The post Shiba Inu (SHIB) Price Gains Momentum Amidst Anticipation for Shibarium Launch appeared first on Coinpedia Fintech News
In recent weeks, Shiba Inu (SHIB), the Ethereum-based meme coin and the second-largest in its category has witnessed a substantial surge in momentum. This surge is attributed to speculation surrounding the upcoming Shibarium layer two launch and other key developments.
The growing upward momentum of Shiba Inu is evident through increased trading volume and heightened interest from whale traders. Notably, a significant whale made a substantial purchase of approximately 4.599 trillion Shiba Inu tokens, valued at around $47.5 million on Sunday, catapulting them into the ranks of top holders.
Shiba Inu Price Analysis
Renowned cryptocurrency analyst Nick, known for his YouTube channel Cheeky Crypto, has offered insights into Shiba Inu’s price trajectory. Nick’s analysis, based on the hourly time frame, suggests that Shiba Inu’s price is poised to continue its upward rally in the coming days.
He points to a consistent rising trend characterized by higher highs and higher lows on the hourly charts. Nick anticipates that Shiba Inu’s price could target the next significant supply/demand zone, estimated at approximately $0.0000121.
However, Nick’s analysis comes with a note of caution for Shiba Inu investors. He highlights the potential for a reversal, citing resistance levels on the weekly charts. Additionally, Nick points out a notable resistance signal on the weekly stochastic indicator, indicating the possibility of an impending reversal.
A Closer Look
With a robust network boasting over 1.3 million holders and a daily trading volume of around $385 million, Shiba Inu is well-positioned for further upward momentum. Speculation surrounding the imminent launch of Shibarium, a pivotal development, is a driving force behind this optimism.
Shytoshi Kusama, the lead core developer of Shiba Inu, has dropped hints on multiple occasions about the upcoming mainnet launch of Shibarium. This launch is expected to usher in significant advantages for the ecosystem. Notably, the introduction of Shibarium promises to enhance Shiba Inu’s competitiveness by increasing the token burn rate.
As the Shiba Inu saga continues to unfold, traders and investors are keeping a keen eye on both short-term price movements and the broader developments that could shape the coin’s future trajectory. The crypto community awaits the launch of Shibarium with bated breath, anticipating a potential game-changer for Shiba Inu and its evolving ecosystem.