Shibarium Launch: Will It Affect Shiba Inu (SHIB) Price?
YEREVAN (CoinChapter.com) – Shiba Inu coin(SHIB) price consolidated sideways along key support on Dec 30 and stood at $0.00000801. Moreover, the approaching Shibarium launch did not impress the SHIB price, which could drop 15% in the coming sessions. Here’s why.
SHIB price could drop to a key support
As CoinChapter reported in the previous Shiba Inu coin review, SHIB price traded within a setup called the ‘descending channel’ since Aug 2022. The formation features two dropping trendlines that prevent sharp breaks in any direction through consecutive support and resistance retests.
Shiba Inu (SHIB) in a descending channel. Source: TradingView.com
The descending channel does not forecast a bias after the Shiba Inu coin exhausts the setup. However, it can be instrumental for short-term predictions. Thus, considering the declining trading volumes, a drop to the channel’s support seems likely despite the Shibarium launch FOMO. The target price for SHIB price stands at 0.0000069, 15% lower than the current value.
When it comes to meme coins, any prediction is written in sand. Despite the bearish technicals and lowering trading volumes, SHIB price could pull off a bullish move once the Shibarium launch commences.
Shibarium launch approaching
In short, Shibarium is a layer-2 solution to boost Shiba Inu’s scalability. I.e. once launched, Shibarium will partially take the transaction load off the main blockchain and ensure speed and efficiency.
Shiba Inu fans have been anticipating the Shibarium Beta launch since May 2021. However, the pseudonymous Shiba Inu coin founder ‘Ryoshi’ didn’t launch the promised Shibarium. Fast forward to Dec 2022, and the buzz on the layer-2 solution rekindled.
On Dec 29, pseudonymous Shytoshi Kusama, the lead developer and co-founder of the Shiba Inu ecosystem and SHIB token, assured their followers that Shibarium would be ready to launch “very soon.”
Shib Token Co-Founder
An uproar from SHIB supporters followed while Shytoshi did not specify what “very soon” actually meant. Thus, @bezosCrypto asked Shytoshi to announce the launch at least two weeks in advance.
Another ‘Shib army’ soldier also reminded his followers about the Shib Dream NFT giveaway on New Year’s Day.
If a timely announcement follows, the SHIB price has a chance for a bullish move despite the bearish sentiment across the market.
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Filed under: Bitcoin - @ December 30, 2022 2:24 pm