- A Shiba Inu lead developer hints that the upcoming TREAT token would lead the meme industry into a significant transformation.
- An analyst has predicted that SHIB could hit $0.000081 in the near term once it breaches three critical resistance levels – $0.000033, $0.000046, and $0.000071.
The recent unexpected shift by meme coins to fundamentally strong utility tokens has generated a 鈥渇riendly锟?exchange between the CEO of blockchain advisory and investment firm Moonrock Capital, Simon Dedic, and Shiba Inu (SHIB) lead developer, Shytoshi Kusama. According to Dedic, this significant shift could likely continue in the coming months and subject the meme market to an undeniable transformation.
It feels like we’re slowly but surely shifting from useless memecoins to fundamentally strong utility tokens. The next few months could be unparalleled.锟?Simon (@sjdedic) October 30, 2024
Fascinatingly, Kusama admitted to this insight but claimed that the transformation has been moving at a slower pace. Expanding his post, Kusama pointed out that the much anticipated TREAT token, which is designed to act as a meme and governing utility, would dominate and lead this shift alongside the SHIB ecosystem.
What is TREAT
TREAT is a new token designed by the Shiba Inu team to enhance users’ experience within the ecosystem. According to multiple reports, holders of this token would have access to exclusive benefits and features. To fix the problem of deflation, TREAT would be equipped with a burning module to burn a small portion of the transaction fees generated from usage. Technically, this would reduce the circulating supply and boost the value proposition.
Pending the official launch of the token, Kusama has cautioned crypto investors to desist from all existing TREAT tokens. Similarly, Shiba Inu’s marketing lead, Lucie, has cautioned her followers against imitations available in the market. According to her, some investors may deliberately invest in these fake tokens.
Yes, there are a few knock-offs, but they鈥檙e NOT the real deal. If you decide to invest in something fake, knowing it鈥檚 not authentic鈥擠ior bag and that鈥檚 your choice. Fine but we don’t want to see anyone get deceived鈥ut if someone鈥檚 trying to sell you a fake Dior as a real authentic bag, it鈥檚 a scammer.
Shiba Inu Price Analysis
Shiba Inu had marginally lost a portion of its 5% weekly accumulation at press time and was trading at $0.00001847.
Meanwhile, an analyst identified as Oscar Ramos believes that the asset could surge to $0.000081 for three main reasons:
- Influence of Bitcoin price: According to Ramos, the correlation between Bitcoin and Shiba Inu is currently around 83%, implying that the current bullish outlook of BTC could significantly impact SHIB.
- The US upcoming election: The analyst argues that the crypto market is reacting to the upcoming presidential election. Confirming this, we observed that the total market cap has surged by 7% in just 24 hours.
- Shiba Inu price action: The analyst pointed out that Shiba Inu trails the likes of Dogecoin (DOGE) and Pepe (PEPE) in terms of 24-hour volume. This implies that the asset has not yet started its rally.
Meanwhile, Shiba Inu took a bold step to break out of a symmetrical triangle yesterday, October 30. To reach the predicted price point, analysts have disclosed that SHIB would first have to breach three key resistance levels at $0.000033, $0.000046, and $0.000071.
