SHIB DEX ShibaSwap surpasses $1B

24-hours after launching, SHIB’s new ShibaSwap DeFi platform surpassed $1 billion in total value locked, and it is raising fees on the Ethereum network.

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Shiba Inu (SHIB) DEX ShibaSwap surpasses $1B TVL 24-hours after launchMARKETS NEWS

Dogecoin (DOGE) has proven to the world that even a project that started as a joke can gain value and notoriety in the cryptocurrency space. This phenomenon opened the door for multiple “meme” cryptocurrencies to gain a foothold, and a quick look at the trending tokens list on CoinMarketCap shows the meme effect has found a foothold.

The latest meme coin to capture investors’ attention is Shiba Inu (SHIB), a project that originally gained notoriety when Ethereum co-founder Vitalik Buterin donated more than $1 billion worth of SHIB to the India COVID-19 Relief Fund.

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SHIB/USDT daily chart. Source: TradingView
While many analysts thought the project would just fade away along with the other meme coins that mooned and then crashed, Shiba Inu has instead emerged as a growing project complete with its own swap interface, yield farm and budding decentralized autonomous organization structure.

ShibaSwap launch raises gas costs
Excitement in the Shiba Inu community was ignited on Tuesday with the release of ShibaSwap, a newly created swap interface for token holders to utilize.

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Ethereum gas fees had been near unprecedented lows since the Berlin upgrade, but the launch of ShibaSwap resulted in a noticeable uptick in gas costs, a phenomenon highlighted by Crypto Twitter trader Joe McCann.

While the statistics have changed slightly since this tweet was posted, the three contract addresses identified by McCann remain in the top 10 gas guzzlers, and the Shiba migrator now ranks third in terms of fees generated in the last three hours.

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Top 9 Ethereum gas guzzlers. Source: Etherscan
As seen in the table above, the only other contract that generated more Ethereum fees over the past 24 hours is Uniswap v2, and the three SHIB-related contracts combined have generated more than $1.7 million in fees over the past 24 hours.

Total value locked in ShibaSwap surpasses $1 billion
While some networks have been accused of using spam transactions to increase on-chain activity, this is not the case with Shiba Inu as the total value locked on the platform surpassed $1 billion just one day after its launch.

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This is a strong sign of support for the newly released interface, which now ranks in the top 30 in terms of total value locked, according to data from Defi Llama.

At the time of writing, the project holds more value than QuickSwap and MDEX.

The initial excitement following the release of ShibaSwap led to a 14% spike in the price of SHIB on Tuesday, but the price has since drifted lower to its current value of $0.00000867, which is 78% below its all-time high of $0.0000388.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

SHIB is a compelling opportunity above $0.00000936

Shiba Inu price continues the formation of the right shoulder of an inverse head-and-shoulders pattern.
50 six-hour simple moving average (SMA) now trending higher, dedicating support to the right shoulder consolidation.

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A decisive close below $0.00000801 would void the bullish SHIB thesis, elevating the odds for a more complex bottom.
Shiba Inu price has been engaged in a multi-week bottoming process that illustrates an inverse head-and-shoulders pattern and a precise trigger. The completion of the right shoulder should be near as SHIB seeks a rally of 80% based on the measured move of the pattern.

Shiba Inu price shows confidence, and volume delivers on conviction
Since the May 19 crash, Shiba Inu price has struggled to plot a constructive bottoming pattern with a timely entry point. Nonetheless, since June 29, SHIB has consolidated confidence in the potential inverse head-and-shoulders pattern with a symmetrical right shoulder inspired by a textbook volume profile.

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As Shiba Inu price releases the oversold condition on the intra-day Relative Strength Indexes (RSI) following the 70% spike from the June 22 low to the June 29 high, investors need to monitor the 200 six-hour SMA as it slips through the right shoulder of the formation. Without the support of the strategically important moving average, the challenge increases for a successful resolution of the SHIB pattern.

Of course, it should be mentioned that the 50 six-hour SMA is crossing above the 200 six-hour SMA, triggering a bullish Golden Cross pattern on the six-hour SHIB chart, thereby adding some positivity.

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The measured move target of the inverse head-and-shoulders pattern is approximately 80%, projecting a Shiba Inu price of $0.00001720 from the neckline at $0.00000936. The rally would leave SHIB just below the 38.2% Fibonacci retracement level of May’s correction at $0.00001754.

