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Here’s What Shiba Inu Could be Worth if Ethereum Hits $50,000

Sam Wisdom Raphael
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Here’s What Shiba Inu Could be Worth if Ethereum Hits $50,000

Shiba Inu could spike to a new all-time high of $0.0002545 if it follows Ethereum’s trajectory should the leading altcoin reach $50,000.

The crypto market is now on a recovery path, as most assets look to recoup the losses incurred this week. Shiba Inu is among the best performers in the recovery campaign, currently up 15.22% over the past 24 hours. SHIB has now reclaimed the psychological thresholds at $0.000014 and $0.000015.

Shiba Inu currently boasts a position among the 10 biggest 24-hour gainers on the top 100 list of largest cryptocurrencies. For context, Bitcoin (BTC) is only up 4% in the last 24 hours, while Ethereum (ETH) has increased 4.06%. 

Shiba Inu Price if Ethereum Hits $50,000

With the prospects surrounding Bitcoin and Ethereum currently bullish, market watchers expect a similar effect on Shiba Inu. Notably, when leading assets like BTC and ETH record upsurges, Shiba Inu and other altcoins follow suit. This is due to their close price correlation.

IntoTheBlock’s Correlation Matrix confirms that Shiba Inu boasts a price correlation of 87% with Ethereum over the last month. In addition, SHIB has a correlation of 94% with Bitcoin within this period. This indicates that a rapid price surge from ETH or BTC could trigger a similar rise in Shiba Inu’s price.

Shiba Inu and Ethereum Correlation
Shiba Inu and Ethereum Correlation | IntoTheBlock

Consequently, we recently assessed how much Shiba Inu would be worth if it trails Ethereum upon the completion of one its numerous targets. One such target saw asset manager VanEck predict last May that Ethereum could hit $50,000 by 2030. 

If Ethereum clinches this $50,000 price, it could have far-reaching effects on Shiba Inu. For context, ETH currently trades for $2,989. The altcoin would need to rally 1,572% to hit the $50,000 target. If Shiba Inu sees a similar upsurge, its price would jump from the current $0.00001522 to $0.0002545. This would lead to a new ATH.

SHIB at the $0.0002 Level

Notably, despite its recent encouraging recovery performance, Shiba Inu is still down 66% from its yearly peak of $0.000045. In addition, SHIB has dropped nearly 83% from the all-time high of $0.00008845 attained in 2021. 

Market participants and analysts believe SHIB still has more room for growth. While some project a reclamation of $0.000045, others expect a rally to $0.000165, beyond the current all-time high. Several market commentators also predict a surge to an ambitious $0.00045 price.

Predictions to the $0.0002 level have also come up. Last month, crypto trader Valeriya projected a rise to $0.000022. Also, Bitcoin advocate Moataz Elsayad believes SHIB can hit $0.00024. These projections have varying bases, with some citing a broader market uptrend as a possible catalyst. Nonetheless, it remains to be seen if any could materialize.

How High Can Cardano Go If It Matches Ethereum’s Market Cap

Abdulkarim Abdulwahab
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How High Can Cardano Go If It Matches Ethereum’s Market Cap

Cardano could relish a new history in the hypothetical scenario in which ADA attains Ethereum’s market cap.

In recent times, Cardano (ADA) has been one of the worst-performing crypto assets among the most prominent crypto projects. Yesterday, ADA hit a new bottom at $0.321, a price level last seen eight months ago in Q4 2023. The discouraging performance is not unique to ADA, as the broader market is bearish.

At press time, Cardano has slightly recovered, trading at $0.3532, which marks an over 7.5% price gain in the last 24 hours. ADA commands a market cap of over $12.63 billion at this price. 

In light of this, The Crypto Basic explores Cardano’s potential value in a hypothetical scenario where it attains a cap similar to Ethereum’s current valuation.

Cardano Price with Ethereum’s Market Cap

Notably, Ethereum was not spared in the latest round of market dumps. In particular, ETH revisited the $2,800 range after crashing by over 15%. The altcoin market leader has also recovered slightly, trading above $3,000 at press time. This value puts its market cap at over $362 billion.

