{"id":137834,"date":"2023-09-02T05:00:29","date_gmt":"2023-09-01T23:30:29","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=137834"},"modified":"2023-09-02T05:00:29","modified_gmt":"2023-09-01T23:30:29","slug":"shiba-inu-rally-beckons-as-shibarium-launches-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/shiba-inu-rally-beckons-as-shibarium-launches-crypto-news\/","title":{"rendered":"Shiba Inu Rally Beckons As Shibarium Launches – Crypto News"},"content":{"rendered":"

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Shiba Inu has slowed down its isolated rally after breaking above resistance at $0.00001 and climbing to new August highs at $0.00001136. The second-most prominent meme coin although down 3.6% in the last 24 hours, is up 19% over two weeks and 26% in 30 days to trade at $0.00000988.<\/p>\n

Shiba Inu Slashes Gains Ahead of Shibarium Protocol Launch<\/h2>\n

Shibarium, an Ethereum Layer 2 solution provider protocol, aiming to address key issues in the Shiba Inu ecosystem like scalability and transaction cost, is said to be nearing completion ahead of a possible launch this week.<\/p>\n

<\/p>\n

Shiba Inu lead developer, Shytoshi Kusama, confirmed last week that the\u00a0Shibarium protocol is \u201cnearly complete.\u201d<\/a><\/p>\n

The progress update came alongside the announcement of a new partner, Alpha Transform \u201cto help shepherd this next phase of the Shiba global phenomenon.\u201d<\/p>\n

Shibarium is expected to elevate the SHIB ecosystem such that it can seamlessly interact with the parent chain, Ethereum (Layer 1) to process more transactions off-chain at significantly lower fees before they are added to the primary chain later.<\/p>\n

<\/p>\n

Ethereum continues to grapple with high transaction fees and network congestion \u2013 two issues that Shiba Inu developers desire to solve with the release of Shibarium whose testnet saw \u201cover 21 million wallets and over 250,000 smart contracts written,\u201d Alpha Transform Chief Investment Officer, Enzo Villan said.<\/p>\n

Shibarium would increase the SHIB token utility<\/a>\u00a0as it has the potential to impact the mainstream adoption of crypto and blockchain technology.<\/p>\n

The launch event, which is expected to launch on August 16 at the Blockchain Futurist Conference, could trigger a price rally. However, the exact details of the launch have remained fuzzy.<\/p>\n

\n

Soon becomes tomorrow#SHIBARMY<\/a> pic.twitter.com\/I7P1lQgC07<\/a><\/p>\n

\u2014 Shib (@Shibtoken) August 15, 2023<\/a><\/p>\n<\/blockquote>\n

Investors on the other hand, while booking positions ahead of the launch,\u00a0sent Shiba Inu on a sole rally last week<\/a>, which continued on Monday and Tuesday before the token rolled back below $0.00001.<\/p>\n

<\/p>\n

\u201cHas our day really come?! Would make it the summer to remember first XRP gets clarity and then Shibarium; ill mark this year on my calendar and celebrate it every year!\u201d\u00a0A SHIB-XRP investor said via X.<\/a><\/p>\n

Shiba Inu Sell-Off Before Rally<\/h2>\n

SHIB is in the red despite the glaring launch of Shibarium. Overhead pressure started to increase with the rejection from the macro downtrend (upper dotted descending trendline) and has tested support provided by the 200-day Exponential Moving Average (EMA) (purple) at $0.00000939.<\/p>\n

\"Shiba<\/a>
SHIB\/USD daily chart | Tradingview<\/figcaption><\/figure>\n

This retracement could be occasioned by whales selling to book profits following the rally from $0.00000716 in early July.<\/p>\n

Despite the retracement, Shiba Inu could still rally, bolstered by a relatively positive outlook marked by the 50-day EMA (red) crossing above the 50-day EMA (red) and forming a golden cross.<\/p>\n

The launch of Shibarium coupled with a 94% spike or 222,200,451 SHIB token burn rate, could be the factors that trigger the next rally above $0.00001 to $0.00002.<\/p>\n

\"Shiba\"Shiba<\/a>
Shiba Inu\u2019s burn rate<\/figcaption><\/figure>\n

The token burn program was implemented to address the high supply of tokens in the ecosystem so that Shiba Inu can eventually push higher to create value for its ardent enthusiasts.<\/p>\n

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John is a renowned crypto analyst and journalist, providing expert insights into both broad and focused aspects of the digital asset market. As a steadfast reporter, he keeps his audience updated with the latest news in the crypto sphere, delving into topics such as price trends, on-chain data analytics, Non-Fungible Tokens (NFTs), Decentralized Finance (DeFi), Centralized Finance (CeFi), and the ever-evolving metaverse. <\/p>\n<\/p><\/div>\n

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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.<\/p>\n<\/div><\/div>\n<\/p><\/div>\n

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Shiba Inu has slowed down its isolated rally after breaking above resistance at $0.00001 and climbing to new August highs at $0.00001136. The second-most prominent meme coin although down 3.6% in the last 24 hours, is up 19% over two weeks and 26% in 30 days to trade at $0.00000988. Shiba Inu Slashes Gains Ahead […]<\/p>\n","protected":false},"author":2,"featured_media":137835,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[188,183,185,186,187,184,189,150,182,190],"class_list":["post-137834","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-technology","tag-blockchain-tech","tag-blockchain-technology","tag-crypto-technology","tag-cryptocurrency-technology","tag-metaverse-technology","tag-nft-technology","tag-soul-bound-token","tag-tech","tag-technology","tag-token-technology"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/137834","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=137834"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/137834\/revisions"}],"predecessor-version":[{"id":148288,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/137834\/revisions\/148288"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/137835"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=137834"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=137834"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=137834"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}