LEASH in SHIB Ecosystem Skyrockets 88% in Only 7 Days, How Did It Set A Record for Growth?
TL; DR
LEASH, a cryptocurrency within the Shiba Inu eco, has surged by 88% in the past week, outperforming other cryptocurrencies.
Increased interest in SHIB-related tokens, such as LEASH, BONE, WOOF, and PAW, has contributed to LEASH’s recent gains.
Shytoshi Kusama‘s announcement regarding the launch of Shibarium at the Blockchain Futurist Conference has further fueled excitement and anticipation.
Introduction
In the world of cryptocurrencies, it’s not uncommon to see significant price fluctuations. One such cryptocurrency that has caught the attention of investors recently is Doge Killer (LEASH). Over the past seven days, LEASH has surged by an impressive 88%, outperforming many other cryptocurrencies in the market. This remarkable price increase has left many investors wondering about the reasons behind LEASH’s sudden surge. In this article, we will explore the factors contributing to LEASH’s recent gains.
Shiba Inu Eco and Shibarium Launch
LEASH is part of the Shiba Inu eco, which gained popularity as a meme-themed cryptocurrency. The Shiba Inu eco has been making headlines recently with its upcoming launch of Shibarium, a layer 2 blockchain. Shibarium aims to address scalability and data issues by bundling multiple off-chain transactions into a single on-chain transaction. The launch of Shibarium has generated excitement within the Shiba Inu community and the wider cryptocurrency space.
Shibarium aims to become a powerful layer 2 blockchain, driving innovation and scalability in the decentralized finance space, as it enters the beta stage and invites delegators and validators to join - Shibtoken.com
Increased Interest in SHIB-related Tokens
LEASH’s recent surge can be attributed, in part, to the growing interest in SHIB-related tokens within the cryptocurrency market. Investors have been rotating their resources into tokens such as LEASH, BONE, WOOF, and PAW, all of which are part of the Shiba Inu eco. These tokens have been among the top gainers in the market, reflecting the increased attention and demand they have garnered.
Screenshot from Shibarium Official Website - Shibtoken.com
Anticipation for the Shibarium Launch
The upcoming launch of Shibarium has significantly contributed to the positive sentiment surrounding LEASH. Shibarium’s layer 2 solution is expected to address scalability issues and provide improved functionality for the Shiba Inu eco. With the launch of Shibarium scheduled for August, investors are eagerly anticipating the potential benefits it will bring to the Shiba Inu eco, including LEASH.
Shibarium increasingly gaining traction and popularity as official launch date approached - Twitter
Positive Performance of LEASH
LEASH’s recent surge is also a result of its own positive performance. CoinGecko data shows that LEASH has experienced an 88% price increase in the past seven days, reaching impressive heights. This surge in price indicates increased buying pressure and investor confidence in the token. LEASH has gained traction as a token that offers exclusive benefits and safeguards the Shiba Inu community.
Doge Killer (LEASH) managed to stay on top 5 gainers for 7 days in a row - Data per Coingecko
Impact of Shytoshi Kusama’s Announcement
Shytoshi Kusama, the lead developer of Shiba Inu, made a significant announcement regarding the upcoming launch of Shibarium. Kusama stated that Shibarium may be released during the Blockchain Futurist Conference and ETH hackathons in August 2023. This announcement has further fueled excitement and anticipation among investors, contributing to LEASH’s recent surge. The conference will serve as a platform to showcase the Shiba Inu eco’s “world paper” and announce new projects, including detailed information about the Treat token.
According to a recent blog post by developer Shytoshi Kusama, the highly anticipated layer 2 blockchain Shibarium is scheduled to launch after a conference in Toronto in August - Official Tweet from Kusama
Partnerships and Collaborations
The Shiba Inu eco has also been forming partnerships and collaborations that have positively impacted LEASH’s performance. Notably, partnerships with Unification and BadIdea.Ai have been announced, indicating growing interest and support for the eco. Such partnerships contribute to the overall eco’s growth and the value proposition of tokens like LEASH.
Shibarium recent partnerships - Unification.com, BadIdea.Ai
LEASH Trend Analysis
After conducting a top-down analysis, starting with the weekly timeframe, it appears that LEASH has been in an accumulation phase for over a year, currently in the Jump-Across-Creek (JAC) phase, indicating that the next expected move, after short-term buyer exhaustion, is the Back-Up-Against-Creek (BUEC) phase. On the 3-Day timeframe, Fibonacci Retracement and Extension tools help identify potential entry points (golden zone) and targets, although short-term volatility may impact these zones. Lastly, on the 4-Hour timeframe, a potential distribution structure is observed, starting with the Buying Climax (BC) phase between 612.6-543.0, and the circles indicate anticipated movements based on Wyckoff logic following the BC phase.
4H (Short-Term) Play Reference:
R/R Ratio 5.51-to-1
Entry 390.1
Target:709.9 (+82%)
SL 332.1 (-15%)
Overview:
Closest daily support zone: 586.7 - 504.7
Closest daily resistance zone: 625.1 - 736.3
Key Level: 437.1 (Weekly Creek Level)
Daily Resistance zones
- 625.1 - 736.3
- 776.6 - 811.2
- 934.9 - 999.4
Daily Support zones
- 586.7 - 504.7
- 489.8 - 464.9
- 437.1 - 405.0
Conclusion
LEASH’s remarkable surge of 88% in just seven days can be attributed to multiple factors. The anticipation surrounding the launch of Shibarium, increased interest in SHIB-related tokens, positive performance of LEASH itself, the impact of Shytoshi Kusama’s announcement, and partnerships and collaborations have all played a role in driving up the price of LEASH. As the cryptocurrency market continues to evolve, it will be interesting to see how LEASH and the Shiba Inu eco fare in the coming months. Investors will undoubtedly keep a close eye on these developments, as LEASH’s recent performance has demonstrated its potential for growth and profitability in the ever-changing cryptocurrency landscape.
