Shiba Inu price at inflection point, testament to bulls’ strength

Shiba Inu price has been on a 58% upswing since creating a local bottom at $0.00000520.
The resistance level at $0.00000811 will decide if the upswing will continue.

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A decisive close above the said supply barrier might push SHIB to $0.00000870, but failure might trigger a downtrend.
Shiba Inu price performance indicates a massive comeback. However, reversion to the mean is yet to occur and depends on the bulls’ strength to breach past a critical ceiling.

A swift move above it suggests that the uptrend will continue; however, if the buyers fail, a retracement might evolve.

Shiba Inu price at crossroads
Shiba Inu price dropped roughly 35% between June 21 and June 22 to $0.00000520, which created a new range low. Since this point, SHIB has climbed nearly 58% and came close to tagging the 50% Fibonacci retracement level at $0.00000870.

However, the dog-themed cryptocurrency is currently trading at $0.00000809, below the resistance level at $0.00000811.

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Although indecisive at the moment, assuming a potential spike in buying pressure that produces a decisive 4-hour candlestick close above $0.00000811 will significantly improve the odds for the bulls to tag $0.00000870.

A successful flip of the midpoint will open the possibility of an uptick to the 62% Fibonacci retracement level at $0.00000954.

SHIB/USDT 4-hour chart

SHIB/USDT 4-hour chart

On the other hand, if Shiba Inu price fails to breach past the resistance level at $0.00000811, it will indicate the buyers’ inability. In such a case, SHIB might initially retrace to the immediate support barrier at $0.00000739.

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This move would provide the dog coin another chance at the 50% Fibonacci retracement level at $0.00000870. However, a breakdown of $0.00000739 will invalidate the upswing possibility and indicate the start of a reversal.

In such a case, Shiba Inu price might drop 15% to the subsequent support level at $0.00000624.

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Building Up Shiba Coin Longs During the Consolidation, Before the Breakout

Shiba Inu is a new cryptocurrency which started life in August last year, but it only started getting broad attention during the surge in May this year. We saw an attempt to turn this altcoin bullish in April, which was a sign that Shiba was attracting some attention, but the crash came and after topping out at $0.000040, SHIB/USD reversed back down.

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For about two months, SHIB/USD has traded in a range, which stands above the previous range below the surge. Although, there is a slight pressure to the upside for this pair, despite the latest reversal down after the failure to break above the 20 SMA (gray) on the daily chart.

This moving average has turned into resistance, keeping the highs under control at the top. At the bottom, the 50 SMA (yellow) has come into play for about a month, providing support and pushing the lows higher. Today we are seeing a reversal down, after the two doji candlesticks and the failure to break the 20 SMA.

We are building some long positions in Shiba Inu, with the current range being pretty low and the bias to increase above the resistance at least, as the 50 SMA (yellow) keeps pushing the lows higher. The crypto influencer Coin Bureau recently posted a new YouTube video, suggesting that Shiba coin may rise again, saying that “there might be more to this token than meets the eye.”

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We’re hearing rumors that Coinbase will add Shiba coin to its application. Another reason why I think that SHIB/USD will turn bullish soon is the fact that Doge coin which was one of the most interesting cryptocurrencies in April and May, after Tesla’s CEO Elon Musk tweeted and chatted about it, but it has lost its mojo and crashed down.

Doge continues to slide lower, making lower highs and lower lows. Shiba Inu will likely benefit from the decline in DOGE/USD since they differ in the way that they are connected to the crypto community. DOGE is really just a meme, while the Shiba Inu is community-driven.

There also seem to be some seriously prolific people behind the project, as the co-founder of Ethereum Vitalik Butterlin is making massive use of the Shiba coins. So, I have been building some long positions on SHIB/USD and I think that once the price moves above the 20 SMA on the daily chart, the bullish trend will resume again.

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Musk is very rich and famous because he makes cars and space rockets and tells funny jokes on Twitter, often about dog-themed cryptocurrencies.

Musk is now so rich and famous that if he so much as exhales in the direction of a cryptocurrency about dogs, the market for dog coins will wrap around his very breath.

His tweet about his new dog is the latest thing to move decentralized dog markets. The price of Shiba Inu coin rose 17%, from $0.000006771 to $0.000007935, after Musk tweeted about his new dog Friday. The price of Dogecoin didn’t budge much.

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Musk has named his new dog Floki. Floki is also the character from the TV show Vikings whom a fan-based wiki describes as an “incorrigible trickster.”

People created lots of Floki cryptocurrencies after Musk shared the name of his new dog. There are literally dozens of them on Poocoin, a website that tracks the prices of different shitcoins.

Crypto publication Benzinga picked up the story. It reported that one Floki cryptocurrency increased by 3,500%. We venture that all of these coins have increased infinitely since they are backed by nothing but a man and his dog.

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THE VIEWS AND OPINIONS EXPRESSED BY THE AUTHOR ARE FOR INFORMATIONAL PURPOSES ONLY AND DO NOT CONSTITUTE FINANCIAL, INVESTMENT, OR OTHER ADVICE.

Shiba Inu’s Newly Launched ShibaSwap DEX Explodes With $1.5B TVL in Less Than 2 Days

Shiba Inu’s (SHIB) long-awaited decentralized exchange, ShibaSwap, surpassed more than $1.5 billion in total value locked (TVL) in less than 48 hours.

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Barely two days since the launch of ShibaSwap, a DeFi platform coming from the popular Ethereum-based meme project, Shiba Inu, more than $1.5 billion worth of assets have been locked on the exchange.

