Shiba Coin, the second largest meme coin in terms of market value, made an impressive entry in 2021. However, despite many developments and the release of several applications by the team, the Shiba Coin price has not been able to surpass its all-time high since being listed on Binance.
It is likely that the Shiba Coin team will announce a new token soon. When you visit their website, you may find another frozen altcoin alongside Shib, Bone, and Leash tokens. The Shiba Coin team may be planning to introduce a token that will support their new products or be related to their existing products.
With Bitcoin‘s price being above $42,000, the timing of the new announcement can be perfect. We may see important news in the coming days and hours. The Shiba Coin team has developed various products such as Metaverse, NFT, and DEX. However, they need to focus on supporting the adoption of their current products because the excitement has diminished.
For example, Shibarium is one of the latest products that entered our lives this year due to the increasing interest in layer2 solutions. Yesterday, we reported a significant increase in active and new addresses. However, it does not seem sustainable, and the current situation is as follows: If the team takes steps to support Shibarium, attracts developers, and enables the release of truly useful applications, the expected rally can begin.
The price has not been able to establish a sustainable level above $0.0000093 in the middle section of the parallel channel. However, it is a positive sign that it can still maintain the $0.000009 level. If a significant announcement is made or there is a development that supports demand, a zero can be dropped from the price. It is important for the price to return to the $0.00002 level by dropping a zero to end the downward trend.
In an environment where Bitcoin is consolidating around $42,000 and Shiba Coin is outperforming the market average, it is possible to test the peaks of $0.0000177 after the levels of $0.0000114 and $0.000013. At the time of writing this article, the price of BTC is $42,250, and its 24-hour high in 2023 is $42,420.