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Solana Moonshot Imminent: Learn Why Experts Watching The $190 Resistance Level

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Solana (SOL) is nearing a crucial $190 resistance level, making it essential for holders to monitor now. With heightened activity and potential for a breakout, understanding this price point could provide insights into upcoming appreciation.

Read this article to learn why Solana (SOL) might skyrocket sooner rather than later and what broader altcoin implications are there.

Solana (SOL): $190 Showdown Start of a Run Toward $1,000?

Solana (SOL) is drawing attention once again as it nears the $190 resistance level. Now trading between $141.22 and $146.93, it seems to be strengthening. The most important question remains if it can cross the $190 threshold, however. Expert opinions vary. Some think that a significant rally might be sparked by breaking through $190, while others caution that a greater catalyst is required for a long-term breakthrough.

SOL USDT Source TradingView
SOL USDT Source TradingView

Technical indicators present a mixed picture. The Relative Strength Index (RSI) is at 43.6761, suggesting that Solana (SOL) is neither overbought nor oversold. This neutrality implies that the market may be in a wait-and-see phase. Analysts note that if the $130.6660 support holds and Solana (SOL) pushes past the $203.3926 resistance, a significant upward move could be in store. Conversely, if the RSI remains flat, Solana (SOL) might struggle to generate enough momentum for a breakout. This could cause it to stay within its current range.

The outlook remains uncertain. Some experts predict that breaking $190 could lead Solana (SOL) toward $1,000 in the long term. Especially if it maintains above the 10-day moving average of $144.0490 and the 100-day moving average of $154.8040.

However, failure to break the $190 resistance might result in further consolidation or a retest of lower support levels. The coming days will be crucial for determining Solana (SOL) near-term direction.

Minotaurus (MTAUR): Chance to Get in at 73% Off While SOL Tests $190

Given Solana (SOL) current technical indicators and potential for major price movements, finding a high-potential presale could provide you with a valuable entry point before any potential market shifts. The previously covered Minotaurus (MTAUR) seems to be that high-promise presale.

It offers a fresh take on casual gaming integrated with cryptocurrency. The project has recently launched its presale. For those interested in getting into something promising early, it’s worth giving it a shot. The current presale price is set at $0.0000545 per token, with a nearly 73% cut from the listing price of $0.00020.

Minotaurus MTAUR Strong Bulls
Minotaurus MTAUR Strong Bulls

What makes Minotaurus (MTAUR) stand out is its strong utility within its gaming ecosystem. Gamers can use $MTAUR to buy in-game currency. This correctly is essential for unlocking new characters, accessing exclusive zones, and obtaining special boosters. The hyper-casual gameplay is designed to appeal to a wide audience, leveraging the potential of a $14.78 billion market.

Balanced tokenomics with cliff and vesting mechanisms and omnichannel marketing enhance its appeal. Referral and vesting programs are extra perks for $MTAUR holders. Verified safety with SolidProof and Coinsult and rock-solid tech back the project. AI tools and an experienced team further support its development. Clear roadmap and mobile accessibility ensure continued growth. Those who want to learn more and get involved can visit the Minotaurus (MTAUR) website.

Conclusion

SOL approaches the pivotal $190 resistance. Now is the time to stay informed. A breakout could signal a major rally, making it crucial to understand these dynamics. Meanwhile, consider MTAUR at 73% off as a promising presale opportunity with strong growth potential to help your portfolio seem more green during uncertainty.

Solana Products See Record Outflow of $39M Amid Meme Coin Trading Slump

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Digital asset investment products experienced mixed results last week, receiving a total inflow of $30 million, with Solana products seeing record outflow.

According to the latest update from CoinShares, Bitcoin investment products led the charge with $42 million in inflows, followed by Ethereum-based products with $4.2 million.

However, Solana-based investment products faced its largest recorded outflow of $39 million. This is largely attributed to a sharp drop in meme coin trading volumes, an area where it has largely dominated.

Meanwhile, the broader market experienced a dip in weekly trading volumes, which fell by almost half to $7.6 billion, as macroeconomic data suggested that the Federal Reserve was unlikely to reduce interest rates by 50 basis points in September.

