Excitement is building within the Shiba Inu community as the highly anticipated launch of Shibarium, the layer-2 scaling solution, draws near. Shytoshi Kusama, the pseudonymous project lead developer, recently addressed the upcoming launch, emphasizing the importance of sticking to the planned strategy and timeline. Kusama’s confident statements have further fueled anticipation among enthusiasts.

Shibarium Is On The Verge Of Release

When asked about potential changes to the launch date or plan of Shibarium, Kusama responded resolutely, stating, “It doesn’t matter; everything is already set. I can’t change the date or plan. It’s called a launch strategy.” This unwavering commitment to the established timeline demonstrates the Sharium developers team’s dedication to ensuring a successful launch for Shibarium.

In another intriguing conversation within a Telegram group chat, someone identified as Mark suggested that Shibarium would launch at ETHToronto which takes place from August 15-16, 2023, in Toronto Canada. Surprisingly, the Shiba Inu lead developer playfully agreed, stating, “Mark his words.” This playful interaction has fueled speculation that Mark is actually right with his speculation.

It is noteworthy that Kusama recently dropped another hint in which he said that it is no longer a question of “when” but “where”. The SHIB lead developer released a video showing the Shiba Inu logo and a major (North American) city. The message of the video was, “Something is coming. We are actually going somewhere.” Apparently the developers of Shiba Inu are planning a big event, and as the rumors have it, for the Shibarium launch.

While the exact launch date remains undisclosed, another Shiba Inu enthusiast brought up a previous statement from Kusama in which he hinted at a two to four-month timeframe for the launch after the beta testing start. Notably, July 11 marks the four-month milestone since the beta release.

And there’s even more recent hint from Kusama. In another Telegram message, he said: “I’m to busy starting the launch process of a blockchain. And seriously … when the pilot is in the cockpit switching switches and the seat belt light is on. And the attendant is talking about safety and stuff DONT ASK THE PILOT WEN.”

So everything suggests that the Shibarium may be within reach. When and where remains a secret for the time being.

How High Can The Shiba Inu Price Rise?

The news of a launch date will undoubtedly create new hype around Shiba Inu. What impact Shibarium will have on the SHIB price in the long term is difficult to predict, as this will depend on the adoption and success of the layer-2 solution and projects that build on it. In the short term, however, a look at the 1-day chart of SHIB helps to assess possible price scenarios.

The SHIB price remains in a downtrend on the 1-day chart, but is relentlessly approaching the upper resistance of the descending parallel trend channel at around $0.00000790. Crossing this price level would be a first important step to initiate a long-term upward movement. However, as early as the $0.00000834 price level (23.6% Fibonacci retracement level), SHIB needs to confirm this trend.

In any case, the introduction of Shibarium has the potential to trigger this move. A green candle towards the 200-day EMA would then be conceivable. The 200-day EMA is currently approaching the 38.6% Fibonacci retracement level at $0.00000979. This area around $0.00001 is where the strongest resistance is expected.

Still, the Shibarium hype has the potential to herald a further rise towards the 61.8% Fibonacci level at $0.000012. Thus, at the current price, SHIB holds the potential to rise by more than 57% (before probably taking a breather). The area around $0.000012 has been very important as resistance and later support this year.

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Filed under: Bitcoin - @ July 3, 2023 11:20 am