Shiba Inu coin price may be on the verge of a breakout as price action confirms a bullish reversal trend is almost complete. Additionally, a new feature in the SHIB ecosystem is going live today that may cause the Shiba Inu volume and burn rate to spike – factors that may translate to a price rally.
Will Liquid Staking Ignite a Shiba Inu Coin Price Rally?
The long-awaited Shiba Inu Liquid Staking platform is launching on Shibarium today.
Tomorrow at Noon EDT the @K9finance liquid staking platform will be launching on @ShibariumNet!
Liquid staking for $BONE will help $SHIB by
increasing the total value locked (TVL) on Shibarium
Both of these will help the…
— Shib (@Shibtoken) September 17, 2024
Liquid staking is an advanced form of traditional staking. Users are still able to use their crypto assets while still staking them.
According to the official announcement, the liquid staking will be for Bone ShibaSwap (BONE). Still, it will benefit Shiba Inu by increasing the total value locked (TVL) and the transaction volume on the Shibarium network. An increase in these metrics will contribute to increasing the SHIB burn rate and, in turn, Shiba Inu coin price.
Investors Return to Shiba Inu
Shiba Inu has witnessed renewed investor interest amid a weakening bearish trend, setting the meme coin up for a potential rally in the coming days. Data from IntoTheBlock shows the total addresses with a balance increased from June to September, signaling that investors have been taking positions in Shiba Inu, potentially due to the launch of the K9 Finance Liquid Staking platform today.
If the market sentiment around Shiba Inu remains positive, Shiba Inu coin price could catalyze fresh investor interest to surge higher.
The SHIB price has decreased slightly by 0.1% and is trading at $0.00001328. However, technical analysis shows a promising future for the Doge-killer.
SHIB Price Analysis: Bullish Reversal In-Play
SHIB price is currently rangebound between $0.00001462 and $0.00001271, seeking bullish momentum to break free from consolidation. The recent price action has formed a potential double-bottom bullish reversal pattern.
A break above the neckline could propel SHIB price 50% to $0.00002, which coincides with July highs and marks the next zone of resistance after $0.00001462. The increasing investor interest may provide the necessary juice to push the SHIB price higher to $0.00002712, a 103% increase from the current price.
Shiba Inu coin price prediction shows that if it fails to hold above $0.00001271, it may signal market weakness. The price of SHIB may turn bearish as it drops to seek further support lower around $0.00001. This could invalidate the current bullish thesis, undermining the importance of the Liquid Staking platform launch.
The post Can Shiba Inu Coin Price Surge 50% As Liquid Staking Goes Live? appeared first on CoinGape.
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