Diverging Provider Performance 

As CoinShares data show, investment product providers experienced diverging performances, with established players losing ground to newer entrants. BlackRock’s iShares ETFs led the week with significant inflows totaling $147 million.

Conversely, Grayscale Investments continued its downward trend, seeing $311 million in outflows during the week. This added to their month-to-date (MTD) outflows of $1.12 billion, bringing year-to-date (YTD) outflows to a staggering $18.7 billion. 

Other providers, such as Fidelity ETFs and 21Shares AG, showed mixed results. Fidelity gained $82 million in weekly inflows but reported MTD outflows of $148 million. On the other hand, 21Shares faced $48 million in outflows this week and a $40 billion outflow in its MTD performance.

Global Differences in Investor Sentiment

The geographical distribution of crypto fund flows also showed significant regional differences. The United States led in weekly inflows with $62 million, highlighting strong demand from U.S. investors despite MTD outflows of $244 million. Brazil and Canada followed with $7.2 million and $9.2 million weekly inflows, respectively. 

Notably, Canada has registered YTD outflows of $443 million, though it recorded weekly and monthly positive flows of $9.2 million and $42.4 million, respectively.

Crypto investment product inflows per region
Crypto investment product inflows per region

Switzerland experienced the largest outflows this week at $29.7 million, with Hong Kong following at $14.3 million. Both countries continued to see MTD outflows despite positive YTD inflows for Switzerland. These regional trends underscore varying levels of confidence in different markets.

Saylor Calls Recent Bitcoin Downturn a 20% Discount Sale

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Michael Saylor, the Chairman of MicroStrategy and a fervent advocate of Bitcoin, recently made a bold assertion amid the ongoing BTC price decline. 

Michael Saylor recently made a disclosure on X, highlighting the recent downturn in Bitcoin as a temporary opportunity for investors, emphasizing that BTC was only selling for a 20% discount sale. 

He shared an image featuring a vintage-style billboard set against a skyscraper, edited to carry the message “FOR SALE 1 BTC.” According to Saylor, this 20% discount offer for Bitcoin would soon end.

Bitcoin’s Current Market Condition

Notably, Bitcoin reached its all-time high of $73,679 on March 13. However, since then, it has experienced a significant downturn, currently trading at $58,625—a roughly 20% drop from its peak. 

Saylor’s comment suggests that he views this downtrend as a temporary “sale” on Bitcoin, an opportunity for investors to acquire the asset at a discount before it rebounds.

This perspective is not surprising given Saylor’s long-standing bullish stance on Bitcoin. MicroStrategy, the company he leads, has been one of the most aggressive institutional buyers of Bitcoin. 

Even during market downturns, MicroStrategy has consistently increased its holdings. Recently, the company filed to raise $2 billion, with a portion of the funds earmarked for purchasing additional Bitcoin. This move comes despite MicroStrategy already holding 226,500 BTC, valued at approximately $13.2 billion at current prices.

Bitcoin Halving Cycles

While Saylor’s comment highlights the perceived discount in Bitcoin’s price, market analyst Ali Martinez recently shared additional context on where Bitcoin might be headed. 

In an analysis on X, Martinez pointed out that it has been 119 days since the 2024 Bitcoin halving, which occurred in April. The analyst observed that in the last two Bitcoin cycles, the cryptocurrency reached its cycle top about 530 days after the halving. 

Martinez shared two charts to support his claims, showcasing Bitcoin’s price movements in the 2016 to 2020 halving cycle, the 2020 to 2024 cycle, and also in the current one. The data displayed by Bitcoin’s historical performance across previous halving cycles showed that the current cycle may still be in its early stages. 

Data shows a pattern of initial price increases following each halving, followed by a period of consolidation, and then a substantial rally towards a new market peak. If the pattern holds, Bitcoin could be on the verge of entering the more explosive phase of its cycle, with significant upside potential.

Bitcoin Halving Cycles CryptoQuant
Bitcoin Halving Cycles | CryptoQuant

The analysis suggests that despite the recent downtrend, Bitcoin may still have considerable room to grow before reaching its next peak. This outlook aligns with Saylor’s view, bolstering the notion that the current market presents a buying opportunity rather than a cause for concern.