Interestingly, Ethereum boasts a market cap over 28 times the valuation of Cardano, the tenth-biggest crypto. Effectively, ADA must surge by 2,765% to attain a market cap similar to Ethereum’s.

Considering Cardano’s supply of approximately 35.76 billion ADA tokens, a $362 billion cap translates to a market price of $10.12 for the asset. OpenAI’s ChatGPT also accurately estimated $10.1 as Cardano’s value with Ethereum’s $362 billion cap.

Cardano price estimations ChatGPT
Cardano price estimations ChatGPT

Notably, Cardano established an all-time high at $3.10 in September 2021. Essentially, Cardano holders would relish a new history in a scenario where ADA attains Ethereum’s market cap. 

When Can ADA Soar 2,765% to $10?

In separate analyses, various market analysts have forecasted that this ambitious $10 price for ADA will be achievable by next year. The projections mostly took inspiration from historical patterns.

According to analyst Ali Martinez, Cardano’s current market pattern is reminiscent of Q4 2020, leading him to initially predict a peak price of $7 for ADA in this cycle. However, in an updated analysis, Martinez revised his projection upward to above 8, which he believes can be reached by January 2025. 

Other market experts, like Dan Gambardello, have gone even further, suggesting that ADA could reach $11 next year. However, Changelly analysts argue that $10 is only attainable for Cardano by 2032.

Shiba Inu Can Rise 9,472% to $0.001477 if It Gets 50% of Spot Bitcoin ETF Inflows

Sam Wisdom Raphael
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Shiba Inu Can Rise 9,472% to $0.001477 if It Gets 50% of Spot Bitcoin ETF Inflows

Shiba Inu has the potential to pump 9,472% to a new ATH of $0.001477 if it captures just 50% of the capital inflows recorded by spot Bitcoin ETF products.

Following years of constant denials and postponements, the U.S. SEC approved the trading of spot Bitcoin ETFs in January. These products have so far recorded immense success, commanding inflows worth billions of dollars. Since Jan. 10, the spot Bitcoin ETF products have seen $14.76 billion in total netflows, per data from Farside Investors.

This figure had initially crossed the $15 billion mark. However, with the ongoing market downtrend, cumulative net outflows have dropped below this mark. Nonetheless, the $14.76 billion net inflows over the course of seven months demonstrate a remarkable feat. 

Amid the success of spot Bitcoin ETFs, discussions around the possibility of ETFs tracking other cryptocurrencies have emerged. Notably, some asset managers have already filed for Ethereum ETFs, with their 19b-4 filings recently approved by the SEC. The regulatory agency still needs to approve the S-1 filings from these firms for the products to begin trading. 

Calls for a Spot Shiba Inu ETF

Late last month, asset management firm VanEck filed to launch the first-ever Solana ETF in the U.S. market. Meanwhile, amid the ETF craze, Shiba Inu community members have championed the launch of a Shiba Inu ETF. The community has petitioned asset manager Grayscale Investments for the launch of such a product. 

While the petition has garnered attention, Grayscale is yet to provide any response. The rationale behind the increased calls for a spot Shiba Inu ETF is the potential impact the product might have on Shiba Inu’s price. Notably, if demand is high, the ETFs could attract enough capital to the Shiba Inu market.

While this could have significant effects on prices, the actual extent of such effects remains uncertain. The Crypto Basic recently evaluated this in the event that Shiba Inu ETFs record half of the Bitcoin ETF inflows. Notably, 50% of the $14.76 billion figure is $7.38 billion. 

SHIB’s Potential Price

However, if Shiba Inu ETFs record $7.38 billion inflows, the impact on market cap would take a higher surge. Bank of America estimated this impact to be a 1:118 ratio for Bitcoin. This means analysts at BoA expects Bitcoin’s market cap to increase by $118 billion for every $1 billion flow into spot Bitcoin ETFs.

Applying this estimate to Shiba Inu, a $7.3 billion inflow would lead to a $861.4 billion increase in market cap. Shiba Inu’s market cap currently sits at $9 billion, with a potential to increase to $870.4 billion with an additional $861.4 billion. 

