The Shiba Inu meme cryptocurrency’s price rally has significantly outpaced most of the market’s top ten cryptoassets over the past week, following news of the launch of its Layer 2 network, Shibarium, in beta. The project developers insisted that Shibarium was not designed as a tool to manipulate the price of the Shiba Inu, but rather as a platform to realize their community’s vision and mission.
The idea behind this platform is to allow the community to develop their own projects on their own terms.
The January 15 announcement on the project’s blog states that Shibarium aims to speed up transactions, reduce fees and expand the development framework for the Shiba Inu ecosystem.
“As a layer 2 network, Shibarium will operate on top of existing blockchain networks, enabling faster, cheaper and more private off-chain transaction processing while relying on the security of the underlying blockchain,” the blog post reads.
According to the developers, Shibarium’s protocols are versatile and can be applied to various industries such as metaverse, Web3 innovation, and gaming. The team highlighted the potential of this technology to solve some of the scalability and performance issues currently facing blockchain networks.
As we get closer to the beta launch, it’s worth keeping an eye on the progress of the Shiba Inu and how it might be affected by this new development.
Shiba Inu (SHIB) Price predictions and technical analysis
Recent developments around the Shiba Inu (SHIB) have caught the attention of the cryptosphere. How are SHIB’s technical indicators and the current market performance?
The 20-day EMA of the SHIB is currently at $0.00000938, the 50-day EMA at $0.00000915, the 100-day EMA at $0.00000964, and the 200-day EMA at $0. 00001120. While the Shiba Inu is trading around $0.00001059 at the time of writing, above the short-term and long-term EMAs, the Shiba Inu is exhibiting a bullish bias. The next target for the price is to clear the 200-day EMA at $0.00001120.
Another important indicator to consider is trading volume. SHIB volume is currently 2.589T and the moving average volume is 5.28T. With daily SHIB volume currently below the moving average, this indicates that the cryptocurrency may enter a consolidation phase ahead of its next move.
The SHIB’s Relative Strength Index (RSI) is currently at 76.20, indicating it is in overbought territory. SHIB may be currently overvalued and could see a correction in the near future. Traders should keep an eye out for volume confirmations in relation to the price action and watch out for potential divergences.
SHIB’s MACD is currently at 0.00000052, the signal line is at 0.00000027 and the histogram is at 0.00000025. The MACD and signal line are currently above the histogram, indicating that the SHIB is in an uptrend.
The current price of SHIB is $0.00001059 with immediate support between $0.00000971 and $0.00000984. Immediate resistance is located between $0.00001083 and $0.00001095. If the Shiba Inu can clear its immediate resistance, the next possible price target lies between $0.00001160 and $0.00001174 for a potential upside of 7%.
Overall, SHIB’s technical indicators suggest that the cryptocurrency is in an uptrend, but is likely overvalued and could experience a correction in the near future. However, the high volume and bullishness indicated by the MACD suggests that market interest is there, with the potential for price appreciation over the medium to long term.
Since the prices of meme cryptocurrencies, such as Shiba Inu, are more unpredictable than those of other assets, traders are advised to remain cautious. It is important to keep an eye on these indicators, as well as market news, before taking a position on SHIB. And as always, never invest more than you can afford to lose.
Shibarium: Shiba Inu level 2 network
Like all Layer 2 networks, Shibarium’s allows for “off-chain” transactions, which will remove the barrier of high gas costs on the Ethereum network and make it more feasible to use cryptocurrencies or NFTs for day-to-day transactions. .
Layer 2 blockchain networks sit on top of existing blockchain infrastructure, allowing for more efficient and cheaper transactions to be conducted away from the primary blockchain while preserving the security provided by the ground layer.
This approach allows for private transactions to be executed quickly, while reducing the load on the main blockchain. Reducing the strain on blockchain networks is especially important for maximizing user experience in the metaverse and gaming applications.
The Shiba Inu team also pointed out that BONE has been chosen as the token for gas transactions and the incentive of validators and delegators in layer 2 protocol. 20 million BONE out of a total supply of 250 million has been set aside to reward those parts in future years, chosen through a decentralized autonomous organization (DAO) process with input from the Shiba Inu community.
The launch of Shibarium is expected to strengthen the foundations of the three Shiba Inu ecosystem tokens: Shiba Inu (SHIB), Leash (LEASH), and Bone (BONE), which together represent a market capitalization of over $5 billion. The development team is currently evaluating potential gas prices for the blockchain network, which are expected to be significantly lower than current Ethereum mainnet prices.
In addition to other tokens, an upcoming TREAT token will be launched to boost liquidity pools on ShibaSwap, a decentralized exchange that uses SHIB and provides users with low network fees and better reward strategies, the developers said in the post. .
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