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- The layer 2 blockchain for Shiba Inu (SHIB), known as Shibarium, is set to launch today at 5:35 EDT.
- In the last 24 hours, the price of Shiba Inu has decreased by more than 2.64%.
Toronto, Canada – The moment that many Shiba Inu supporters have been eagerly awaiting has arrived, as blockchain enthusiasts convene at the Blockchain Futurist Conference 2023. Shiba Inu’s much-anticipated layer 2 blockchain, “Shibarium,” is scheduled to make its public debut today at 5:35 EDT.
Anticipation has been mounting since the official Shiba Inu Twitter account revealed the imminent launch of the Shibarium Mainnet. Investors are hopeful that this development will signal the beginning of a new chapter for the meme coin.
Soon becomes tomorrow#SHIBARMY pic.twitter.com/I7P1lQgC07
— Shib (@Shibtoken) August 15, 2023
Moreover, the introduction of shib.io has signified the start of Shiba Inu’s Metaverse. This Metaverse platform has significant potential to provide utility for the SHIB token. A key aspect is the mechanism of ‘burning’ SHIB tokens via the Shibarium network, which could enhance the value of SHIB tokens.
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Additionally, analysts suggest that the features of the Shiba Metaverse may also be integrated into the Shibarium testnet, offering users a unified ecosystem that connects the virtual and blockchain environments.
Shiba Inu (SHIB) Price Decline
In spite of the excitement and expectations, the market reaction for SHIB has been characterized by a blend of enthusiasm and caution. Over the past 24 hours, the price of Shiba Inu has seen a decline of 2.64%. Nevertheless, the performance of the meme coin over the week and month continues to reflect an increasing demand for SHIB.
Recently, the price of Shiba Inu has been fluctuating around the $0.00001 mark, establishing a strong base for potential bullish movement. At the time of this report, Shiba Inu was trading at $0.000009904, with a 24-hour trading volume of $446 million, marking a 42% increase.
Shiba Inu (SHIB) Price Chart (Source: TradingView)
As per the daily price chart, Shiba Inu’s price has encountered a setback, leading to a negative sentiment. However, if the gradual upward trend persists, the price may approach the $0.000011 resistance and potentially reach the $0.000013 level. In a bearish scenario, a pullback could see the price drop to $0.00000758.
Indicators of a prolonged bullish rally are emerging in the Shiba Inu (SHIB) price forecast. The Relative Strength Index (RSI) has entered the neutral zone, currently at 65.28. Furthermore, 1 billion SHIB tokens were burned this week, with the burn rate increasing by over 120% in the last 24 hours.