Cardano Finally Falls Out of Top 10 as ADA Price Struggles Continue

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Cardano (ADA) has finally relinquished its long-held 10th position among the most prominent crypto assets, slipping to 11th place.

Pro-XRP attorney Bill Morgan called attention to this development in a post on X today.  Market data confirms that Tron (TRX) has overtaken Cardano to become the 10th largest crypto asset by market cap, pushing ADA down to 11th.

How Cardano Slipped from Top 10

This shift comes amid Tron’s consistent growth over the past few days. Despite a largely subdued market characterized by price dips, TRX has seen nearly 10% growth over the past week. Today alone, TRX advanced by 3.5%, while ADA’s price dipped by 2.3%.

As a result, Tron now boasts a valuation of over $12 billion, with Cardano slightly trailing at around $11.89 billion. Notably, over the past month, Tron has seen significantly more activity from market participants, registering a 30-day trading volume of $12 billion, more than twice the figure observed for Cardano.

Cardano out of top ten
Cardano out of the top ten

Cardano Attempt to Defend Top 10

In January, Cardano ranked as the eighth-largest crypto asset with a market cap exceeding $17 billion, trading around $0.50. At the time, Tron was in 11th place with a valuation of $9 billion.

Cardano’s market position remained unchallenged until the bears took hold in April, coinciding with the unexpected rise of TON during the same period.

As of early March, during the height of the bull market frenzy, Cardano boasted a market cap of over $2 billion at a price of $0.807. In contrast, TON was far behind in 16th place with a $9.2 billion market cap. However, by the first week of May, TON had overtaken ADA, pushing it to the 10th position.

Meanwhile, despite the broader market downturn, Cardano defended its position at number 10. Even as its price dropped to a fresh yearly low of $0.27 two weeks ago—a 65% drop from its yearly high—Cardano held onto its 10th place.

However, ADA ultimately lost this position as Tron continued its consistent rally while ADA struggled to gain momentum.

ADA has failed to surge in price, even as the blockchain nears one of the most significant milestones in its history. The price action over the past few months has not matched the hype and optimism surrounding the forthcoming Chang upgrade.

Critic Predicted Cardano Fall

Notably, Cardano’s fall out of the top 10 has not surprised some critics. In his 2024 crypto predictions, Bitcoin pundit Eric Wall forecasted that ADA would drop out of the top 10. He made a similar forecast last year, which did not materialize until this recent development.

Meanwhile, Cardano founder Charles Hoskinson remains confident that ADA could surpass Bitcoin in market share someday.

Shiba Inu Lead Says There is No Need for His Face to Become a Public Figure

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Shiba Inu lead Shytoshi Kusama says he wants to keep the focus on Shiba Inu and the community and not on him or his identity.

The Shiba Inu community may have to wait a little longer to know who the lead developer, Shytoshi Kusama, is, as he maintains he is not keen on revealing his identity yet.

Kusama retweeted an interview with Arabic Business on Monday, where he made comments about his anonymity.

“Well, there you have it…,” Kusama tweeted.

In the podcast, the developer said revealing his identity was not part of his goals at the moment, and he wanted to keep the mask popular. He further stated that there was no need to let his face become a public figure, and he intends to continue to exist pseudonymously.

“I believe, as Ryoshi will always say, I’m nothing special, I’m no one special, definitely not a looker by any means. So, there is no need for my face to become a public figure,” Kusama stated.

Kusama Raises Further Curiosity

The lead developer’s assertion that he was not a looker has further raised the curiosity of the Shiba Inu community. Users were left wondering what Kusama would look like, while some tried to guess which country he was from.

“Indian accent. Hmmm,” a community member remarked.

However, Kusama has maintained that Shiba Inu’s widespread popularity was not because of him but that it was solely because of the community. Hence, he intends to keep the Shiba Army at the center of the project and not himself or his identity. The lead developer also reiterated Shiba Inu’s commitment to moving from Web2 to Web3.

“Anonymity is Our Superpower”

Kaal Dhairya, who was in attendance with Kusama on the podcast, agreed with the lead developer’s view on remaining anonymous, stating that it was their superpower. He noted that it allows them to blend in with the community and get honest feedback from them.

