Popular meme coin Shiba Inu (SHIB) is showing positive developments in terms of price. For the altcoin, which has left behind the levels that have not been broken for a long time, the launch of Shibarium is currently in the focus of investors. It is thought that this development will skyrocket the price of the SHIB. Here are the details…
Shiba Inu crosses critical level: Will the rest come?
After Shiba Inu’s massive rally above $0.000011, investors are hopeful that with the arrival of Shibarium, the price of SHIB will soon reach $0.000012. The Shiba Inu finally reached $0.000011 two months after its price dropped to $0.00000850 due to the collapse of FTX. The cryptocurrency has experienced a significant rally since last week following a series of events taking place in its ecosystem.
The Shiba Inu made its big breakthrough by breaking the first and second key resistance levels at $0.00000983 and $0.00001020 respectively. Despite reclaiming $0.000011, the Shiba Inu has yet to reach the price level of $0.000012. Currently, SHIB is trading at $0.00001028. According to experts, a Shibarium update will pave the way for the Shiba Inu to rise above $0.000012.
The upcoming layer-2 network continues to be a major driver of the Shiba Inu. With the launch of Shibarium, developments such as lower transaction fees and the burning of SHIB tokens through every transaction on the network are expected. cryptocoin.comAs we reported last month, Shiba Inu lead developer Shytoshi Kusama announced that Shibarium’s development teams are about to complete the launch of the network.
Things may not be rosy for SHIB
On the other hand, according to other data, things may not go as expected for SHIB. The ten chain data provided by InTheBlock shows that the Shiba Inu is rather bleak. While 56 percent of people holding SHIB remain at a loss, only 25 percent keep their heads above water. On chain bearish signals seem to be stronger than bullish and neutral signals. But according to data recently made available by WhaleStats, a cryptocurrency platform that tracks massive transactions, SHIB is once again one of the smart contracts most frequently used by the top 500 Ethereum (ETH) whales.
JUST IN: #1INCH @1inch once again a MOST USED smart contract among top 500 #ETH whales in 24hrs 🐳
We've also got $NMR, $MANA, $SHIB, $FORT & $BAT on the list 👀
Whale leaderboard: https://t.co/tgYTpOm5ws#1INCH #whalestats #babywhale #BBW pic.twitter.com/uE3uUEVLq7
— WhaleStats (tracking crypto whales) (@WhaleStats) January 13, 2023
On January 13, the coin was also included among the smart contracts for the 1,000 largest Ethereum whales. The Shiba Inu contract had the lowest volume in the top ten after WETH, BOBA, NMR, ETH, USDT. Also, among the top 5,000 Ethereum whales, SHIB was the cryptocurrency that saw the highest trading activity. Meanwhile, the MACD indicator on the SHIB chart indicates that buyers are in the driver’s seat, according to analysts. After the 50-day Exponential Moving Average (EMA) crosses the 100-day EMA, there are some investors ready to open a long position in the Shiba Inu price.
