Despite the promise of this interaction, traders don’t seem willing to bite. The following 24 hours have seen just a 0.44% rise in the Shiba Inu price.
This represents a turnaround from what has otherwise been a strong week for SHIB, up 5.98%. However, the month has yet to break even. While other notable meme coins have surged amid ‘Uptober’ sentiment, SHIB seems to have been left behind.
Indeed, the meme coin appears to be losing some of the attention it garnered in recent days, as its trading volume has plummeted 57% to $320 million over the past 24 hours.
Shiba Inu Prompts BONE Listing – Will the SHIB Ecosystem Grow?
The anticipation of a BONE listing stems from a Binance X post contiaing an image with the repeated word “wen,” “when” in crypto slang, accompanied by the caption, “The only question anyone cares about right now.”
Although the somewhat cryptic post was likely referencing Bitcoin’s approach to a new all-time high, naturally becoming the center of attention, SHIB responded with a different question: “wen bone.”
This prompted speculation about a potential Binance exchange listing for BONE, a key token in the Shiba Inu ecosystem.
In fact, a BONE listing has been on the table for some time. On its Futures NEXT platform, the exchange offered crypto enthusiasts the chance to vote for the tokens they would like to see listed, and BONE was among the options.
However, it ranked 12th, failing to receive the required number of nominations so far.
The hope is that this new Shiba Inu ecosystem listing will revive interest in BONE and, by extension, the meme coin at its heart, SHIB. If successful, such a listing could provide the much-needed boost to break out of the current consolidation and spark a new rally for both tokens.
Shiba Inu Price Analysis: Could a Listing Break SHIB’s Consolidaiton?
A potential step for the Shiba Inu ecosystem could be the catalyst Shiba Inu needs to break it’s consolidation following a bullish break from a bullish descending wedge pattern.
SHIB / USDT 1D chart, consolidation. Source: Binance.
What was anticipated to be a massive breakout following a breach of a descending wedge pattern has somewhat underdelivered as the Shiba Inu price remains stagnant, ranging between $0.00001910 and $0.00001605.
Though, today’s slight growth does present a potential 200SMA flip to provide support following a recent crossover. While the 50SMA has provided strong support since the breakout, the long-term trend still has yet to establish itself.
Credibly, Shiba Inu seems to have been benched as traders look to meme coins that retain more mind share in the current market, such as Dogecoin and the recent rise of various “cult” coins.
As the MACD teeters on a crossover above the signal line, the tables could turn, given that such moves typically coincide with significant upticks in the Shiba Inu price.
If this consolidation’s upper resistance is broken, SHIB will be able to resume toward its breakout price target around $0.000031. However, with fundamentals such as a potential BONE listing stacking in its favor, it could go much further.
This Low Cap Gem May Be the Best Bet
While a potential $0.000031 Shiba Inu price is certainly appealing, the fact that SHIB struggles to garner the same attention as it’s hay day still rings true. Emerging opportunities seem to steal the limelight.
As “meme coin supercycle” sentiment takes hold and coins like $GOAT and $MOODENG experience sudden rises to prominence, strategic investors may find it beneficial to diversify into newer low-cap meme coins with exponential growth potential.
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While other meme coins like Dogecoin, Pepe, Shiba Inu, and Floki – with more on the way – can be used for wagers, the $MEMEBET token is central to the ecosystem and is the only one that enhances the gaming experience for every degen player.
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