SHIB Lead Shytoshi Kusama Boasts About Token's Success Amid Investor Requests for Massive Price Spike

Shiba Inu has been unusually calm since its previous rally earlier this month, which saw it surge to $0.00003031.

Shiba Inu (SHIB) has seen a relatively calm spell since its previous rally earlier this month, surging to $0.00003031. However, the token's rally was halted, dropping below the $0.000025 level recently.

This performance has prompted varied reactions from investors, with some urging the Shiba Inu team to take steps that could lead to a substantial rally for the token. These demands have been communicated in different ways, with some users explicitly asking Kusama to “send SHIB to the moon,” indicating their desire for a significant price increase for Shiba Inu.

In an interesting development, Kusama has recently responded to these requests, highlighting SHIB's success by emphasizing its ranking as the top ERC-20 token on Ethereum. According to Kusama, SHIB is the most valuable ERC-20 token on the Ethereum blockchain, excluding multi-chain stablecoins.

His response aligns with sentiments shared by other team members, including developer Kaal Dhairya. As reported earlier, Dhairya highlighted SHIB as the number one ERC-20 token, excluding USDT and USDC, due to their availability on other blockchains outside Ethereum.

Currently, SHIB boasts a market capitalization of $14.67 billion, making it the 12th largest token in the world and the largest among ERC-20 tokens. Kusama's response suggests that SHIB has already achieved significant success, despite potential for further growth.

At the time of writing, SHIB is trading at $0.00002489, up 3.2% over the past 24 hours. Notably, SHIB has been hovering around the $0.000025 territory over the past few days, with crypto expert Ali Martinez highlighting a major resistance at this level.

According to Martinez, about 40,150 addresses acquired 54.6 trillion SHIB for an average price of $0.000025, posing a major resistance to the token. As Shiba Inu attempts to surpass this level, some of these addresses would likely sell their holdings to secure profit, presenting a roadblock to any rally.

However, if SHIB successfully overcomes this resistance, Martinez expects the token to soar to around $0.000039, citing the formation of a bull flag pattern on Shiba Inu’s chart.

While many investors eagerly anticipate this bullish move, it is crucial to note that Shiba Inu remains one of the most successful cryptocurrencies in the market. Despite trading at an initial price of $0.000000000056 in August 2020, SHIB surged over 150 million percent to an ATH of $0.00008616.

At press time, SHIB is down 71.11% from its ATH record on October 28, 2021. However, several community members remain optimistic about Shiba Inu registering a new ATH this cycle, with some experts, like Javon Marks, setting a target of $0.0001553 for the token.