Kusama also appeared publicly in a mask in July during an Infinity Venture Summit (IVS) in Kyoto, Japan. Some in the Shiba Inu community understand his decision to remain anonymous. However, others believe it could be more appropriate for the developer to be known.

Ethereum Gas Hits All-Time Low as Prices Fall 25% in a Month

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The Ethereum daily mean gas reaches a new milestone, hitting an all-time low, as price drop 25% in a month.

Despite recent developments like the approval of Ethereum ETFs and the Dencun upgrade, Ethereum’s daily mean gas price has plummeted to 2.9 Gwei. This sharp drop in fees, while beneficial to users, reflects broader concerns for Ethereum’s future, especially as much of its usage shifts towards Layer 2 networks.

Gradual Decline in Gas Prices

In previous years, Ethereum experienced significant fluctuations in gas prices, particularly during the height of the 2021-2022 DeFi boom.

Screenshot 83
Ethereum gas price / CryptoQuant

Prices once surged past 400 Gwei due to increased network activity and congestion. However, this trend shifted by mid-2022, followed by a sideways movement in gas fees after which a steady decline followed.

By 2024, Ethereum’s mean gas price had fallen sharply, reflecting a consistent decrease in network fees. Notably, the introduction of ‘Blobs’ during the Dencun upgrade has facilitated substantial fee reductions for Layer 2 networks. This innovation has enabled networks like Arbitrum and Base to publish their data on Ethereum at a fraction of the cost. 

As a result, Ethereum’s daily mean gas fees have fallen to $0.85, the lowest in years, while its daily mean burn rate has plummeted to just 115 ETH. On the other hand, Ethereum’s  supply in the market has surged by over 197,000 tokens, while the price has plummeted 25%.

Increasing Whale Concentration 

Alongside the fall in gas prices, data from CryptoQuant and IntoTheBlock highlights a shift in Ethereum’s market dynamics.

While Ethereum ETFs have garnered approval, ETH’s price has declined by 35% since the Dencun upgrade, with supply rising by over 197,000 ETH. Furthermore, the distribution of Ethereum holders shows a growing concentration of wealth among whales. 

Screenshot 82
Holder concentration | IntoTheBlock

Over the last 30 days, large holders have increased their ETH holdings by 2.87%, while retail and mid-sized investors have seen declines of 0.86% and 1.44%, respectively. This trend indicates reduced participation from smaller investors, suggesting that interest in Ethereum may be consolidating among a smaller group of large holders.

Key Ethereum Support Zones Highlighted 

As Ethereum’s price continues to struggle, analysts have identified key support zones that could determine its next move. Crypto analyst Ali Martinez recently emphasized the significance of the $2,300 to $2,380 price range, where 1.62 million addresses collectively held over 50 million ETH by August 16. 

This concentration of holdings suggests that bearish market pressure may face significant resistance around this level.

Dogecoin Founder Receives 420,690 NEIRO Surprise Gift, Here’s Why

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Billy Markus, the Dogecoin creator, receives 420,690 NEIRO tokens from a supporter amid the unyielding sensation around meme coins.

On August 16, 2024, Billy Markus, the creator of Dogecoin (DOGE), who operates under the pseudonym Shibetoshi Nakamoto on X, received an unexpected gift from an anonymous fan of meme cryptocurrencies. 

The occasion followed a humorous post by Markus, where he shared a video of a woman gambling in a casino and joked about millennials inheriting wealth from their parents. This post generated several responses, but one supporter took it further by sending Markus 420,690 NEIRO tokens, initially worth $5,551. 

However, after a sharp price decline of -23.19% in the last 24 hours and -46.39% over the past week, the value dropped to $4,170. Markus acknowledged the gesture with a modest prayer hands emoji.

Remarkably, the latest donation to the Dogecoin founder follows the gift of several billion NEIRO tokens to Ethereum founder Vitalik Buterin, which he rejected. Instead, Buterin donated the NEIRO tokens, along with other similar meme coin donations, to charity last week.