An 80% gain in a perplexing cryptocurrency complex would be a notable achievement for SHIB. However, a more realistic Shiba Inu price target is the resistance between $0.00001204 and $0.00001214, marking the fusion of the May 20 and 24 highs. A rally to $0.00001214 would conclude with a 30% gain from the current position of the neckline at $0.00000936.

Critical to the full realization of the 30% gain is overcoming the minor resistance established by the June 2 high at $0.00001048.

SHIB/USD 6-hour chart

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SHIB/USD 6-hour chart

If Shiba Inu price closes below $0.00000801, the bottoming process and the resulting inverse head-and-shoulders pattern will be questioned. A close below that level would eliminate the support provided by the 50 six-hour SMA and, at a minimum, project a more complex right shoulder and, at worst, a reversion to the lows of the head around $0.00000550.

For now, the working thesis is for a bullish resolution of the inverse head-and-shoulders pattern and a rally of at least 30%. The narrative is based on the superior volume profile underlying the head and right shoulder formation,

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the building of relative strength versus the cryptocurrency market and the growing dominance of altcoins versus Bitcoin over the last two weeks. Combined, they emulate a digital asset trading with conviction and confidence.

Here, FXStreet’s analysts evaluate where SHIB could be heading next as it seems bound for higher highs.

Ethereum Fees And Daily Transactions Spike Thanks to SHIB

Much like in May, Shiba Inu is the biggest gas guzzler on the second largest network, as it launched ShibaSwap. NFTs through Axie Infinity and OpenSea, and MetaMask are also the contributors.

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Daily transactions on the Ethereum network are now back over 1.35 million, which had fallen to just above 1 million, but still down from the 1.7 million peak in early May.

Fees are also seeing a spike, with average transaction fees making their way towards $10 after falling to $2.33 in late June. At its peak in May, it soared past $70.

Additionally, gas fees are recording an uptick to 55 Gwei after falling and remaining in single digits for a couple of weeks in June.

According to Etherscan, Tether and Uniswap are the biggest gas guzzlers today, followed by addresses that belong to the Shiba Inu coin project. At 5th and 9th place again is the SHIB project, all of which together accounts for more than 18% usage in the past 24 hours.

Daily transactions on the Ethereum network are now back over 1.35 million, which had fallen to just above 1 million, but still down from the 1.7 million peak in early May.

Fees are also seeing a spike, with average transaction fees making their way towards $10 after falling to $2.33 in late June. At its peak in May, it soared past $70.

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Much like in May, on Tuesday, the SHIB project was the biggest gas guzzler and was also at the 3rd and 5th spot, as noted by crypto trader Joe McCann.

The popular dog coin is actually launching a decentralized exchange (DEX) called ShibaSwap. In a single day, ShibaSwap attracted $1 billion in total value locked (TVL).

The token SHIB is currently trading at $0.00000874, down 77% from its all-time high of $0.00003791 hit two months back.

Ethereum co-founder Vitalik Buterin was the one who sent the SHIB prices crashing in May after selling 50% of its supply (about $6 billion worth at the time) which was sent to his wallet unbeknownst to him, in place of burning the tokens. Vitalik actually gave these coins to charity, saying he doesn’t want that kind of power over a project.

Amidst this, some critics point out that aping into ShibaSwap for a four-figure APR might be a risky venture, given that its smart contract allows a single address to migrate the deposited funds.

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“TLDR: All the staked funds can be rugged by the devs at any moment #WarOnRugs,” said Valentin Mihov, ex-CTO at data provider Santiment.

Since then, the project has addressed the concern and made changes, moving the owner to multisig.

“ShibaSwap devs reached out and transferred the owner role to a 6/9 multisig. They also informed they plan to deploy a timelock,” said Banteg, a core developer at DeFi bluechip Yearn Finance.

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Besides Shiba Inu, the popular NFT game Axie Infinity is the fourth-largest gas guzzler. As we reported, while the NFT space has been cooling down, the play-to-earn game Axie Infinity is seeing the highest volume at $84.1 million, 769% higher than Q1 2021 and reaching over 4,700 daily unique on-chain users,

an increase of 360.61% from the previous quarter.

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It also had a breakout month in June, earning a record $12.2 million in revenue, and already in the first five days of the month, it has generated $9.2 million.

The AXS token has surged 300% in less than two weeks and is up 2,145% YTD.

NFT marketplace OpenSea and popular Ethereum wallet MetaMask, which earned $7 million in the past 30-days (4th highest) and $31.7 million in the last 3-months (3rd highest), are also among the top ten gas guzzlers on the second-largest network.

