Shiba Inu update – Is a new marketplace a good sign for SHIB’s price?

• Shiba Inu teased plans to ‘revolutionize’ Web3 commerce through the ‘SHIB marketplace’ 
• SHIB’s price didn’t reflect the exciting update from the ecosystem leaders

Shiba Inu is in the news today after its team teased its community with an upcoming SHIB marketplace that would ‘revolutionize’ Web3 commerce. It will be powered by Ethereum’s Shibarium L2 solution. 

Announcing the update on X (formerly Twitter), one of the team’s insiders, LucieSHIB, said, 

“The Shib ecosystem is becoming a hub for innovation, driven by blockchain technology and a dedicated community. At its core will be Shib Marketplace, a decentralized platform set to democratize power among its users rather than centralized corporations.”

Further details on the marketplace, through the team’s The Shib Magazine, elaborated that the platform will use BONE for transactions and Shiba Inu DAO for governance. 

Additionally, the marketplace will include a standard NFT section that mirrors OpenSea, with transaction charges kept below $0.1

“The marketplace leverages the robust security features of both Shibarium and Ethereum, with transaction fees kept remarkably low at under 0.1 cents per transaction.”

However, no solid timeline was shared for the launch of the project. 

SHIB ETF on the way?

That’s not all though, with Lucie also confident that a SHIB ETF could happen and increase institutional demand for one of the market’s legacy memecoins. 

“Do I think a $SHIB ETF will happen? Most definitely, because institutions have already discovered the beauty of Shiba Inu’s decentralized nature.”

Here, it’s worth pointing out that the community’s enthusiasm for a new Shiba Inu update wasn’t shared by the memecoin’s price charts. 

Source: SHIB/USDT, TradingView

At press time, SHIB’s market structure was still bearish on the higher timeframe charts. Additionally, price action was below key short-term (50-day SMA) and long-term (200-day SMA) trends. 

In particular, the 200-day SMA has acted as key resistance over the past few days. A recent rebound from the bullish order block above $0.000012 (cyan) didn’t push SHIB above the 200-day SMA, meaning that sellers could still drag it lower. 

The weak readings from the RSI (Relative Strength Index) and CMF (Chaikin Money Flow) indicators underscored lower buying pressure and flows. This could further embolden the market’s sellers. 

Additionally, the derivatives market’s Open Interest (OI) rates declined by 5% in the last 24 hours, further underscoring the bearish sentiment on SHIB.

However, a convincing price close above the 200-day SMA (yellow) could indicate bullish momentum. This might strengthen a buy signal, especially if the broader market sentiment improves.