This $870.4 billion valuation translates to a SHIB price of $0.001477, marking a 9,472% increase from the current price of $0.00001543. However, it bears mentioning that this is merely a hypothetical assessment and is not investment advice. Shiba Inu does not yet boast an existing ETF, and such inflows would require immense demand.

SHIB Price Targets: Timeline for Deleting One and Two Zeros

Lele Jima
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SHIB Price Targets: Timeline for Deleting One and Two Zeros

This article compiles forecasts from multiple entities regarding when Shiba Inu could delete one or two zeros from its price. 

Since Shiba Inu’s debut in August 2020, the token has witnessed an impressive performance, leading to the elimination of multiple zeros from its price. 

Shiba Inu Successfully Deletes Five Zeros 

Last month, market watcher Yescas stated that Shiba Inu has successfully deleted five zeros from its price following its remarkable surge. 

According to data provided by Yescas, Shiba Inu began trading in August 2020 with a token priced at $0.000000000972. Two months later, it added one more zero after its decimal. However, things became bullish for Shiba Inu in January 2021, as the token began the year with eight zeros after its decimal. 

Shiba Inu continued its bullish momentum in 2021, with the number of zeros after its decimal dropping to four. In that same year, specifically on October 28, 2021, SHIB reached an all-time high of $0.00008845.  

More Zeros Could Be Removed From Price 

Despite SHIB currently trading with four zeros after its decimal, several entities project that the token could eliminate one or two zeros in the coming years. If SHIB deletes one or two zeros, it will trade at $0.0001 and $0.001, respectively.  

We’ve compiled predictions regarding when SHIB could hit the $0.0001 and $0.001 targets. 

SHIB to $0.0001  

Removing a zero from SHIB’s price would take the token to a minimum of $0.0001, up 559% from the current level of $0.00001517. 

According to a prediction from crypto trading platform Changelly, Shiba Inu will potentially eliminate the next zero and hit the $0.0001 price by 2027, three years from now. Similarly, the popular AI chatbot Google Bard (now Gemini) also projects that SHIB will hit the $0.0001 target in the same year. 

Other market watchers also outlined scenarios that could take SHIB to the $0.0001 level. In particular, on June 20, prominent market watcher Sam TCR projected that Shiba Inu would soon witness a massive rebound, potentially taking its price to $0.0001. However, they did not attach a timeline regarding when SHIB could achieve the feat. 

SHIB to $0.001 

The $0.001 level is a more ambitious target that requires Shiba Inu to eliminate two zeros from its price. A move to the $0.001 target requires SHIB to rally 6,491% from its current price. 

Interestingly, top market watchers believe Shiba Inu can achieve this target in its lifetime. While some provided a timeline for when SHIB could hit the $0.001 target, others did not. 

Notably, famous market watcher Armando Pantoja suggested that Shiba Inu would reach this ambitious target in the 2024/2025 market cycle. In addition, The Crypto Basic projected last month that SHIB could rally to $0.001 by December 2024 if its price doubles every month. At the time, SHIB was changing hands at $0.00002532. 

In the meantime, Shiba Inu is trading at $0.00001517, down 11.29% over the past seven days and 41.31% in the monthly charts. Nonetheless, the token is up 13.3% in the daily charts. 

XRP On Monthly Timeframe Suggests Likely 700X Surge to $305

Abdulkarim Abdulwahab
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XRP On Monthly Timeframe Suggests Likely 700X Surge to $305

Analyst Heikin Ashi on TradingView has proposed that XRP could be amid an explosive bull rally culminating in a 710X price surge to $305.

In a recent post on X, Ashi called attention to XRP’s candlestick patterns on the monthly time frame, identifying a bullish signal. He highlighted that current patterns show remarkable resemblances with historical trends, suggesting the coming months could be rewarding for XRP holders.

Notably, this analysis comes at a time when XRP persistently exhibits discouraging performance, hitting low price points that were last seen in over a year. Yesterday, XRP bottomed at $0.3911, though it has slightly recovered, trading at $0.4286 at press time. At this value, XRP shoulders a loss of over 18.22% in its monthly performance.