SHIB Leading ETH Gas Consumer Amid Recent DeFi Surge

While a slew of DeFi tokens are surging in value, the ‘Dogecoin Killer’ Shiba Inu has topped the Ethereum network in terms of gas usage, suggesting a strong connection between the two.

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Shiba Swap and the ensuing DeFi Wave
Earlier yesterday, SHIB (the official Twitter account for the SHIBA ecosystem) announced that Shiba Swap had gone live. Shiba Swap is a decentralized exchange developed by the anonymous Shiba Inu team, which also allows traders to stake their SHIB tokens and be rewarded later.

Ever since, Shiba’s trading volume has been soaring, as is evident from the ethereum gas tracker. Yesterday, the ShibaSwap contract topped the list in terms of transaction fees, followed by the Shiba Migrator in 2nd and the actual Shib token in 5th. Meanwhile, xSHIB rested at #6, and LEASH token stood at #17 – all tokens associated with the Shiba Inu ecosystem.

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Like many major events within the crypto market, Shiba is not moving in isolation: A slew of other DeFi coins are rising in price alongside the launch of the exchange, possibly due to the excitement surrounding it. While Uni swap recently rose by 11%, Aave and Compound recently jumped by over 20%. The most significant price increase was seen in KuCoin, which surged by 42% within just a day.

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What is Shiba Inu, Anyways?
Shiba Inu quickly gained traction in May, carried by the wave of excitement surrounding Dogecoin’s price surge above $0.7 that same month. Its popularity spread to some of its successor meme-coins bearing the face of a dog,

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including Shiba Inu, a coin named directly after the actual breed of the famous “Doge.”

The Shiba Ecosystem actually consists of three tokens: SHIB, LEASH, and BONE. Each token serves a different function related to the newly launched Shiba Swap exchange, with nothing to justify their evaluation as a unique digital asset beforehand.

However, Ben Casselin, head of research and strategy at AAX, explained why he does not take the meme token lightly:

“Rather than simply dismissing the hype outright, it’s important to realize that what we’re seeing is the mass movement of traders new to crypto moving into the space.”

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The cryptocurrency market has become a wild show in recent months, perhaps led by Dogecoin’s emergence to the grand scene. The meme coin that started as a joke in 2013, whose founder sold its stack to buy an old Honda Civic back in the day, has been among the best performers eight years after its birth.

Publicly supported by some of the most popular and influential celebrities, such as Elon Musk, Snoop Dogg, Mark Cuban, and more, the DOGE token grabbed people’s attention and skyrocketed in price and fame.

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With its ROI of a five-digit percentage in less than half a year, it was somewhat expected that others would try to follow. And this is what indeed transpired. The ever-creative crypto community has dug deep, and copycats started to pop up left and right.

While some of them have roots dating months ago, their popularity blossomed in the past few weeks – led by Dogecoin itself. Today, we will look at some of the DOGE clones on the market.

SHIB Awaits Breakout of Week Long Bull Pennant

Shiba Inu has been referred to as the “next Dogecoin” over the past few months. Throughout the first quarter of the year, SHIB experienced mind-blowing gains as price rose over 100,000%. Since the market has turned to a bearish trend, so has SHIB.

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Just today, SHIB has become ETH’s 3rd largest consumer of gas. This is the result of the much anticipated “ShibaSwap” decentralized exchange that went live on July 6th. This positive advancement and much anticipated release can potentially fuel a price surge above major resistance zone.

Read More:Shiba Inu Coin Rises Over 1500% WoW As Meme Coins Outperform Crypto Giants

SHIB price has formed a week long bullish pennant which is shown in green. Bulls have attempted a breakout 2 times but have failed with holding price above the top trend line. At the time of writing, there is a major resistance at $0.00000903 that sits right on top of the bullish pennant.

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Price must break & HOLD this major resistance along with the top trend of the green bullish pennant & the long term trend to be set free for a large price movement. If bulls manage this breakout, the last major resistance within this consolidation zone lies at $0.00000959-$0.00000987.

SHIB Price Analysis: SHIB/USDT 4 Hour Chart

The 60 MA (shown in blue) has held the SHIB price up since the breakout on June 27th.

If bears take price under this line, it will also break the bottom trend of the bullish pennant which will likely send price down to major support of $0.00000820. If this mark fails to hold, SHIB will find support at $0.00000785 or $0.00000745.

