Shiba Inu Returns to ETHToronto as a Title Sponsor

The Shiba Inu team is gearing up for ETHToronto 2024, set to take place on August 13-14. As a title sponsor for the event, the team plans to share some big news with the crypto community.

Shiba Inu (CRYPTO: SHIB) is preparing for ETHToronto 2024, which will take place August 13-14.

As a title sponsor for the event, the Shiba Inu team plans to share some big news with the crypto community.

Last year's conference saw the launch of Shibarium, SHIB's Layer 2 solution on the Ethereum blockchain.

Since then, Shibarium has seen over 400 million transactions and is close to reaching 4.5 million blocks.

Shiba Inu’s Platinum Custode Custodial Services Commences SHIB Cold Staking

According to a statement from the Shiba Inu team, ETHToronto has always been an important event for making news and outlining the steps on the roadmap to becoming the ultimate decentralization hub.

"We look forward to returning to ETHToronto as a title sponsor and being extremely active during this year's Canada Crypto Week," Shiba Inu’s Kusama hinted at potential major announcements.

Recent developments show the SHIB team's commitment. In June, the project received a $12 million venture capital investment to improve Shibarium's infrastructure.

The team used this funding to enhance security features and maintain regulatory compliance.

Recent collaborations have seen Shiba Inu venture into new territories. The project has established a .shib top-level domain service in partnership with D3 and has forged connections with major players in the media and entertainment industry, including the Content Delivery & Security Association (CDSA).

Furthermore, to bolster community participation, the SHIB team is offering its community members preferential event tickets for the upcoming Canada Crypto Week.

This initiative aims to encourage direct engagement with the platform's latest developments.

On the market front, the token has shown resilience despite recent volatility.

The token recovered after experiencing a sell-off in early July that saw SHIB's price drop to a four-month low of $0.0000125.

A subsequent relief rally pushed the price up by 10% to $0.000016, with its market cap reaching approximately $9.48 billion.

Shiba Inu Price Analysis: Key Levels To Watch After Latest Price Movement

Technical indicators suggest a cautious bullish sentiment. A break above the SMA ($0.00002008) will confirm a bullish trend continuation.

Conversely, a failure to break this resistance could lead to a retest of the support level around $0.00001750.

The 14-period RSI is currently at 50.45, indicating a neutral momentum. However, it's showing signs of turning upward, which could signal increasing buying pressure.

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