Meanwhile, analysts like Ashi believe XRP’s current trajectory rhymes with occurrences of previous periods that were later followed by violent price pumps. He sees a similar scenario playing out soon.

Historical Observation on Monthly Time Frame 

His analysis shows that XRP first exhibited a protracted downtrend in the monthly time frame between 2014 and 2015. At the time, XRP traded with two leading zeros in mid-2014 until it bottomed out at around $0.003. By the start of 2015, XRP had already soared by 10X to trade around $0.025.

A similar occurrence occurred between 2016 and 2017 when XRP was back trading with two leading zeros. After its initial bottom value, XRP went on a brief price rally until the last quarter of 2017, when it pulled a violent stunt. 

Notably, the analyst’s chart pointed out that the XRP monthly pattern formed a symmetrical triangle between its 2014 bottom and the subsequent high before the 2017 new bottom. This formation set the stage for the aggressive pump that propelled XRP to a $3.84 all-time high by January 2018. Specifically, XRP surged by over 75,000% during this period.

After hitting the ATH, XRP commenced a downtrend, leading to a bottom of $0.14 in early 2020. The 2021 bull cycle helped XRP to recover briefly, reaching $1.96 in April that year. Meanwhile, the following bear market forced the asset to around $0.3 in late 2020.

On the monthly time frame, XRP’s candlesticks formed another symmetrical triangle between the two bottom prices of 2020 and 2023 and the brief pump in 2021. Analyst Ashi believes the stage is now set for another violent price pump to occur amid the remarkable echo of these historical patterns. 

How XRP May Surge by 71,061% to $305

He foresees the monthly pattern that played out in 2017 to resurface this season. In particular, he superimposed the 2017 aggressive wave on XRP’s current pattern and suggested that XRP could rally to $305 before 2026. This price level would mark an astonishing 71,061% growth for XRP.

Notably, the chart suggested that the projected price pump would occur in stages, starting with an initial rally to $1.2 and $2. This would set the foundation for a subsequent surge to $6 and $16 before the ultimate $305 price point.

Analyst Sets 6 Shiba Inu Targets that Could Boost SHIB by 997% to $0.000165

Sam Wisdom Raphael
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Analyst Sets 6 Shiba Inu Targets that Could Boost SHIB by 997% to $0.000165

TradingView analyst Abmoon remains confident in a series of six Shiba Inu targets previously set by him, with an ultimate goal of a $0.000165 price.

The chartist’s latest update to his long-lasting analysis came on the back of a recent bullish report surrounding Shiba Inu. Notably, The Crypto Basic disclosed on July 1 that Kronos, a leading air purifying firm, became the first public company in the U.S. to support Shiba Inu payments.

Abmoon spotlighted this development in his analysis, attempting to bolster positive sentiments amid the ongoing downturn. The analyst noted that his Shiba Inu trade remains active, suggesting his conviction that the targets could still play out.

Six Shiba Inu Price Targets

Interestingly, he identified these targets in November 2023, when SHIB was still battling to recover $0.00001. At the time, Shiba Inu changed hands between a low of $0.00000816 and a high of $0.00000839. Despite the struggles below $0.00001 then, Abmoon expressed confidence in six lofty targets.

Accordingly, he disclosed plans to enter a trade that would culminate in these targets. This trade had an entry zone between $0.00000755 and $0.00001018. Notably, the first target, representing a 163% increase from the price then, ranged from $0.00002629 to $0.00002825. 

He then set the second target at a price between $0.00003778 and $0.0000399. This marked a 272% return at the time. In addition, the analyst projected an imminent spike toward $0.000065 to $0.00006773, a 545% increase. Meanwhile, the fourth target rests on $0.0000869 to $0.0000924, marking a 757% rise.

Shiba Inu Weekly Chart Abmoon
Shiba Inu Weekly Chart | Abmoon

The fifth goal targets $0.000124 to $0.00013, while the sixth has a minimum target of $0.0001606. Abmoon set $0.000165 as the ultimate price target for his ongoing trade, a 997% rise from the current price. The trade has spanned over eight months, with a few of the targets already claimed and lost.

