- Shiba Inu teased plans to ‘revolutionize’ Web3 commerce via ‘SHIB marketplace’
- SHIB’s price did not reflect the ecosystem leaders’ exciting update
Shiba Inu is in the news today after his team teased its community with an upcoming SHIB marketplace that would “revolutionize” Web3 commerce. It will be powered by Ethereum’s Shibarium L2 solution.
Announcing the update on X (formerly Twitter), one of the team’s insiders, LucieSHIB, said,
“The Shib ecosystem will be a hub for innovation, powered by blockchain technology and a committed community. At its core will be Shib Marketplace, a decentralized platform that aims to democratize power among its users rather than centralized corporations.”
Further details on the marketplace, via the team The Shib magazineexplained that the platform will use BONE for transactions and Shiba Inu DAO for governance.
Additionally, the marketplace will feature a standard NFT section that mirrors OpenSea, keeping transaction fees below $0.1
“The marketplace leverages the robust security features of both Shibarium and Ethereum, keeping transaction fees remarkably low at less than 0.1 cents per transaction.”
However, no solid timeline was shared for the project’s launch.
SHIB ETF coming?
But that’s not all, because Lucie is also convinced that a SHIB ETF could happen and increase institutional demand for one of the market’s old memecoins.
“Do I think there will be a $SHIB ETF? Most certainly, because institutions have already discovered the beauty of the decentralized nature of Shiba Inu.”
Here it is worth pointing out that the community’s enthusiasm for a new Shiba Inu update was not shared by the memecoin’s price charts.
Source: SHIB/USDT, TradingView
At the time of writing, SHIB’s market structure was still bearish on the higher time frame charts. Additionally, price action was below key short-term (50-day SMA) and long-term (200-day SMA) trends.
The 200-day SMA in particular has acted as important resistance in recent days. A recent bounce from the bullish order block above $0.000012 (cyan) failed to push SHIB above the 200-day SMA, meaning sellers could still drag the price down.
The weak figures of the RSI (Relative Strength Index) and CMF (Chaikin Money Flow) indicators underlined the lower buying pressure and flows. This could further encourage sellers in the market.
In addition, the Open Interest (OI) rates of the derivatives market turned down by 5% in the last 24 hours, which further underlines the situation bearish sentiment on SHIB.
However, a compelling price close to the 200-day SMA (yellow) could indicate bullish momentum. This could strengthen a buy signal, especially if broader market sentiment improves.