• Shiba Inu and SHIB The Metaverse team is set to open a WAGMI metaverse Temple for the community’s preview.
• It will be featured as an exclusive experience for attendees of a Virtual Reality/ Augmented Reality exhibition in March 2023. 
• Shiba Inu price is on track to break out of the ascending broadening wedge, potentially hitting $0.00001039 in a bullish scenario.

Shiba Inu, a dog-themed meme coin and Dogecoin competitor is gearing up to preview the first feature or so-called ‘HUB’ of their ecosystem’s metaverse at a Virtual Reality/ Augmented Reality exhibition in Austin Texas, in March 2023. 

HUBs are epicenters of activity within the metaverse, offering distinctive experiences rooted in different themes. Shiba Inu’s new offering is called the WAGMI Temple and it is the first of 11 HUBs attendees will have the opportunity to preview it in the Shib ecosystem’s metaverse. 

Also read: Peter Schiff urges Bitcoin holders to sell BTC above $19,000 after bullish start to cryptocurrencies in 2023

Shiba Inu and SHIB The Metaverse receive invite to VR/AR exhibit in Texas 

The Shiba Inu team has been invited to exhibit at this year’s SXSW XR Experience, in Austin, Texas. Shiba Inu’s metaverse hosts digital experiences and worlds where participants can own and monetize digital real estate, opening up new opportunities for investment and creator monetization. 

Immersion in the WAGMI Temple – named after the crypto rallying cry of “We’re All Going to Make It” – will offer attendees a realm with meditation, natural beauty, and spiritual connections in the metaverse. The experience will take the user through the history and discovery of SHIB token’s creation and its decentralized roots.

Sherri Cuono, Metaverse Advisor to Shiba Inu token was quoted as saying: “Each [HUB] offers special attractions that may only be experienced in that HUB. The common thread is extensive digital or digital-plus-IRL utility including activities, commerce, customization, expression, events, education, exploring and more. Users will be able to earn passive income, collect in-game resources, generate rewards, and even have their own space to build and manage their projects in SHIB: The Metaverse.”

With rapid development in its metaverse and ecosystem, the native token SHIB may be on track to witness a bullish breakout. 

Shiba Inu bulls prepare to push the meme coin to $0.00001039 

Shiba Inu price is in an ascending broadening wedge as seen in the chart below. The meme coin’s downward breakout target is $0.00000822, the lowest point on the lower trendline of the wedge, according to technical expert Thomas Bulkowski’s measurement rule. The upward breakout target is represented by C, at $0.00001039. 

SHIB/USDT price chart 

In the chart above, the zone between $0.00000900 and $0.00000940 is the key support for the meme coin as SHIB price resisted a drop below this zone and oscillated between the two levels for nearly three weeks from W3 Nov to W2 Dec 2022. 

Relative Strength Index (RSI), a momentum indicator signals trend reversals in assets. SHIB’s RSI is below the oversold region at 70. There is potential for a SHIB price rally, therefore bulls are cautiously optimistic as the meme coin climbs towards its upward breakout target. 

A decline below the lower level of the zone, at $0.00000900 could invalidate the bullish thesis and result in a drop towards $0.00000822.

As shared by Dogecoin developer Inevitable360, continuous work is being done on Dogecoin’s new website, which remains in preview mode at the moment.

Hope you all enjoy the new preview.

A lot of shibes worked on this non stop for all of you and we still need more people helping, mostly on translation. https://t.co/DiqYlpLJSe pic.twitter.com/OPqxTCKJ1k

— inevitable360 (@inevitable360) July 19, 2022

The Dogecoin Foundation established a community group toward the end of last year to upgrade the outdated Dogecoin website and create a group that could work on any future Dogecoin website. Thus, 20 volunteers with a variety of abilities, including writing, translating, HTML, CSS and graphic design, were gathered.

Since then, the team has developed a system for creating, updating and maintaining web pages for the Dogecoin community, beginning with the Dogecoin Foundation website before moving on to the Dogecoin website as the next stage of deployment.