SHIB’s Battle to Claim These Targets

Shiba Inu hit the first and second targets during the impressive pump to $0.000045 in early March. The analyst confirmed this bullish move in an update on March 11. However, he emphasized plans to retain his trade, as he believes SHIB has more room for greater heights.

However, Shiba Inu has now lost both targets due to the ongoing downtrend in the broader crypto market. Yet, Abmoon is confident of a recovery push. This sentiment is shared by other analysts, with some expecting a pump toward $0.00003. Crypto Sheriff, another market watcher, sees an imminent increase back to $0.000045.

However, in its journey to recovery, The Crypto Basic called attention to multiple resistance levels SHIB needs to breach. Shiba Inu has broken above the lower Bollinger Band but is not yet clear of this level amid its readjustment. 

Shiba Inu Bollinger Bands
Shiba Inu Bollinger Bands

Nonetheless, currently trading for $0.00001508, the asset now has its eyes set on the 20-day SMA ($0.00001715). SHIB needs a mild 13% increase to breach this region. Should this occur, Shiba Inu could then gun for the upper Bollinger Band at $0.00001939, which would help it reclaim $0.00002.

Here’s When Shiba Inu Could Delete a Zero to Hit $0.0001

Lele Jima
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0
Here’s When Shiba Inu Could Delete a Zero to Hit $0.0001

Following Shiba Inu’s daily surge of 13.25%, we’ve highlighted when SHIB could potentially delete a zero after its decimal, taking its price to a minimum of $0.0001. 

Shiba Inu has staged an impressive rally over the past 24 hours. This saw the dog-themed token surge 13.25% over the past day to $0.00001507. 

Road to $0.0001 

With Shiba Inu gaining traction lately, investors are hoping for significant rallies to help it eliminate one of the four zeros after its decimal point. This suggests that SHIB’s price will trade at a minimum of $0.0001. Hitting the $0.0001 target requires a surge of 563.57% from the current price. 

Shiba Inu has never traded with three zeros after its decimal since its inception. The only time SHIB edged close to achieving this feat was in October 2021. At the time, the token’s price surged to an all-time high (ATH) of $0.00008845. At that price, SHIB was still down 11.55% from hitting the $0.0001 target. 

Nonetheless, Shiba Inu’s recent surge has sparked optimism about the possibility of reducing its price by one zero. Consequently, we’ve highlighted the potential timeline for when SHIB could trade at $0.0001, effectively eliminating a zero after its decimal. 

Potential Timeline to Delete a Zero 

Analysts from Coinpedia estimate that Shiba Inu will delete the next zero by 2028, approximately four years from now. They projected that SHIB’s price would range between a minimum of $0.0001066 and a maximum of $0.0001253 by 2028. Additionally, they also set an average target of $0.00011596. 

Notably, Coinpedia’s forecast aligns with similar targets issued by other prediction platforms. In particular, analysts from Changelly see SHIB reaching the $0.0001 price level by 2027, three years from now. Similarly, popular AI chatbot Google Bard (now Gemini) predicted that SHIB’s price could reach the target in the same year.   

For any of the predictions to materialize, Shiba Inu must surge at least 563.57% from its current price to hit the target of $0.0001. 

While hitting the targets could be challenging, several factors, including hefty burns, could play a major role in eliminating one zero after the decimal. 

Analyst Says One Final Shiba Inu Drop Before 131% Surge to $0.00003

Abdulkarim Abdulwahab
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Analyst Says One Final Shiba Inu Drop Before 131% Surge to $0.00003

A widely followed market watcher on TradingView suggests Shiba Inu may experience one final drop before a massive rebound that could drive it back to $0.00003.

Today, Shiba Inu tanked by over 14%, trading at $0.00001323 at press time. This massive price drop followed Bitcoin’s recent retracement to the $53K range early today, triggering a bloodbath in the crypto scene. 

