Shiba Inu Coin Price Prediction – SHIB Shrugs Off Shibarium Launch

  • Wednesday, 30 August 2023 GMT

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Shiba Inu Coin Price Prediction – SHIB Shrugs Off Shibarium Launch

Despite the much-anticipated launch of the Shibarium layer 2 blockchain, the price of Shiba Inu coin (SHIB) remained unaffected. The layer 2 blockchain had a bumpy start and had to be relaunched after encountering issues shortly after its initial release. However, the positive development didn’t prompt a significant reaction in the SHIB price.

On Monday, many alternative cryptocurrencies (altcoins) saw declines as the price of Bitcoin (BTC) showed little change over the past few days. At the time of reporting, Bitcoin, the largest cryptocurrency by market capitalization, was trading at $26,100. With Bitcoin’s stability in question, some investors are becoming cautious and selling their altcoins to mitigate losses. Following a 3.25% decrease in the previous week, the value of Shiba Inu coin also saw a minor decline of 0.12% on Monday.

Shibarium Relaunches With Sluggish Withdrawals:

In the latest update about SHIB, the Shibarium blockchain is now fully operational following some initial challenges. The Shibarium bridge, which connects different parts of the network, is also up and running. Users can finally move their funds from the Layer 2 network after facing delays due to congestion problems that emerged right after the launch. This congestion caused millions of dollars to be stuck on the L2 bridge for over a week.

The main developer, Shytoshi Kusama, mentioned that withdrawing funds from the Shibarium bridge could take around 45 minutes to 3 hours. However, for BONE token withdrawals, the process might extend to as long as 7 days. Despite the relaunch of Shibarium, the price of Shiba Inu coin didn’t display any significant increase in trading activity. Many enthusiasts of meme-based coins had amassed SHIB in hopes of a price surge after the launch of Layer 2 technology.

Shiba Inu (SHIB) Underperforms Bitcoin:

Instead of considering SHIB’s value in terms of US dollars, many traders use the SHIB/BTC pair for trading this meme-based coin. This pair reflects how strong Shiba Inu coin is relative to Bitcoin. A glance at the chart indicates that the coin’s strength in terms of BTC has been declining following a substantial surge in July.

This trend also implies that investors are adopting a cautious stance, favoring Bitcoin over meme-based coins like SHIB. Currently, the leading meme coin is revisiting the 0.000000000304 support level on its BTC chart. If it doesn’t manage to bounce back from this point, it could potentially trigger another downward movement in its BTC value.

Shiba Inu Coin Price Prediction:

The chart for SHIB coin below illustrates that the meme coin has let down short-term traders who invested before the Shibarium launch. These traders were hopeful for quick profits due to the hype surrounding the Layer 2 (L2) launch. However, instead of sustaining its initial surge at the beginning of August, the price underwent a significant correction.

The prediction for Shiba Inu coin’s price might become even more pessimistic if the meme coin falls below the $0.0000077 level. I’ve emphasized the importance of this level in my previous analyses. Adding to the bearish outlook, the current price is trading 15% lower than the 200-day moving average (MA) on the daily chart. This crucial moving average is a significant reference point for numerous traders.

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