The translations, which are not yet complete, and some minor fixes, are the only remaining aspects of the work to be done.

Dogecoin v1.14.6 about to be released

According to Github data shared by Mich Lumin, a Dogecoin developer, the Dogecoin Core release 1.14.6 might launch soon. The update hopes to include important security updates and changes to network efficiency.

(explanation: 1.14.6 is on the verge of going out the door.)

— Michi Lumin (@michilumin) July 19, 2022

The Dogecoin Core update incorporates some defaults into its software to reflect developers’ recommendations for fees and dust limits. The core update will also have some unique features, such as the ability to retain traffic graph values, add tips to a wallet overview page and add a form dialog for adding peers, among others.

As I stated before, our dev shibes created features found no where else in Bitcoin or any other fork. I want to show you some features unique to the Dogecoin Core wallet (QT). Keep in mind that these are only UI features, Dogecoin has unique in the backend also

(1/7)

— Shafil Alam (@alamshafil) July 18, 2022

As reported by U.Today, Dogecoin once again stole the show as two members of the DOGE-backed Aliens basketball team snapped up midseason awards. In a historic transaction, Bill Lee, founding chairman of MyDogewallet, bought all 25 fire-tier editions of Aliens, a team in the Big3, in April.

With a 31.6% profit in the weekly chart, Bitcoin has been retaking his mantle as the king of the crypto market during the past days. The first cryptocurrency by market cap has been moving to the upside with a strong conviction and seem poised to retake its previous highs.

Related Reading | How 90-Year Old Market Wizardry Predicted The Bitcoin Breakout

At the time of writing, Bitcoin trades at $54,659 with a 1% profit in the daily chart. During this period, BTC’s price was rejected as it entered the mid-area around its current levels.

In support of the bulls, Glassnode records an increase in the number of BTC investors with “diamond hands” or less inclined to take profits on sudden moves. This metric now stands at an 80.5% of the Bitcoin total circulating supply.

In that sense, 71.1% of the Bitcoin long term holders are in profit as BTC moved back into the $50,000, with a 9.4% at a loss and a 19.5% of the circulating supply in control of short-term holders. The latter are comprised of those investors who took a position in BTC in the past 3 months.

As seen below, Bitcoin has managed to climb to an all-time high in every previous bull market when the number of long-term holders reached or surpassed 54%.

At its peak in 2021, when the price of Bitcoin touched the $64,000, Glassnode records a long-term holder’s percentage of 67.7%. In combination with the low percentage of short-term holders, there seems to be enough evidence to suggest a continuation in the upward trend.

Related Reading | Does Surging Crypto Market Greed Point To Another Bitcoin Correction?

Further data provided by Glassnode indicates a rise in the number of BTC purchase by long-term holders since March 2021. During this period, long-term holders added over 2.35 million BTC to their addresses.

In contrast, only 180,000 Bitcoin (BTC) were issued by miners. Therefore, long-term holders added 13x more BTC than those produced by this sector.

Bitcoin Fundamentals Favor The Bulls

Additional data provided by CryptoQuant noted a reduction in the supply of Bitcoin held by crypto exchange platforms. This metric has dropped to a 1-year low, as seen in the upcoming chart.

During this period, the chart shows a direct correlation between the price of BTC and its supply across exchange platforms.

Related Reading | Bitcoin Inflows Shows Institutional Investors Are Back On The Bull Train

However, CryptoQuant also notes almost no variation in the stablecoin supply ratio. On a decline since May 2021, this metric is used to measure the demand on the crypto market.

As the chart shows, BTC’s price took important hits when the stablecoin supply ratio dropped in March until the end of July when an uptick coincided with Bitcoin moving away from its previous range in the $30,000.

If the bulls are to have a serious chance at retaking its previous all-time highs, the stablecoin supply ratio needs to get back at the yearly open levels.