Being a meme coin with higher volatility, Shiba Inu was a major victim in the market-wide dump. This latest outcome is part of the bearish momentum sweeping the crypto market since June. Trading at $0.00001323, Shiba Inu is down by 49.5% in the last 30 days.

Notably, some market watchers anticipated the emergence of this dip. With the forecast coming to fruition, they have become more convinced that a rebound for Shiba Inu is underway. Analyst Alan Santana of TradingView is one such market observer. 

One Final Shiba Inu Drop Before Bull Party

In an earlier update, Santana proposed that Shiba Inu would witness one final major price collapse before a bullish party takes the stage. He first highlighted Shiba Inu’s remarkable performance earlier this year, noting that when considering the bullish wave on a yearly scale, the asset had achieved a 720% growth.

Accordingly, the analyst emphasized that Shiba Inu’s current poor performance is a typical correction following its past strong performance. He anticipated another significant price drop, which he believes will lead to a short-term bounce followed by a second drop.

According to him, this second drop would be the final one before a sustained period of significant growth. 

Shiba Inu TradingView
Shiba Inu TradingView

Is the Final Drop Already in?

On Wednesday, Shiba Inu traded at around $0.0000172 at the time of the update. By the next day, SHIB slumped by 18% to a low of $0.0000146. Meanwhile, as of today, Shiba Inu hit a new bottom of $0.00001294, marking a 12% drop from the previous low.

If recent price declines align with his predictions, Shiba Inu is still witnessing the first drop. The analyst expects this first drop to culminate in a decline to $0.000012. Afterward, he predicts a rebound to the $0.000017. However, Santana sees another retracement that could push SHIB to $0.000011. This retracement represents the second and final drop.

According to his analysis, after this final drop, Santana expects Shiba Inu to rally back up to the $0.000030 threshold in the short term. Considering today’s low of $0.00001294, this would represent a potential profit of 131.83% for those buying Shiba Inu dip today.

Bitcoin Price Dips as Mt. Gox Moves $2.7 Billion BTC: Here’s What to Expect

Mark Brennan
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Bitcoin Price Dips as Mt. Gox Moves $2.7 Billion BTC: Here’s What to Expect

Bitcoin price dropped below the $55,000 mark on July 5 as markets reacted negatively to recent developments surrounding expected $9 billion in BTC payouts to Mt. Gox creditors. 

Bitcoin Price Wobbles as Mt. Gox Moves $2.7 Billion

Bitcoin’s price has tumbled to its lowest point since late February, breaking through critical support levels. The sell-off was exacerbated early Friday when the now-defunct Mt. Gox exchange transferred 47,228 BTC from cold storage to a new address, likely in preparation for creditor repayments.

The pioneer cryptocurrency dropped over 4% as it fell below $53,600 on Friday, July 5. As a result, BTC has now hit levels not seen since February 26, according to the TradingView chart above. At 00:27 UTC, Mt. Gox moved a sizable amount of BTC, valued at $2.6 billion, signaling the beginning of asset distribution to creditors affected by the 2014 hack.

The announced Mt. Gox payouts, which includes 140,000 BTC, 143,000 BCH, and Japanese yen, have stirred negative sentiment among traders about a potential market supply shock if majority of the creditors opt to sell-off their coins immediately.

More so, back when the funds were seized in 2014, BTC was priced at roughly $600, compared to over $55,000 today. This sparks fears that majority of the creditors will opt to sell large swathes of their assets, to lock-in profits in the days ahead.

The bearish headwinds form the Mt. Gox payout FUD (Fear, Uncertainty and Doubt) has sparked massive sell-off in the spot markets, as well as rapid liquidations in the BTC derivatives markets.

Despite some analysts attempting to soothe investor worries by suggesting the selling impact may be limited, Bitcoin has already slid 10% in the past week and 22% over the past month, reflecting the market’s bearish outlook.

Bitcoin Price Forecast: Bulls Eyeing $60k Rebound

The recent dip in Bitcoin’s price to $55,000 has attracted new entrants looking to capitalize on the pullback. As of July 5, BTC is hovering around $55,462.78, showing signs of consolidation.

