Key Takeaways:
- Shiba Inu announced it was working on an NFT-related update while its burn rate spiked by nearly 7,000%.
- SHIB’s price rallied over 27% since June 16.
NEW DELHI (CoinChapter.com) — Meme token Shiba Inu has been working on expanding its ecosystem with the layer two blockchain Shibarium due to launch later in 2023. Moreover, SHIB’s lead developer Shytoshi Kusama announced a service to link NFTs to real-world assets.
The June 22 announcement introduced ‘Shibacals: Authenticated Collectibles,‘ which will use NFC chips to authenticate real-world collectibles digitally. Kusama stated that Shibacals exploit collectibles’ authenticity and aesthetic appeal factors to make their use case.
These NFC chips can link to dynamic destinations setting up a myriad of possibilities that are ideal for businesses. This also means that those who are creators can simply add a Shibacal NFC tag and decide how they want to use this tag for their creations.
Shytoshi Kusama stated in the announcement
Furthermore, the lead SHIB developer shared that the team got the rights to create Shiba Inu merchandise on Champion Apparel, a US-based sports apparel brand. Kusama also clarified that the other NFT projects were welcome to leverage the services of Shibacal to launch real-world NFTs.
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Additionally, the burn rate for the Shiba Inu tokens spiked by nearly 7,000% on June 22, with users burning over 341.5 million SHIB. Traders consider token burning a bullish cue as it reduces the circulating supply of a digital asset.
SHIB Price Rally Fails To Flip EMA Resistance
Meanwhile, SHIB prices have been rallying since June 15, resulting in the token gaining over 29% to form a daily high near $0.00000844 on June 22. However, the token’s 50-day EMA (purple wave) rebuffed SHIB’s price rally, forcing the meme coin to pare some of the gains on June 22.
The ecosystem expansion plans could attract more buyers to the market, which could help SHIB price flip the immediate resistance near $0.00000813.
To continue the uptrend, bulls must conquer the 50-day EMA (purple wave) before targeting the 100-day EMA (blue wave) near $0.0000091 before retreating.
However, if the uptrend fails, SHIB’s price could find support from its 20-day EMA (red wave) near $0.0000075. Failure of the support level could result in SHIB price dropping to $0.0000068 before the memecoin recovers.
The relative strength index for the Shiba Inu token remained neutral, clocking at 53.34 on the daily chart.
