Shiba Inu coin’s marketing lead, Lucie, shared important insights about the ShibDev portal on Thursday. This portal serves as a crucial resource for developers looking to build on Shibarium, the Layer 2 blockchain of the Shiba Inu ecosystem. In her post on X, Lucie highlighted how the ShibDev portal is transforming the development landscape on Shibarium. She emphasized that the portal not only enhances security and performance but also ensures a smooth and efficient development experience within the ecosystem.
The introduction of the ShibDev portal marks a significant advancement for developers, offering them the tools and resources needed to create innovative applications and services on the Shiba Inu platform. This development is expected to attract more developers and projects to the Shiba Inu ecosystem, fostering growth and innovation.
As these improvements unfold, speculation is rising within the broader cryptocurrency market regarding the potential impact on SHIB’s price. Many investors are optimistic that the advancements in the Shiba Inu ecosystem could lead to a significant price rally, with some even predicting that SHIB could reach the elusive $1 mark. This optimism is fueled by the ongoing developments and the growing interest in decentralized finance (DeFi) projects within the Shiba Inu community. The combination of enhanced security, performance, and developer support could be the catalyst needed for SHIB to gain traction in the competitive crypto market.
What’s ShibDev Portal? Shiba Inu Exec Reveals Crucial Insights
As per an official post by Lucie dated September 5, the ShibDev portal comes with a top-notch suite of tools and resources that enable seamless dApp building across the ecosystem. These tools range from API management to node access, with the portal standing at the forefront of the development.
The core features of the Shibarium portal includes a centralized dashboard, API key management, node access, on-chain data access, and a test token faucet. Further, Lucie’s post highlighted that users are set to experience a simplified development experience with diverse use cases and applications on Shibarium.
ShibDev portal’s branches stem out to DeFi, NFT marketplaces, supply chain tracking, identity verification, and cross-chain interoperability, among other things. Meanwhile, Lucie’s post added that, “Looking ahead, the portal will continue to evolve as new features are added and feedback from the developer community is incorporated.”
Overall, the development has garnered significant attention across the broader industry, igniting optimism for Shiba Inu coin’s future. Simultaneously, the coin today soared nearly 2%, sparking investor curiosity over future movements in light of the development.
SHIB Price Soars, Is $1 Possible?
SHIB price gained over 2% in the past 24 hours to trade at $0.00001328 while writing. The coin’s intraday lows and highs were $0.00001307 and $0.00001367, respectively.
Coinglass data has revealed a nearly 6% drop in Shiba Inu’s futures open interest (OI), now sitting at $26.09 million, creating mixed sentiment in the market. This decline in futures OI comes after a notable downward trend, with the asset seeing a significant reduction as August ended and September began.
Adding to the bearish outlook, Shiba Inu’s Relative Strength Index (RSI) currently stands at 46, signaling possible downside pressure. An RSI below 50 typically suggests that selling pressure may outweigh buying demand, pointing to a potential further decline for SHIB. If the token fails to hold the key support level of $0.00001250, it may face increased selling, leading to further losses.
While the launch of the ShibDev portal has generated excitement within the Shiba Inu community, providing developers with enhanced tools to build on Shibarium, the Layer 2 blockchain, market indicators suggest that SHIB is still under pressure. The portal’s focus on improving security, performance, and development experience is a positive step for the ecosystem, but it might not be enough to drive a significant price rally in the near term.
Despite the positive developments surrounding Shibarium and the growing attention to Shiba Inu’s ecosystem, the token’s chances of reaching the highly anticipated $1 mark this year remain slim. The combination of falling futures OI, a bearish RSI, and overall market sentiment makes it difficult for SHIB to achieve such a massive price increase in the short term.
Investors are advised to monitor key support levels and broader market conditions closely, as external factors could further influence SHIB’s price trajectory. While Shiba Inu’s ecosystem continues to evolve, reaching $1 this year is still a distant goal given current market challenges.
Disclaimer: The content provided may reflect the author’s personal opinion and is influenced by current market conditions. Conduct thorough market research before investing in cryptocurrencies. Neither the author nor the publication assumes responsibility for any financial loss resulting from investment decisions.