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While looking at the MACD, we can conclude price is soon getting ready for a breakout. The MA’s have flatlined above the 0 value which show SHIB wants to stay in bullish territory. At the time of writing, the Stochastic RSI is attempting to break into overbought territory which is where large price movements occur. If this Is deemed successful, SHIB will likely have enough fuel to break to the upside of its bullish pennant.

SHIB Price Intraday Levels
Spot rate: $0.00000864
Trend: Bullish
Volatility: Medium
Support: $0.00000848
Resistance: $0.00000903

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Domenic Fiore has a love for the financial markets. He decided to skip the college route to pursue entrepreneurship. He saw the vision to become an entrepreneur and wanted to achieve success from a young age. Domenic owned & operated a car detailing business since the age of 16, along with being a part of two CBD businesses through 2018 & 2019.

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He became very passionate about technical analysis and knew it was his route to financial freedom. Over the last 4 years, Domenic has shared his analysis with many groups and received amazing feedback. Shortly after he wanted to help assist in the pursuit of spreading and helping others achieve success in the trading industry.

Why Shib coin is gaining attention again

A cryptocurrency influencer has been sharing support for Shiba Inu coin recently, which has some believing the coin will rise significantly soon.

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Will Shib coin rise? What an expert predicts:
Cryptocurrency influencer Coin Bureau recently posted a new YouTube video to his Coin Bureau account that Shib coin may rise again. He said in the video, “there might be more to this token than meets the eye.”

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Could Shiba Inu coin rise because of Dogecoin?
Coin Bureau said he has been keeping an eye on Shib coin for a few weeks now, especially after rumors that Coinbase will add Shib coin to its app, according to The Daily Hodl.

“Shiba Inu is one of the cryptos in this category, and it’s one that I’ve only ever mentioned in a negative context. But when I heard that Coinbase will be listing SHIB, however, I began to consider the possibility that there might be more to Shiba Inu than meets the eye,” he said.
Why Shib coin may climb again

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Per FX Leaders, Coin Bureau suggested that the coin’s success could hinge on Dogecoin’s drop in success. Dogecoin was one of the biggest cryptocurrencies in April and May — especially as Tesla CEO Elon Musk tweeted and chatted about it — before falling off, as I wrote for the Deseret News.

“Where Shiba Inu and Dogecoin differ are the connections they have to the crypto community. DOGE is really just a meme and nothing more. … As community-driven as Shiba Inu is, there definitely seem to be some seriously prolific people behind the project,” Coin Bureau said.
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Will Shiba Inu coin rebound? Does it really matter?
Be cautious with Shib Coin

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As CryptoMode reminds us, there is no science to cryptocurrency. In fact, cryptocurrency is volatile — you will never know what’s going to happen.

“Even though this week’s momentum has been promising for SHIB, there is still a lot of market volatility,” CryptoMode reports. “While Bitcoin and Ethereum move up, other assets may do the same. However, when the markets turn bearish again, it is not unlikely that Shiba Inu will see its value drop by quite a margin. Therefore, it remains a speculative asset first and foremost, and caution is advised.”
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Cryptocurrencies are a giant Ponzi scheme. Its not ‘digital Gold.’ Crypto’s are literally ‘nothing.’ Physically, nothing can be done with them because they are immaterial. They have no value. If you want a real inflation hedge, then buy actual physical Silver and Gold.

If your going to say that you can’t do anything industrially with Silver, then you are mistaken. As for Gold, it has been valued since time in immemorial by all races, peoples and cultures.

Shiba Inu prints bullish pattern

A brief technical and on-chain analysis on Shiba Inu price. Here, FXStreet’s analysts evaluate where SHIB could be heading next as it seems bound for higher highs.

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Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets.

You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature.

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Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

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FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

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The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Forex analysis is how traders assess the next moves a currency pair is about to take, providing insights for taking a position. For this reason it is an essential tool for traders to make the best decisions in their daily trading routine, based on the fundamental and technical aspects of an asset.

Fundamental analysis is based on the countries’ economic situation, future prospects, and primarily what central banks plan to do with interest rates. Technical analysis focuses on previous price action, the repeat of well-known chart patterns, and other factors.

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While the dot plot is only a signifier of when Fed members think rates will rise, it was a wakeup call to markets that Fed support won’t be available indefinitely. So far, the ECB and BOE have kept to their dovish stances, but that could change if growth and inflation trajectories stay the same.

