- Post-launch glitches in Shibarium, Shiba Inu’s Layer 2 protocol, intensify selling pressure on the meme coin.
- SHIB’s current trading values dip, with indicators pointing towards a potential further 10% drop.
Shiba Inu Grapples with Shibarium’s Hurdles
Shiba Inu, the renowned meme coin, has recently been caught in a whirlwind of challenges. With mounting anticipation, the SHIB community had their eyes fixed on Shibarium’s debut, a Layer 2 scaling protocol. Enthusiasm ran high with hopes that this new Ethereum-based Layer 2 protocol would be a game-changer. Yet, the launch didn’t unfold as envisioned.
Only hours post-launch, Shibarium encountered complications, casting doubts over the protocol’s security robustness. These unexpected technical snags led the team to temporarily disconnect the Shibarium network. Though now operational, the network currently runs in a private setting.
Amidst Challenges, Focus Shifts to Enhanced Security
Sunday witnessed an announcement by the SHIB ecosystem’s chief developer, Shytoshi Kusama. The message conveyed the team’s immediate pivot towards bolstering security measures and engaging in thorough blockchain testing. Kusama conveyed,
“As we scale and continue our tests, our eyes are set on working closely with our long-standing collaborators. The immediate priority is to re-invigorate the chain for public accessibility.”
Investor Sentiments on Edge
For those with stakes in SHIB, the Shibarium’s tumultuous initiation has understandably ruffled feathers. Many are on tenterhooks as they see their investments erode. Current market observations dampen hopes of an imminent rally to the $0.00002 mark. As of now, Shiba Inu’s trade value stands at $0.00000791, witnessing a drop from its recent peak of $0.00001135 on August 12.
Analyses using tools like the 50-day Exponential Moving Average (EMA), 100-day EMA, and the 200-day EMA all hint towards a possible further bearish downturn for SHIB. Speculations suggest this could translate to an approximate 10% plunge to reach the lower descending trendline around $0.00000705. Additionally, insights drawn from the Moving Average Convergence Divergence (MACD) indicator corroborate these bearish prospects.
The Road Ahead for SHIB
The trajectory for Shiba Inu is intimately tied to the Shibarium protocol’s fate. Another unsuccessful reboot might spell disaster, potentially plummeting SHIB’s value to oblivion. Yet, it’s not all gloom and doom. When assessed over extended durations, certain indicators like the MACD project a somewhat bullish stance on the weekly chart. Any success in thwarting another bearish momentum could potentially initiate a SHIB recovery, aspiring for the $0.00001 level.
The ongoing test of the $0.0000078 support, underscored by the lower descending trendline, is pivotal. If SHIB manages to fend off this selling frenzy, it might signal a shift in the winds, marking the dawn of a bullish ascendancy. For SHIB investors, a successful challenge against resistances, like the 50-weekly EMA, might be a harbinger of a new bullish phase.