Details of Sender’s Wallet

The anonymous sender of the NEIRO tokens to Dogecoin founder has shown a pattern of active blockchain engagement. One notable transaction involved an incoming transfer of 111,296 NEIRO tokens from the Jupiter Aggregator Authority 7, subsequently transferred to Billy Markus’ account.

The wallet received 86,704 WSOL from the Raydium Authority V4, followed by several smaller outgoing transfers.

NEIRO’s Growing Influence

NEIRO, a relatively new meme cryptocurrency, has garnered significant attention since its launch on July 27, 2024. Recently, the leading exchange LBank referred to NEIRO, alongside Shiba Inu (SHIB) and Dogecoin (DOGE), as the “ultimate crypto trio,” hinting at the possibility of a resurgence in the meme coin market. 

This recognition is noteworthy considering NEIRO’s recent entry into the space. Adding to the growing interest, Momin Saqib, co-founder of Web3Pak, expressed his views on NEIRO’s rapid rise in the Ethereum ecosystem, citing its vibrant community and the increasing likelihood of listings on major centralized exchanges like Bybit and OKX.

Moreover, prominent crypto market maker Wintermute has increased its influence on NEIRO’s trajectory by becoming the largest holder of the token. 

Top Exchange Predicts Shiba Inu Could Rally 7,627,665% to $1

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Prominent crypto exchange CoinW has issued a daring projection for Shiba Inu, hinting that the meme coin could surge by over 7,627,665%.

In a recent post on X, CoinW sparked conversation in the crypto community by asking members to express their views on which of a series of bold predictions for the top ranking could happen first in the crypto market. 

 

Shiba Inu to $1

Specifically, the exchange polled the crypto community to determine what is happening first: Bitcoin attaining the widely anticipated $100K target, Ethereum attaining the $10K price point, or Shiba Inu reaching $1. 

The poll also included other prominent cryptocurrencies, such as BNB, Solana (SOL), XRP, Cardano (ADA), Dogecoin (DOGE), and Avalanche (AVAX). CoinW asked the community to weigh in on which of the following events would occur first.

  • Shiba Inu reaching $1 or BNB reaching $1,000
  • Cardano (ADA) reaching $5
  • XRP reaching $1
  • Solana (SOL) reaching $250
  • Avalanche (AVAX) reaching $100
  • Dogecoin (DOGE) reaching $1

Amid these bold predictions for prominent crypto assets, the figure suggested for Shiba Inu is the most ambitious. At press time, Shiba Inu trades with four zeros at $0.00001311. Essentially, CoinW is suggesting a scenario wherein Shiba Inu could completely clear all decimal places and trade in unit value.

Interestingly, the exchange even asked whether this milestone could precede Bitcoin reaching $100K or Ethereum reaching $10,000.

For context, Bitcoin’s achieving the $100K target requires the premier crypto to rally by 71% from its present value of $58,546. On the other hand, Ethereum’s $10K target demands a higher surge of 281% from $2,626.

Meanwhile, in Shiba Inu’s case, the meme coin must expand by 76,276 times, or 7,627,665%, to hit a $1 target. In this hypothetical case, even a $100 investment in SHIB would be worth an astonishing $7,627,665.

Can Shiba Inu Surge 7,627,665% to $1?

The extraordinary journey required for Shiba Inu to reach the $1 target naturally stirs questions about the feasibility of such a projection. Interestingly, in Shiba Inu’s historical record, something even more astonishing than a 7,627,665% rally has already occurred.

Celebrating Shiba Inu’s fourth birthday earlier this month, the project team boasted that SHIB’s surge from its all-time low to its peak value amounts to a 150,000,000% growth. 

Indeed, the earliest adopters of Shiba Inu, who held on until its peak, became immensely wealthy. The most widely cited case is of an investor who made over $5 billion from SHIB with just an $8K investment. 

Unlike him, many have shared stories of missed fortunes as they sold SHIB much earlier before it peaked.

Meanwhile, a repeat of this history in the near future is highly doubtful, given the market cap implications. For instance, Shiba Inu would have a market cap of over $580 trillion should its price hit $1.

Prediction portals like Telegaon believe that $1 is possible for Shiba Inu, but only in about three decades’ time.