For the dollar, that light at the end of the tunnel turned out to be a truck roaring at full throttle to run it down. The news of coronavirus vaccines sent stocks higher and the safe-haven dollar lower. Alongside decisive US elections and later some fiscal stimulus, there was no need to run for shelter, and the dollar suffered.

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The pandemic-fostered explosion of working-from-home will be a permanent change. COVID-19 has reinforced trends that were remaking the business office before the pandemic. Property valuation and tax revenue will flow from cities to suburbs and high-cost to low-cost states.

Top commodities to trade amid global reflation: Silver and copper to outshine gold price
Commodities witnessed an interesting end to a decade in 2020. Traders were caught off-guard by the unprecedented coronavirus crisis last year. Likewise, a strong recovery across the commodities board came as a surprise, bringing them in vogue and kick-starting a super cycle.

SHIB Becomes ETH’s 3rd Largest Consumer

Shiba Inu (SHIB) token is now the third-largest consumer of gas on the Ethereum network due to the launch of ShibaSwap earlier today. The current network activity and consumption of gas surrounding Shiba Inu (SHIB) has been captured by Etherscan as highlighted in the following screenshot courtesy of the tracking website.

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SHIB Becomes ETH’s 3rd Largest Consumer of Gas as ShibaSwap Goes Live 17

ShibaSwap Goes Live
As earlier mentioned, the high consumption of Ethereum gas fees by transactions in the Shiba Inu ecosystem is due to the launch of ShibaSwap earlier today. The team behind the Shiba Inu project announced the launch of ShibaSwap through the following tweet.

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Three Tokens at the Core of ShibaSwap: SHIB, LEASH and BONE
According to the Shiba Inu Whitepaper, ShibaSwap ‘is a decentralized ecosystem enriched by its own decentralized exchange’.

At the core of ShibaSwap are the three tokens of SHIB, LEASH and BONE. Each of these tokens can be staked (BURIED) to earn xSHIB, xLEASH and tBONE respectively. Holders of the three tokens can also provide liquidity (DIGGING) to receive SSLP tokens.

A quick glance at the ShibaSwap website reveals that the protocol already has $221.39 million in total value locked. Additionally, the value of SHIB, LEASH and BONE currently stands at $0.000008844251, $2,465 and $18.84 as highlighted in the following screenshot.

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SHIB Becomes ETH’s 3rd Largest Consumer of Gas as ShibaSwap Goes Live 18

Also from the above screenshot, it can be observed that ShibaSwap has a total of six functions as explained below.

DIG – Providing liquidity to earn BONE
FETCH – Migrating UNI V2-LP or SLP tokens to earn BONE
BURY – staking tokens to earn returns
SWAP – exchange Ethereum tokens through ShibaSwap
BONEFOLIO – a way to track your individual portfolio in the Shiba Inu ecosystem
WOOF – yield farming involving various Ethereum based tokens

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Ethereum’s maximum price could lie between $75k and $175k
This peak value could be reached in the next 15 to 20 years
The analysis of Ethereum’s maximum value and timeframe assumes that ETH is a technology that follows a diffusion function represented by a Gompertz Curve
As with all models, the price of Ethereum may be affected by unpredictable events in the future
The number two digital asset of Ethereum (ETH) could reach a maximum price within the range of $75,000 and $175,000. This is according to a research note shared by Timothy Peterson of Cane Island Alternative Advisors where he also pointed out that such a peak value could occur in the next 15 to 20 years.

Methodology Used to Estimate Ethereum’s Peak Value of $75k to $175k
In the research note, Mr. Peterson goes on to explain that the aforementioned peak value of Ethereum is calculated on the assumption that ETH ‘is a technology that follows a diffusion function represented by a Gompertz curve’. He goes on to provide the following equation and parameters for the estimated Gompertz Curve for Ethereum.

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Source, Cane Island Alternative Advisors
A Wide ETH Estimate of $75k to $175k is Due to A Large Margin of Error
Mr. Peterson also points out that his methodology has a large margin of error hence the wide range of $75k to $175k within a fifteen to twenty-year period. He explains this fact through the following statement and accompanying chart.

The margin of error is quite large and so the estimated saturation value for Ethereum ranges between $75,000- $175,000 in about 15-20 years (Figure 3 below).

Based on an initial price of $2,000 and a 15-20-year horizon, Ethereum’s average annual rate of return would range between 20% and 35%. It should be noted these are conservative estimates.