The cryptocurrency sector is an ever-evolving landscape, with Shiba Inu (SHIB) carving its narrative through a blend of technical advancements and community-centered endeavors. 

Here’s a comprehensive look at the unfolding chapters in the SHIB narrative, showcasing its ambitions and the challenges it faces on the market front.

A new Shiba Inu-focused blockchain

Late last month held a significant announcement from the Shib Association concerning the genesis of a new blockchain, uniquely tailored for the Shiba Inu ecosystem. This initiative, distanced from being a mere fork of existing blockchains, is envisioned as a fresh “layer 1 blockchain” built from the ground up. The core objective circles around propelling SHIB adoption to new heights. 

This blockchain is earmarked to have a native token pegged to SHIB, operating autonomously with its consensus and security model. Although the precise use cases are kept under wraps, the anticipation is to unveil functionalities that resonate with a broad spectrum of users. 

An intriguing side of this development is its potential to facilitate the burning of SHIB tokens through transaction fees, a strategy aimed at creating a deflationary pressure to possibly uplift the token’s value. 

The journey towards a new blockchain births several questions, particularly around its impact on SHIB’s market price. 

A similar venture, the Shibarium blockchain, didn’t manage to stir the price waters initially, but optimism lingers over its long-term price impetus owing to broader SHIB adoption.

Whales making moves in the SHIB market

SHIBA INU crypto whales

The retreat and flow of SHIB’s price often mirrors the dance of whale wallets. Recent data from IntoTheBlock spotlighted a staggering 353% swell in large transactions, triggering an exchange of nearly 2.59 trillion tokens. Concurrently, an uptick in SHIB tokens flowing into whale wallets was observed, although briefly. 

Whale actions often serve as a precursor to volatile price movements. The lion’s share of SHIB’s supply, nestled in large wallets, has the power to steer the price trajectory. 

This whale activity could potentially elucidate SHIB’s recent 6.5% weekly dip, painting a vivid picture of the tug of war between substantial holders and market forces.

Shibarium’s milestone: A testament to resilience

The Shibarium network, conceived as a layer-2 blockchain to enhance scalability, recently basked in the glory of a significant milestone – the confirmation of 1 million blocks

Despite stumbling upon hurdles post-launch, the network demonstrated a resilient comeback. This achievement, coupled with an increasing number of transactions and new wallet addresses, casts a spotlight on the blossoming ecosystem it fosters.

Shibarium’s strides underscore not only its operational effectiveness but also its potential to serve as a crucial factor in SHIB’s journey within the decentralized finance (DeFi) realm. 

The seamless functionality and ongoing expansion of Shibarium hint at a promising horizon for SHIB and BONE, potentially planting seeds for an uptick in demand.

Also read: Will Shiba Inu reach 1 Cent by 2025 or 2030?

The birth of ‘The SHIB’ publication

SHIBA INU SHIB Publication

In a bid to fortify community engagement, the pseudonymous developer Shytoshi Kusama unveiled the inception of a new venture named “The Shib.” 

This publication, although shrouded in mystery, aims to be a channel for enhanced communication within the Shiba Inu community. It’s a testament to the relentless efforts to transition SHIB from a meme coin stature to a utility-centric network.

October price prediction for SHIB

As October unfolds, the financial sphere buzzes with speculation surrounding SHIB’s price narrative. Past years witnessed a remarkable price surge, yet present-day SHIB grapples with a price slump. 

Amidst the declining price, the allure of “buying the dip” seems to be fading. However, some forecasts hint at a modest price rebound mid-October, although with a potential downturn looming thereafter.

As the month progresses, the comparison between optimism and caution paints a complex picture of investor sentiment. The shifting tides of SHIB’s price, compared against its technical and community-centric advancements, embody the dynamic narrative SHIB is developing within the crypto sector.