With the launch of the Shibarium Hackathon, the Shiba Inu development team has offered an amazing opportunity for tech lovers, Web3 developers, and designers.
A hackathon!
In a nutshell, hackathons are events where computer programmers get together to create pieces of software (and/or hardware) that solve a particular problem.
And according to the Shiba Inu marketing lead, the SHIBHackathon has begun.
This hackathon will encourage participants to develop original apps utilizing smart contracts on Puppynet and stand a chance to win huge cash prizes.
Will this event work as intended and bring SHIB the much-needed rally we all expect?
Let's go over all the facts.
The Shib Hackathon has begun, according to an announcement tweet from Lucie, the marketing specialist for the Shiba Inu team on Twitter.
According to the announcement, the winning contestants will get $5,000 (or its BONE equivalent) as a grand prize.
For context, BONE serves as Shibaswap's governance token. This token will be used on the planned Shibarium mainnet, to collect gas fees
The Shibarium hackathon was started on June 30 by the Shiba Inu development team to promote inclusion and teamwork.
It specifically asks participants to create innovative apps and solutions in the areas of healthcare, distributed cloud operating systems (DC/OS), zero-trust finance, and decentralized finance (DeFi).
According to recent reports, the Shibarium Beta Bridge has been made available for public testing.
This is a significant step for the crypto community and moves the launch of the Shibarium mainnet significantly closer.
On-chain data shows that Shiba Inu's social scores are starting to hit the roof.
This indicates that investors' interest in the Shiba Inu and Shibarium is rising. As 2023 draws to a close and the Bitcoin halving draws closer, if the media curiosity turns into demand, SHIB may gain bullish momentum and start to soar in price.
However, the question remains: Could SHIB rally by 90% and hit its yearly high again, before the end of the year?
Shiba Inu may have taken a massive hit over the year and may be down by 46% from its year-to-date highs.
However, the truth remains that Shiba Inu is bullish from the short and mid-term perspectives.
Ever since taking a 65% hit from its yearly high around 4 February, SHIB has spent the last two months in a correction phase.
The cryptocurrency has rallied by 54% ever since hitting its $0.00000547 lows in early June and is currently facing resistance somewhere around $0.0000845.
Predicting what might happen with SHIB is semi-easy from this point.
The bulls need to push SHIB slightly harder until it breaks above the $0.00000845 zone and closes above it with a daily candle.
If SHIB breaks and closes above this point, a rally to $0.00001190, $0.00001402, and finally to $0.00001578 will become possible, totalling a 90% move from where it currently sits at $0.0000848.
Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.