Shibarium Is Live And Scaling, What’s Ahead For Shiba Inu Price?
28 August 2023 - 8:30AM
NEWSBTC
In a new blog post today, Shytoshi Kusama, the lead developer of
Shiba Inu, announced that Shibarium is now live and scaling
optimally. Kusama stated, “Shibarium is LIVE and operating well!
Now that we’ve proven that all funds are safu (as we said), and
that Shibarium is ready for prime time, we will reopen our
channels.” As per the latest statistics, the network has already
amassed over 65,000 wallets and has processed 350,000 transactions.
The diversity of tokens deployed on Shibarium is evident, with
Kusama noting a mix of “fun, unusual, and sometimes offensive
tokens.” He optimistically added, “Within these thousands of
tokens, we will see which will rise to the top.” Kusama also took a
moment to reflect on the resilience and determination of the Shiba
Inu community, quoting Ryoshi, “Those who build in the bear market,
will win in the bull market.” He expressed profound gratitude to
the Polygon team, specifically mentioning Sandeep Naiwal, for their
unwavering support during challenging times. “Quickly after the
incident began, I called Sandeep from Polygon directly and without
a second thought, he helped provide additional resources to ensure
a perfect outcome to the situation,” Kusama revealed. The SHIB lead
dev also highlighted that it is by design that the SHIB, Leash,
WEth withdrawals through the bridge take at least 2 checkpoints (45
minutes to 3 hours), and BONE withdrawal will take up to 7 days.
Related Reading: Shibarium Launch Proves Positive As Shiba
Inu-Based BONE Celebrates New Milestone According to data from
Shibariumscan.io, the network processed 132,739 transactions on
August 25, marking its highest activity since its public restart on
August 24. However, the network did experience a decline in
transactions over the weekend, recording 78,870 transactions on
Saturday and 40,433 on Sunday. It’s worth noting that Shibarium’s
initial launch on August 16 encountered issues that halted block
production. However, the team appears to have resolved these
issues, setting the stage for what could be a transformative period
for the Shiba Inu ecosystem. SHIB Price Analysis The Shiba Inu
token (SHIB) has been on a rollercoaster ride, especially in the
wake of Shibarium’s initial troubled launch. After reaching a
4-month high of $0.00001134 on August 12, the token’s price
plummeted. Currently, SHIB is trading below all major daily moving
averages, with the 50-day EMA acting as a formidable resistance
level. Related Reading: Shiba Inu Whale Buys 708 Billion SHIB,
Sparks Speculation Of Price Recovery Over the past 11 days, there
have been three failed attempts to break above the 50-day EMA. This
has led to a series of five red daily candles, indicating bearish
sentiment. Most recently, SHIB fell below the 61.8% Fibonacci
retracement level at $0.00000805. At press time, SHIB stood at
$0.00000795. The relaunch of Shibarium could serve as a catalyst
for SHIB’s price. With new use cases and potential for increased
SHIB burns, the bulls may find new strength in the coming days.
However, the path to recovery is fraught with resistance levels
that need to be overcome. These include the 61.8% Fibonacci level
at $0.00000805, the area between the 100-day EMA at $0.00000867 and
the 50% Fibonacci level at $0.00000869, and further up, the 200-day
EMA at $0.00000932 and the 38.2% Fibonacci level at $0.00000931. In
summary, while the successful relaunch of Shibarium is a positive
development, SHIB’s price has multiple hurdles to clear before a
bullish trend can be confirmed. The coming days will be crucial in
determining whether Shibarium’s operational success can translate
into upward momentum for SHIB. Featured image from Shiba Inu
Ecosystem, chart from TradingView.com
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