remains confident that SHIB will eventually reach $0.01, regardless of ongoing price fluctuations.

Notably, Shiba Inu benefited from the market uptrend in the first quarter, rising above $0.000045, which renewed optimism for further growth. Lucie, a Shiba Inu investor since 2021, shared her long-term belief in SHIB’s potential amid the meme coin’s impressive performance.

In Q1, Shiba Inu’s price surged by approximately 380% in ten days, reaching a price level last seen in 2021. Considering that SHIB traded as low as $0.00000543 in Q3 2023, the meme coin’s growth to $0.00004543 in Q1 2024 represents an impressive 736% gain, or a 7x return for investors.

The magnitude of Shiba Inu’s rise significantly bolstered confidence in its ability to eliminate more zeros from its price. The $0.01 price point has been a long-standing aspiration of the SHIB Army.

While some view the $0.01 target as far-fetched, a Shiba Inu project team member has publicly expressed the belief that it is attainable. Lucie emphasizes that it is only a matter of time, and regardless of how long it takes, she remains convinced of Shiba Inu’s one-cent dream.

For context, with Shiba Inu trading at $0.00001359 today, the asset would need extraordinary price growth of 73,483% to reach $0.01.

Popular Hopes for Shiba Inu to Reach $0.01

Notably, Lucie is not alone in anticipating a $0.01 price point for SHIB. Two months ago, analyst Luis Delgado expressed strong optimism about Shiba Inu reaching $0.01, citing Dogecoin’s historic surge as a precedent. He believes a similar rise for Shiba Inu is inevitable.

During Shiba Inu’s historic surge in March, two Bitcoin investors asserted that $0.01 is not only possible for SHIB but that it could even reach up to $0.05. 

In recently updated price forecasts, the Changelly exchange and Telegaon prediction platform highlighted that SHIB could reach $0.01.

Given the enormity of the potential price jump to $0.01, investors are left wondering about the timeframe for such a significant increase amid widespread confidence in its eventual occurrence.

Possible Timelines for $0.01 SHIB

According to analysts Jason Williams and Yazan XBT, Shiba Inu could exceed $0.01 by next year. This is easily the most audacious timeline for SHIB’s one-cent dream, as other experts argue for longer timelines.

For instance, researchers at the Changelly exchange believe $0.01 is achievable for Shiba Inu in 26 years by 2050. Meanwhile, market watchers at Telegaon suggest a timeline that is a decade earlier.

Hypothetically, Shiba Inu could hit $0.01 in ten months if it experiences 100% monthly price growth, though this is speculative and unlikely.

Shiba Inu RSI Calls For 231% Recovery, Analysis Shows

Abdulkarim Abdulwahab
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0
Shiba Inu RSI Calls For 231% Recovery, Analysis Shows

While Shiba Inu has been one of the most painful assets to hold in recent weeks, market watcher Javon Marks asserts the time has finally come for a 231% surge back to the yearly high.

Shiba Inu’s trajectory over the last month has been underwhelming, as it has traded consistently around $0.000013. Two weeks ago, SHIB gave hopes of a bull comeback when it reclaimed $0.0000161, setting a fresh high for August. 

However, just three days later, Shiba Inu slipped back to $0.000013. Since the start of the new month, the meme coin has already hit a low of $0.00001259, though it has since rebounded slightly, trading at $0.00001336 at the time of writing.

Shiba Inu Set to Reclaim 2024 High

Despite this ongoing lackluster performance, analyst Marks remains confident in Shiba Inu’s price action for the coming weeks. In an updated analysis, he highlighted that SHIB has confirmed multiple bullish patterns on the relative strength index (RSI).

In his view, the RSI signals a potential price surge of over 231%. Marks stressed that this recovery rally could send SHIB back to its 2024 highs.

Notably, Shiba Inu established its 2024 high six months ago in March when its price surged to $0.000045. This marked its peak value in three years. Remarkably, the spike occurred just ten days after Shiba Inu’s uptrend began.

However, SHIB, along with the broader market, turned bearish shortly afterward. Accordingly, the token lost over 60% of its gains in the past six months.

$0.000081 Remains Key Target for SHIB

Marks also pointed out that Shiba Inu’s potential recapture of its 2024 high is only part of a much larger price rally. According to him, the $0.000081 price target remains a critical milestone in SHIB’s comeback.

Should Shiba Inu reach this target, investors who bought it at lower prices could see gains of over 480%. Notably, $0.000081 would put SHIB just 9.2% away from breaking its all-time high of $0.00008845.

Marks has repeatedly teased the $0.000081 price point in numerous analyses, though this development is taking longer to materialize. His peak outlook for SHIB this season is for the asset to top out at $0.00015, canceling a zero and setting an unprecedented price point.

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