Shibarium Is Live And Scaling, What’s Ahead For Shiba Inu Price?

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.

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.

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