Shiba Inu On The Move As Shibarium Launch Approaches

Shiba Inu On The Move As Shibarium Launch Approaches

Shiba Inu upholds a bullish outlook that stemmed from trading June’s low at $0.00000597. The second most prominent meme coin has since then seen its value grow by at least 75% to exchange hands at $0.00001046 on Monday.

The support accorded to Shiba Inu above $0.00001 has in addition to enhancing investor confidence absorbed the selling pressure due to profit booking activities. This stability can also be attributed to the potential launch of the Shibarium layer 2 protocol.

SHIB Price Rides The Shibarium Launch Wave

The Shiba Inu community is looking forward to the launch of the layer 2 scaling protocol Shibarium set to be a game-changer for the ecosystem.

Shibarium is a Layer-2 protocol that will enhance the Shiba Inu ecosystem by enabling faster, cheaper, and more scalable transactions on the Ethereum network.

The new protocol is expected to go live after a Toronto conference, starting on August 15, 2023, and will feature a native token called BONE, which will be used to pay gas fees and reward validators.

Shibarium will also support various Shiba Inu-based tokens, such as SHIB, LEASH, TREAT, and SHI, and will integrate with ShibaSwap, the decentralized exchange of the project.

Shibarium could boost the price of SHIB by increasing its utility, demand, and deflationary pressure.

Meanwhile, traders would be looking forward to a successful rebound of SHIB price above the upper descending support, currently serving as the immediate support.

Traders already with exposure to long positions in SHIB will likely keep hold steady now that the buy signal from the Moving Average Convergence Divergence (MACD) indicator adds credence to the bullish outlook.

Shiba Inu on the rise above $0.00001
SHIB/USD daily chart | Tradingview

With the 50-day Exponential Moving Average (EMA) indicator almost flipping above the longer-term 100-day EMA (blue), a golden would come into the picture and possibly propping SHIB for a bigger rally targeting levels at $0.000014, $0.000016, and $0.00002.

Whales Throw Their Weight Behind Shiba Inu Rally

Etherscan shows the emergence of a brand-new whale who made a massive purchase of SHIB tokens worth approximately $48 million.

Although still unknown, the wallet which received 4.59 trillion SHIB, immediately climbed to ranking top among other SHIB whales.

Whale purchases $48 million SHIB
New Shiba Inu whale

It is generally believed that the whale is preparing for the launch of Shibarium Mainnet, which could propel Shiba Inu to higher levels with the above target at $0.00002 seeming extremely conservative.

For now, Shiba Inu must hold support above $0.00001 to keep buyers interested at sellers at bay. Declines below this level may jeopardize the expected rally but also offer sidelined investors a chance to buy lower-priced SHIB tokens.

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John is a renowned crypto analyst and journalist, providing expert insights into both broad and focused aspects of the digital asset market. As a steadfast reporter, he keeps his audience updated with the latest news in the crypto sphere, delving into topics such as price trends, on-chain data analytics, Non-Fungible Tokens (NFTs), Decentralized Finance (DeFi), Centralized Finance (CeFi), and the ever-evolving metaverse.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.


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