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Shibarium Is Live And Scaling, What's Ahead For Shiba Inu Price?
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Shibarium Is Live And Scaling, What’s Ahead For Shiba Inu Price?

Jake Simmons
Jake Simmons
1 year ago
3 mins read
Shiba Inu Shibarium

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In a new blog post today, Shytoshi Kusama, the lead developer of Shiba Inu, announced that Shibarium is now live and scaling optimally. Kusama stated, “Shibarium is LIVE and operating well! Now that we’ve proven that all funds are safu (as we said), and that Shibarium is ready for prime time, we will reopen our channels.”

As per the latest statistics, the network has already amassed over 65,000 wallets and has processed 350,000 transactions. The diversity of tokens deployed on Shibarium is evident, with Kusama noting a mix of “fun, unusual, and sometimes offensive tokens.” He optimistically added, “Within these thousands of tokens, we will see which will rise to the top.”

Kusama also took a moment to reflect on the resilience and determination of the Shiba Inu community, quoting Ryoshi, “Those who build in the bear market, will win in the bull market.” He expressed profound gratitude to the Polygon team, specifically mentioning Sandeep Naiwal, for their unwavering support during challenging times.

“Quickly after the incident began, I called Sandeep from Polygon directly and without a second thought, he helped provide additional resources to ensure a perfect outcome to the situation,” Kusama revealed. The SHIB lead dev also highlighted that it is by design that the SHIB, Leash, WEth withdrawals through the bridge take at least 2 checkpoints (45 minutes to 3 hours), and BONE withdrawal will take up to 7 days.

Related Reading

BONE Shiba Inu Shibarium

Shibarium Launch Proves Positive As Shiba Inu-Based BONE Celebrates New Milestone

1 year ago

According to data from Shibariumscan.io, the network processed 132,739 transactions on August 25, marking its highest activity since its public restart on August 24. However, the network did experience a decline in transactions over the weekend, recording 78,870 transactions on Saturday and 40,433 on Sunday.

It’s worth noting that Shibarium’s initial launch on August 16 encountered issues that halted block production. However, the team appears to have resolved these issues, setting the stage for what could be a transformative period for the Shiba Inu ecosystem.

SHIB Price Analysis

The Shiba Inu token (SHIB) has been on a rollercoaster ride, especially in the wake of Shibarium’s initial troubled launch. After reaching a 4-month high of $0.00001134 on August 12, the token’s price plummeted. Currently, SHIB is trading below all major daily moving averages, with the 50-day EMA acting as a formidable resistance level.

Related Reading

Shiba Inu whale

Shiba Inu Whale Buys 708 Billion SHIB, Sparks Speculation Of Price Recovery

1 year ago

Over the past 11 days, there have been three failed attempts to break above the 50-day EMA. This has led to a series of five red daily candles, indicating bearish sentiment. Most recently, SHIB fell below the 61.8% Fibonacci retracement level at $0.00000805. At press time, SHIB stood at $0.00000795.

Shiba Inu price
SHIB price below 61.8% Fibonacci, 1-day chart | Source SHIBUSD on TradingView.com

The relaunch of Shibarium could serve as a catalyst for SHIB’s price. With new use cases and potential for increased SHIB burns, the bulls may find new strength in the coming days.

However, the path to recovery is fraught with resistance levels that need to be overcome. These include the 61.8% Fibonacci level at $0.00000805, the area between the 100-day EMA at $0.00000867 and the 50% Fibonacci level at $0.00000869, and further up, the 200-day EMA at $0.00000932 and the 38.2% Fibonacci level at $0.00000931.

In summary, while the successful relaunch of Shibarium is a positive development, SHIB’s price has multiple hurdles to clear before a bullish trend can be confirmed. The coming days will be crucial in determining whether Shibarium’s operational success can translate into upward momentum for SHIB.

Featured image from Shiba Inu Ecosystem, chart from TradingView.com
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Jake Simmons
Jake Simmons

Jake Simmons

Jake Simmons, a dedicated crypto journalist, has been passionate about Bitcoin since 2016 when he first learned about it. Through his extensive work with NewsBTC.com and Bitcoinist.com, Jake has become a trusted voice in the crypto community, guiding newcomers and seasoned enthusiasts alike towards a deeper understanding of this dynamic field.

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His mission is simple yet profound: to demystify Bitcoin and cryptocurrencies and make them accessible to everyone.
With a professional career in the Bitcoin and crypto scene that began right after graduating with a degree in Information Systems in 2017, Jake has immersed himself in the industry. Jake joined the NewsBTC Group in late 2022. His educational background provides him with the technical prowess and analytical skills necessary to dissect complex topics and present them in an understandable format. Whether you are a casual reader curious about Bitcoin or an investor seeking to navigate the latest market trends, Jake’s insights offer valuable perspectives that bridge the gap between complex technology and everyday usage.

Jake is not just a reporter on technological trends; he is a firm believer in the transformative potential of Bitcoin over traditional fiat currencies. To him, the current financial system is on the brink of chaos, propelled by unchecked government actions and flawed Keynesian economic policies. Drawing from the principles of the Austrian school of economics, Jake views Bitcoin not merely as a digital asset but as a crucial step towards rectifying a failing monetary system. His libertarian views reinforce his stance that just as the church was separated from the state, so too should money be freed from governmental control.

For Jake, Bitcoin represents more than just an investment; it's a peaceful revolution. He envisions a future where Bitcoin fosters a sustainable and responsible financial framework for generations to come. His advocacy is not about opposition but about evolution, about laying the groundwork for a system that prioritizes transparency and equity over secrecy and inequality.

As a journalist, Jake’s articles are crafted with the precision of a scholar and the passion of a true believer. He provides not only news but also thoughtful analysis that connects the dots between daily developments and larger economic theories. His work is a beacon for those lost in the technical jargon often associated with crypto discussions, illuminating the practical implications and benefits of these technologies.

In summary, Jake Simmons is not just reporting on a revolution; he wants to be part of it, fully committed to enhancing public understanding and adoption of Bitcoin and cryptocurrencies. His work is more than just a collection of articles; it’s a resource, a guide, and a companion for anyone ready to explore the potential of this digital frontier. Whether you are taking your first steps into crypto or are a veteran looking to stay on top of the latest trends, Jake’s insights provide clarity and foresight in an often unpredictable industry. Join him on this journey to reshape the world of finance, one post at a time.

You can engage with his latest takes on Twitter: @realJakeSimmons.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
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