 

Shiba Inu projection by Telegaon
Shiba Inu projection by Telegaon

FLUX hits $0.70 wall as Buyers Breakout Attempt Targets $1

The trendline breakout run in FLUX hits resistance at 23.60% Fibonacci level at $0.70. Will buyers prolong the bull run for a price jump to $1?

With a bullish recovery in the FLUX prices, the buyers attempt to regain a strong position over the declining trend. As the underlying shift in sentiments with the crypto market recovery bolsters a breakout run, will FLUX hit the $1 mark? Let’s take a closer look at the FLUX price analysis to find out.

A Tough Falling Wedge For FLUX 

In the daily chart, the FLUX price action reveals a falling wedge pattern in motion. The bearish pattern accounts for 72% price drop since March 2024. This pattern consists of two converging trend lines, resulting in limited volatility and increasing the underlying momentum. 

FLUX price chart
FLUX price chart

After the massive crash, FLUX finally found support at $0.44, resulting in a sideways movement. As the underlying sentiments improve, the consolidation phase forms a double-bottom pattern. 

With a double bottom reversal, FLUX jumped by 20% last night to challenge the overhead resistance trend line. 

Boasting a 24-hour high of $0.71, FLUX tests the 50-day SMA and the 23.60% Fibonacci level. However, the increased supply resulting in a higher price rejection forms a long-wick candle.

Repeating the same price action, the intraday candle shows a similar higher price rejection as it fails to surpass again. However, the bullish recovery leads to a positive crossover in the MACD and signal lines and the revival of bullish histograms. 

Will FLUX Hit $1?

Forming the third consecutive bullish candle, the FLUX price has increased by 27% in the last three days. However, the higher price rejection warns of a bearish reversal under the resistance trendline. 

Taking a bullish perspective, the breakout of the 23.60% Fib level hit the $1 psychological milestone or the 50% Fib level. Conversely, the next support level is at the $0.50 psychological mark, $0.44, and the declining support trendline. 

Beyond $1, the Fibonacci levels paint the next targets at 78.60% level at $1.38 and 100% level at $1.645.

Shiba Inu Team Explains Why the ShibaCon Event is a Must-Attend

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Lucie explained that the Shiba Inu ecosystem team would celebrate milestones and provide a clear path to the network’s future at the ShibaCon event.

The Shiba Inu marketing lead, Lucie, has outlined why the upcoming ShibaCon event is a must-attend for crypto projects and investors alike. In an X article, she gave a brief overview of what to expect from the event and why Shiba Inu enthusiasts and everyone involved in blockchain technology should not miss the occasion.

ShibaCon is an inaugural event that will take place in Bangkok on November 9, 2024. The community-driven occasion seeks to create an environment where people passionate about Shiba Inu and blockchain technology congregate to share ideas.

Lucie stated that ShibaCon would create an avenue where the Shiba Inu project would discuss the milestones it has achieved and its future plans with the community. This would allow the network’s enthusiasts to share in the dreams and aspirations of the Shiba Inu ecosystem.

The event would allow the Shiba Inu team to share technological advancements and new projects that they intend to pursue, as well as hear the community’s thoughts on their ideas. According to Lucie, the ShibaCon event intends to bring the community closer to the Shiba Inu network.

Not Just for the Community

Lucie stated that the event was not just for the Shiba Army but also for Web2 and Web3 companies, projects, and new investors. The ShibaCon event seeks to provide the right orientation for new investors in the sector while providing promotional services for companies and projects.

The Shiba Inu marketing lead invited new projects seeking to capture the market’s attention, build partnerships, or create brand awareness to ShibaCon, promising the right visibility and rapid growth.

Final Event Details Still Emerging

Speaking about the event, Shibarium Discord and Telegram channel moderator SpecialK noted that although the event’s final details were still emerging, it promises to be engaging and purposeful.

SpecialK stated that Ryoshi, the pseudonymous founder of Shiba Inu, initially proposed the idea of ShibaCon. Ryoshi suggested that the Shiba Inu community create a forum where the project would congregate with its community.

The moderator further revealed that the Shiba Inu team chose Bangkok as a gesture of global inclusiveness. He said hosting the ShibaCon in Thailand’s capital would avert visa restrictions and allow unhindered access to those planning to attend the event.