Recently, Shytoshi Kusama, the lead developer of the Shiba Inu project, provided a cryptic update on the launch of Shibarium. Kusama stated that Shibarium is “closer than it appears,” leading to speculation among the Shiba Inu community about the possible release date for the layer-2 network.
What is Shibarium
Shibarium is a layer two network designed to address the scalability, speed, and cost challenges facing the Ethereum blockchain. With reduced gas fees compared to the Ethereum mainnet, it is expected to serve as a cost-effective settlement for decentralized applications, particularly in the metaverse and gaming sectors.
The possibility of the launch coinciding with Valentine’s Day has only heightened the community’s excitement. They are eager to discover what Kusama and the team have planned for the project.
SHIB – Fun Token to Decentralized Ecosystem
The upcoming launch of Shibarium is poised to strengthen further the Shiba Inu ecosystem, which already boasts three tokens with a combined market capitalization exceeding $5 million. The Shiba Inu community eagerly anticipates more information from the development team as the launch date for Shibarium approaches.
Shiba Inu (SHIB) started as a playful digital token, but it has now evolved into a decentralized platform. Interestingly, during its inception, Vitalik Buterin’s Ethereum wallet received 50% of the initial supply. In just 8 months, the value of SHIB has skyrocketed from an incredibly low $0.000000000056 to a staggering all-time high of $0.000084. This impressive increase equates to a mind-boggling 150,000 times growth.
At press time, the price of Shib is trading at $0.000012934147, with a trading volume of $433,970,551 in the last 24 hours. This marks a 4.20% increase in price over the past 24 hours but a decline of -10.20% in the past 7 days. With a circulating supply of 590 trillion SHIB, the current market capitalization of Shiba Inu is valued at $7,625,656,028.
In the past 24 hours, the trading volume of Shiba Inu (SHIB) has reached $432,592,194, indicating a notable surge in market activity with a 26.60% increase compared to the previous day.
With the increasing popularity of SHIB, its trading volume is likely to keep growing, and more exchanges may add it to their trading options in the future.
Shib Technical Chart Analysis
Shiba Inu has been in a consolidation phase in the last quarter of 2022. However, the price broke loose on a bull run at the onset of 2023, inviting investors to hold up more tokens.
SHIB/USD Chart by Tradingview
Price broke above the 50-day moving average and 200-day, respectively. The market price of Shiba/USD is currently under the 200-day moving average, acting as its support. The price has hit a resistance level creating a double-top pattern which indicates a change in price trend to bearish movement.
The current support seems to be strong enough to give the bulls another chance to push the price up further. The bullish signal is still strong on the RSI, trading above the 50-level mark, indicating that the bulls are still in control.
Should the price of Shiba Inu break the resistance level, then a bull run will be inevitable. Besides, the 50-day moving average crosses the 200-day moving average confirming the bulls are ready to spike higher.
Where to Buy Shiba Inu (SHIB)
Shiba Inu (SHIB) is a cryptocurrency token that can be bought and traded on various centralized crypto exchanges. The most widely used platform to purchase and exchange SHIB is BingX, where the most active trading pair is SHIB/USDT. This pair has seen a trading volume of $6,588,432 in the past 24 hours, indicating significant interest in the token.
Apart from BingX, other popular exchanges that support SHIB trading include Coinbase Exchange and Gate.io. These platforms offer an opportunity for individuals to buy and sell SHIB tokens, either for investment purposes or to use them as a form of payment.
Can SHIB Rise 1000x in 2023?
Shiba Inu has been very vocal in recent years, making millionaires from scratch. The last bull run experienced by SHIB caused it to rise 150,000% in just 8 months. The beginning of 2023 has seen meme coins rise, which might signal that Shiba Inu will surge greatly.
However, based on the analysis above, SHIB might not rise 1000x, but this might reach in the second quarter of 2024.
Frequently Asked Questions (FAQ)
What is Shibarium?
Shibarium is a layer two network designed to address the scalability, speed, and cost challenges facing the Ethereum blockchain.
What is Shiba Inu?
Shiba Inu is a dog-themed meme coined that aims to give competition to Dogecoin.it is second to Dogecoin on meme coins.
Where can I buy Shiba Inu?
Apart from BingX, you can buy SHIB on other popular exchanges that support SHIB trading, like Coinbase Exchange and Gate.io.
Vincent Munene is a freelance writer and a great blockchain enthusiast. Blockchain has changed his life in terms of financial freedom and in return, he likes to educate people and keep them up to date on everything blockchain. He is a Biochemist by profession and also loves to play the piano.