How High Can Shiba Inu (SHIB) Rise When Shibarium Restarts?
21 August 2023 - 10:00PM
NEWSBTC
Shibarium, the much-anticipated layer-2 network of Shiba Inu is
back online but remains under the radar, confined to an extensive
private test phase. Shytoshi Kusama, the project’s lead developer,
unveiled this update on Saturday. In his remarks, Kusama assured
the community that they have resolved all technical challenges
previously encountered on this layer-2 platform. Kusama mentioned,
“Shibarium is currently live (but in private mode) producing blocks
as normal.” He further emphasized the importance of ensuring
optimal scaling and functionality before a public re-release,
suggesting that the SHIB development team is prioritizing caution
above all. Notably, Shibarium’s initial launch wasn’t without its
issues. Block production had come to a standstill on the network
just last week. Shibariumscan, the network’s designated explorer,
indicates that the most recent block on the Shibarium mainnet was
produced on Thursday. Related Reading: Shiba Inu Whale Transfers
4.6 Trillion Tokens After A 24-Hour Safekeeping However, among the
many challenges faced, the most significant was the unexpected
trapping of 965 ETH, valued approximately at $1.7 million during
that period. The predicament arose because of the massive,
unexpected influx of traffic on the network immediately
post-launch, with 1000 ETH tokens and 600,000 BONE tokens deposited
within the first 15 minutes alone. This rush resulted in Shibarium
recording over 160 million compute units in merely half an hour.
Kusama, providing a silver lining, stated that they’ve since
amplified Shibarium’s scaling and capacity by a staggering 1,500%.
With such promising advancements and the dedication shown by the
team, many Shiba Inu enthusiasts are ardently waiting for Shibarium
to open its gates to the public. How High Can Shiba Inu Surge Post
Shibarium Restart? The ripples of the Shibarium launch and its
subsequent hiccups are vividly evident in SHIB’s recent price
dynamics. A euphoric surge was observed around August 12, where
SHIB’s price ascended to a 4-month high at $0.00001134. However,
post the Shibarium’s temporary freeze, SHIB’s value plummeted
sharply. This decline was so drastic that SHIB’s price slid below
the support levels of all major daily moving averages. Related
Reading: Shiba Inu Price Shows Resilience As Shibarium Reboots:
SHIB Price Targets The meme coin’s recent trajectory saw it
dwindling precariously close to the 78.6% Fibonacci retracement
mark at $0.00000717 just last Thursday. However, SHIB price managed
to claw its way back, finding support above the 61.8% Fibonacci
retracement level pegged at $0.00000806. A brief bounce was
witnessed, but resistance at the 50% Fibonacci retracement level
and the 100-day EMA at $0.00000869 thwarted its progress, causing
it to retrace its steps back towards the 61.8% level. With the
potential public restart of Shibarium on the horizon, there’s a
beacon of hope for SHIB’s price. A successful relaunch might propel
SHIB to soar by 37% and retouch its 4-month peak at $0.00001134.
But this ascent won’t be without challenges. The Shiba Inu price
will need to navigate a maze of resistance, most notably the area
between the 100-day EMA at $0.00000867 and the 50% Fibonacci
retracement level at $0.00000869, the area between the 200-day EMA
at $0.00000932 and the 38.2% Fibonacci retracement level at
$0.00000931, and the 23.6% Fibonacci retracement level at
$0.00001009. Featured image from Coins.ph, chart from
TradingView.com
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