The price of Shiba Inu (SHIB), a popular meme token, has observed an uptick by 7.5% over the past week. This statistic holds its ground in spite of a 1.5% dip today, currently standing at $0.00000897. Notably, SHIB has escalated by a whopping 18% in the preceding 30 days. This surge reflects the optimistic sentiments underpinning the imminent launch of Shibarium, the dedicated layer-two network of Shiba Inu.
The Shibarium launch has seen multiple delays, generating a fizz of anticipation among community members. However, developers now hint at an imminent network deployment promising to fast-track SHIB’s adoption and advancement in the long haul.
After scaling a crescendo to $0.000010, SHIB’s value underwent mild correction, marking a slump in its technical indicators. Meanwhile, the coin’s relative strength index slipped from a little over 80 to just underneath 50 over the weekend, raising concerns over waning momentum of its pre-Shibarium rally. Contrarily, the 30-day moving average of SHIB continues to ascend, overshadowing its 200-day average, signifying sustained momentum with prospects of further hikes in the offing.
Encouragingly, SHIB’s value has remained resilient, refusing to falter to the levels it held a week ago and hovering in an elevated position suggestive of an upcoming rally. Even in the absence of a significant surge, the greens in SHIB’s rising support level indicate that it’s not likely to descend back to the levels it started the month with.
The impending launch of Shibarium is triggering bullish winds in the SHIB market. The market is buzzing with investors rushing into SHIB while it is still relatively underpriced. This anticipation has led to significant SHIB transfers between wallets; however, it’s unsettled whether these dramatic transfers signal large purchases.
The period leading up to Shibarium’s debut could witness SHIB’s resurgence up to $0.000010, possibly even scaling the elusive $0.00002 in the months coming.
However, the market might already factor in the complete launch of Shibarium, critically limiting potential gains once the layer-two network commences. Consequently, traders chasing substantial short-term gains might need to shift their focus towards newer altcoins ripe for their first market surge.
Presently, the presale token Shibie (SHIBIE) holds potential. Their presale, initiated last week, already raised $200,000. This exemplary performance reflects the rapid community building this previously unknown token could muster out of the blue. The decentralised nature of SHIBIE, unusual meme combinations, and a sizable initial supply poise it for a robust community base and substantial support post its exchange listing.
The crypto-verse remains a high-stakes terrain. The potential to plumb the depths is as real as the prospects to soar high.
Source: Cryptonews
