Shiba Inu’s Price May Rally Similar to XRP After Thursday
- SHIB’s developer team has announced a critical upgrade for their game.
- The meme token’s price is expected to rally similar to how rallied.
- SHIB’s price is looking to break above the daily 9 EMA line.
The popular meme token, (SHIB), launched its blockchain-based card game in Australia on September 17 this year. Since then, SHIB’s community has patiently awaited updates. As such, SHIB’s development team announced a critical update that will see the game’s development team focus on building out the game’s community and ecosystem.
This update is the result of feedback received from several players and is centered around improving the user experience in the game.
Similar to the price upsurge seen in XRP’s price, it is speculated that SHIB may have a price surge in the upcoming days. One event that is likely to ignite a SHIB rally will be the news shared on Thursday’s SHIB Community Update Spaces Event.
At the time of writing, the price of SHIB is trading at $0.0000108, following a slight 0.30% increase over the last 24 hours. Despite this, the price of SHIB has fallen 7.42% over the last week, according to the crypto market tracking website, CoinMarketCap.
The meme token is ranked as the 14th biggest project in the crypto space when it comes to market cap and has a market cap of approximately $5.93 billion. This ranks it below Polygon (MATIC) at number 13 and above Tron (TRX) at number 15.
Daily chart for SHIB/USDT (Source: CoinMarketCap)
SHIB’s price is attempting to challenge the 9 EMA line which is positioned below the 20 EMA line. However, the sentiment on SHIB’s daily chart is mostly bearish as the 9 EMA line is positioned below the 20 EMA line, the RSI line is positioned below the RSI SMA line, and the trade volume for SHIB is predominantly sell volume.
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