{"id":143474,"date":"2023-09-01T17:45:40","date_gmt":"2023-09-01T12:15:40","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=143474"},"modified":"2023-09-01T17:45:40","modified_gmt":"2023-09-01T12:15:40","slug":"shib-price-dumps-as-devs-reopen-shibarium-to-ethereum-bridge-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/shib-price-dumps-as-devs-reopen-shibarium-to-ethereum-bridge-crypto-news\/","title":{"rendered":"SHIB Price Dumps As Devs Reopen Shibarium to Ethereum Bridge – Crypto News"},"content":{"rendered":"

<\/p>\n

\n

Shiba Inu (SHIB) bulls are still on the receiving end, despite the ecosystem\u2019s Shibarium\u2019s bridge to Ethereum reopening to allow withdrawals.<\/p>\n

The second most prominent meme coin, down 2% on Monday, is trading at $0.00000795. If bulls fail to reclaim support at $0.000008, investors may want to start acclimatizing to losses extending to $0.000007 and $0.0000062 \u2013 lower buyer congestion areas.<\/p>\n

<\/p>\n

Shibarium Relaunch Fails To Trigger SHIB Price Rally<\/h2>\n

Shytoshi Kusama, SHIB\u2019s lead network developer, has released updates on the new Shibarium layer 2 solutions protocol today. Following the mainnet\u2019s launch the week before, the protocol encountered scalability issues, forcing developers to take it offline.<\/p>\n

The developers spent the last week solving the scalability challenges and enhancing network security, culminating in reopening the bridge to Ethereum to allow for withdrawals to take place seamlessly.<\/p>\n

Users on the platform can now freely withdraw various tokens, including SHIB, LEASH, and wrapped Ether (WEth). The pseudonymous developer said that withdrawals would be processed within a reasonable timeline of between 45 minutes and four hours.<\/p>\n

<\/p>\n

Users withdrawing BONE, Shibarium\u2019s native token will have to wait up to seven days. While this is a long time, that is the way the protocol was designed.<\/p>\n

Shytoshi added that so far, the network has \u201caccumulated over 65,000 wallets and 350,000 transactions.\u201d<\/p>\n

<\/p>\n

\u201cNow that we\u2019ve proven that all funds are safu (as we said) and that Shibarium is ready for prime time, we will reopen our channels,\u201d Shytoshi said.<\/p>\n

What\u2019s Next For SHIB Price<\/h2>\n

Shiba Inu<\/a>\u00a0has not flinched an inch in the bullish direction since the drop below $0.00001. Support at $0.000008 must hold steady for SHIB price to start collecting liquidity for a rebound.<\/p>\n

However, with the crypto market in a mundane state, the path with the least resistance is downward, which brings the market participants\u2019 attention to $0.00007 and $0.0000062.<\/p>\n

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

Based on the technical outlook of the Moving Average Convergence Divergence (MACD) indicator, with a sell signal sustained since mid-August, a recovery beyond $0.0001 is an unlikely outcome at least for now.<\/p>\n

Short positions in SHIB will start to turn profitable if resistance at $0.000008 does not flip into support in the short term. If this happens, a sell-off may brew to allow sellers to book profits at $0.000007.<\/p>\n

Extremely bearish traders may want to wait until Shiba Inu touches support at $0.0000062 before closing their bearish positions.<\/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 (SHIB) bulls are still on the receiving end, despite the ecosystem\u2019s Shibarium\u2019s bridge to Ethereum reopening to allow withdrawals. The second most prominent meme coin, down 2% on Monday, is trading at $0.00000795. If bulls fail to reclaim support at $0.000008, investors may want to start acclimatizing to losses extending to $0.000007 and […]<\/p>\n","protected":false},"author":2,"featured_media":143475,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[192,29,198,194,195,199,196,193,197,200],"class_list":["post-143474","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-blockchain-business","tag-business","tag-coins","tag-crypto-business","tag-cryptocurrency-business","tag-fiat","tag-metaverse-business","tag-nft-business","tag-token","tag-token-business"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/143474","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=143474"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/143474\/revisions"}],"predecessor-version":[{"id":146288,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/143474\/revisions\/146288"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/143475"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=143474"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=143474"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=143474"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}