ShibaSwap Records $1.5 in TVL
As with many DeFi projects, ShibaSwap also introduced a yield farming program that allows users to stake their tokens for rewards. The project’s pseudonymous “Top Dog,” Shytoshi Kusama, noted in a Medium post that the Shiba Inu army can stake either $SHIB or $LEASH to earn $BONE – the native token of ShibaSwap.

In 24 hours after the launch, the TVL reached a significant milestone of $1 billion. Furthermore, it is currently at above $1.5 billion after surging to a high of $1.54 billion, according to data on ShibaSwap.

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ShibaSwap Behind High Ethereum Gas Fee
The launch and influx of users rushing to stake on ShibaSwap sent Ethereum’s gas fees shooting through the roof. Around last week, the transaction costs on the Ethereum network were at their lowest, indicating a decrease in activity on the blockchain. This is evident as data on Etherscan showed that a whopping $1 billion was moved for a meager fee of $0.60 within a minute.

However, with the launch of ShibaSwap and user activities, fees and network congestion on Ethereum have reverted to how it was earlier this year. An earlier report confirmed that Shiba Inu-related projects were responsible for the massive gas fee hike.

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Shiba Inu Continues to Hold Strong
The Shiba Inu project, which joined the unending list of meme coins in August 2020 with its native token SHIB, gained popularity in May this year. Since then the project has continued to receive attention from new traders and DeFi degens, even after many thought its bubble would fade like other similar projects before it.

Almost one year since launch, though, the SHIB token is still considered as one of the favorites in the meme coins ranking that also features Dogecoin (DOGE).

Certain events have been attributed to why the token is still rallying support despite speculation that its bubble would soon burst. In May, Ethereum’s co-founder, Vitalik Buterin burned $6.7 billion worth of SHIB tokens alongside other meme coins and donated the funds to non-profits like India’s Coronavirus relief fund.

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At the time, Buterin, who noted that he received the tokens as a gift, was accused of dumping the SHIB on unsuspecting investors, causing its price to drop by more than 40%.

Many believed the unfortunate incident would be the end of the dog-themed coin, but the Shiba Inu army will not have any of it. They continue to rally around the project, as the recent stats on the newly launched ShibaSwap exchange confirm this.

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Shiba Inu ‘devastatingly’ fails in DeFi safety score yet its DEX locks in $1.5B in a day

On July 6, the makers of the dog-inspired cryptocurrency Shiba Inu (SHIB) have launched the decentralized exchange (DEX) ShibaSwap. Following the rollout, the Twitter account of the SHIBA ecosystem revealed that ShibaSwap has secured over $1.5 billion of Total Value Locked (TVL) in just one day.

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The TVL is a metric that represents the number of assets that are being staked in a particular protocol.

Security concerns
Despite the impressive starting TVL of the Shiba DEX, DeFi experts raised concerns over the safety of the project.

The DeFi Safety, which reviews the processes and transparency of crypto projects, gave the protocol a score of just 3%, which is far too low compared with other DEX projects such as Loopring, which has a score of 82%, Gnosis DEX, which has a score of 91%, and Bancor with a score of 96%.

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ShibaSwap passed only two of DeFi Safety’s 22 review criteria. It scored low because of the project’s anonymous team and lack of transparency and documentation, among others.

In a tweet, the review platform described ShibaSwap’s 3% score as “a devastating” and called it “a prime example of what absolute negligence looks like in a protocol”.

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DeFi analyst Chris Blec also commented on the protocol’s safety issues, warning that funds locked in ShibaSwap can be drained by a single Ethereum (ETH) account.

Solidity developer Joseph Schiarizzi also warned about the project. In an article on Medium, he explained how funds can be stolen from ShibaSwap staking contracts. He nonetheless gave the developers some advice on how to fix the issues and make the funds more secure.

“If the devs do all of these things immediately, I will take back my criticism and say this isn’t a scam. Until then, this staking contract is a scam, despite hundreds of millions being locked into it,” Schiarizz wrote.

The value of SHIB increased by 14% following the launch of ShibaSwap on July 6 but its price has since dropped. At the time of writing the price of the token is $0.00000797, according to data from CoinMarketCap.

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The recently launched dapp on the Ethereum blockchain, Shibaswap, has a high APR for staking Liquidity Provider tokens, however, the developer can easy remove all liquidity staked in the smart contract and steal funds. Let’s walk through the code and show how it is unsafe,

then show how the dev can fix this particular issue.
First a quick primer on Liquidity Pools, AMMs like Uniswap that allow you to swap between different tokens safely and efficiently, and LP staking programs:

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Liquidity is typically represented by discrete orders placed by individuals onto a centrally operated order book. A participant looking to provide liquidity or make markets must actively manage their orders, continuously updating them in response to the activity of others in the marketplace.
While order books are foundational to finance and work great for certain usecases, they suffer from a few important limitations that are especially magnified when applied to a decentralized or blockchain-native setting. Order books require intermediary infrastructure to host the orderbook and match orders.

This creates points of control and adds additional layers of complexity. They also require active participation and management from market makers who usually use sophsticated infrastructure and algorithms, limiting participation to advanced traders. Order books were invented in a world with relatively few assets being traded, so it is not surprising they aren’t ideal for an ecosystem where anyone can create their own token and those tokens usually have low liquidity. In sum, with the infrastrucural trade-offs presented by a platform like Ethereum, order books are not the native architecture for implementing a liquidity protocol on a blockchain.