As the first steps to upgrade the Shibarium ecosystem, developers launched Sheboshi tokens. Amid this growing excitement, bullish and bearish factors continue to impact the short-term investment potential of Shiba Inu (SHIB). According to analysts, recent developments have pushed SHIB towards a bearish ‘death cross’. However, positivity regarding the sale of Sheboshi NFTs and recent whale purchases are balancing sentiment.
Shiba Inu finished Sheboshis in no time!
SHIB developers announced that the new Sheboshi tokens sold out yesterday. He congratulated the holders of Shiboshi and LEASH tokens, the first two buyers of Sheboshi NFTs. The remaining 20,000 tokens were sold to the general public within five minutes.
The Sheboshi ‘NFT’ project is among the first to benefit from the Divisible NFT (DN404) standard, although the term ‘NFT’ is used loosely here. Two pseudonymous smart contract developers announced ERC-404 as an experimental token standard earlier this year. Cygaar, one of the developers working on DN404, said that ERC-404 fails in certain cases. Cygaar made the following statement:
The premise of ERC404 was to create a single contract that could act as both a fungible and non-fungible token. But this cannot be done without introducing deficits and breaking standards.
Sheboshi NFTs will test DN404 standard
DN404 provides the liquidity of ERC-20 tokens like Ethereum with the rarity of ERC-721 tokens like traditional NFTs. It uses two smart contracts. These are: A base ERC-20 contract and a “mirror” ERC-721 contract. This hybrid approach will offer developers new ways to make sheboshi useful in the Shiba Inu (SHIB) ecosystem. Developers have stated that Sheboshi exchanges will soon be live on Uniswap and ShibaSwap.
The inclusion of Sheboshi NFTs will allow decentralized exchanges to test whether DN404 solves the problems of ERC-404. Uniswap, on the other hand, will provide investors with liquidity and access to the SHIB ecosystem.
As whales collect SHIB, Shiba Inu developer announces his intentions
SHIB has seen upward momentum this month due to expected upgrades to the Shibarium ecosystem. cryptokoin.comAs you follow from , whales have recently triggered bullish sentiments by increasing the number of large transactions. On Thursday, a giant SHIB whale purchased almost $8 million worth of tokens. This whale’s previous actions had driven up the price of SHIB in 2021.
Last week, SHIB developer LUCIE revealed that the developers have set the end of 2025 as the target date to complete the upgrade of Shibarium. Shiba Inu developer Shytoshi Kusama aims to take SHIB beyond the meme-coin hype. In this regard, Kusama often emphasizes her intention to put SHIB to practical use. LUCIE’s message came after Kusama’s brief statements.
Is there a ‘death cross’ barrier for SHIB?
However, the token has had a rough week amid US inflation data that beat expectations at 2.9%. The 200 and 50-day moving averages give the appearance of a “death cross”. A death cross usually precedes a short-term downtrend.
If the Shiba Inu price moves out of this orbit, it is possible that it will stabilize. Thus, it is likely to move towards the $0.0000093 level. Otherwise, the price is likely to drop. In this case, it will likely retest lower levels.
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