The 200-day SMA at $58,540.84 serves as a critical level that Bitcoin needs to reclaim to signal a bullish reversal. The Bollinger Bands indicate increased volatility, suggesting that a significant move is imminent.

Bitcoin Price Forecast (BTC/USD) | TradingView
Bitcoin Price Forecast (BTC/USD) | TradingView

Key support is seen around the $55,000 mark, which aligns with the lower Bollinger Band and provides a robust foundation. If this level holds, we could see a rebound towards the mid-$60,000s, with initial resistance at $58,540.84 (200-day SMA) and stronger resistance around $62,270.11 (upper Bollinger Band). The price action within this range will be crucial in determining the next trend direction.

Despite the recent downturn, the overall market sentiment remains cautiously optimistic. The RSI is approaching oversold territory, indicating potential for a bullish reversal. If buying pressure increases, Bitcoin could quickly reclaim $58,540.84 and target the $60,000 psychological level. A break above this could open the doors to higher targets, potentially towards $62,000 and beyond.

In summary, while Bitcoin’s recent dip poses challenges, it also presents opportunities for new investors. Holding above $55,000 is critical, and a successful push past $58,540.84 could set the stage for a bullish rebound toward $60,000 and higher.

Shiba Inu Lead Meets with Japanese Politician at IVS 2024

Sam Wisdom Raphael
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Shiba Inu Lead Meets with Japanese Politician at IVS 2024

Shiba Inu lead developer Shytoshi Kusama met with a Japanese politician and former Council Member of the city of Kesennuma at the IVS crypto conference in Japan.

Kusama has continued to make headlines amid his attendance of the ongoing conference, scheduled to run until July 6. Notably, last month, Shiba Inu emerged as a gold sponsor of the IVS Crypto 2024 event, marking the latest of a series of sponsorship deals the project has secured in recent times.

Shiba Inu Lead’s Physical Presence at IVS Crypto 2024

However, in an interesting twist,  Kusama expressed his intentions to physically be present at the event. This would mark the first time the enigmatic Shiba Inu lead would present himself physically at an event. Kusama made good on his promise and attended the event today. 

Nonetheless, videos and pictures from the event indicated that Kusama concealed his face with a mask. This development dashed the hopes of community members who were eager to unmask the lead developer. Interestingly, some of the pictures, which came from Riri, a Japanese-based SHIB enthusiast, revealed an intriguing detail.

Notably, Shiba Inu marketer Lucie shared a picture featuring Shytoshi bowing to another individual, a customary greeting in Japanese culture. The community later uncovered that the other individual, who had remained unknown at the time, is a notable Japanese politician.

 

Kusama Meets with Japanese Politician Kumagai

Further investigation by The Crypto Basic revealed that the person in the picture is Ippei Kumagai. A 44-year-old Japanese national, Kumagai served for 14 years in the Miyagi Prefectural Government. Following this, he secured an election into the City Council of the Japanese city of Kesennuma.

After two terms as a City Council member, Kumagai resigned, now devoting his time to developments in Minamisanriku and Kesennuma. Being an open-minded individual, the Japanese politician appears to have an affinity for the crypto industry. He was in attendance at the IVS 2024 event, where he met Kusama.

Commenting on the recent visibility, Kumagai expressed his delight in meeting Kusama. According to him, part of his vision is to leverage Web3 for livening up Japan at the regional level. Notably, the Japanese government is actively looking to develop Web3 in the country, introducing policies to bolster the industry.

Shiba Inu has also garnered appeal from retail and institutional investors in Japan. In April, SBI VC Trade, the exchange business of Japanese financial giant SBI, spotlighted a SHIB passive income scheme. The leading banking institution opened applications for Japanese investors to gain exposure to the scheme.

When he revealed his presence in Japan earlier this month, Kusama confirmed plans to discuss SHIB in the country. According to him, his intentions are to discuss Web3, Shiba Inu and the ecosystem team’s plans with the brightest minds. It remains to be seen if the meeting between Kumagai and Kusama would yield any upcoming partnership or development.

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