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Breaking News: Major Win For Memecoins: SEC Affirms They Typically Do Not Qualify As Securities

Shiba Inu (SHIB) Is Up 4% As Lead Dev Teases Exact Beta Launch Date

Jake Simmons
Jake Simmons
2 years ago
2 mins read
Shiba Inu SHIB

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The second most popular meme coin on the crypto market, Shiba Inu (SHIB), is about to launch its eagerly awaited layer 2 scaling solution Shibarium.

While lead developer Shytoshi Kusama has repeatedly said in recent weeks that the launch date is not yet set but will be “soon,” he may now have leaked the beta launch date himself wrapped in a word puzzle. He revealed the decisive hint in his Twitter bio, where he writes:

Tending the Pine Tree of Life. Quickly learning to play the flute before putting Shibarium in a heart shaped box with a bow.

For the Shiba Inu community, this is an unmistakable clue that the beta version of Shibarium will be released on Valentine’s Day, February 14.

Already on January 15, Kusama had posted a prelude to his announcement, where he mysteriously stated:

During fall the tree may have only a few leaves, but then spring appears.

Luckily, Shibarium, in this context, is a Pine Tree. Still, it needs water, sunlight and proper soil. But pines survive and thrive during the harshest winters. (I also hear the needle tea is good for you.)

Shiba Inu (SHIB) Price Reacts By Moving Up 4%

Shiba Inu (SHIB) has risen almost 4% in the last 24 hours and 21% within the last week, with the price currently standing at $0.00001249. Trading volume was around $305 million within the last 24 hours, representing a -55% decrease against the previous time period.

Year-to-date (YTD), SHIB is up about 43% at the current price, the highest level since early November 2022.

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This rally has been mainly driven by two reasons: on the one hand, macroeconomic sentiment has improved substantially, giving the overall crypto market a strong boost, and on the other hand, Shibarium has provided some level of FOMO.

However, a look at the 1-week chart of SHIB reveals that the price should still be assessed as mostly bearish. In its third attempt since September 2022, SHIB’s price has failed to close above $0.000014 on a weekly basis.

The resistance zone between $0.000013 and $0.000014 has so far proved too stubborn to confirm a breakout from the bearish territory.

Shiba Inu price SHIB USD
SHIB price, 1-week chart | Source: SHIBUSD on TradingView.com

The 1-day chart shows the massive drop from the lower end of the resistance zone at $0.000013 very clearly. Currently, however, SHIB is finding support from the 200-day exponential moving average (EMA).

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Shiba Inu Price Jumps By 21%, Here’s Why

2 years ago

As signaled by the daily RSI, Shiba Inu (SHIB) is in an overbought condition. On a daily basis, the RSI remained significantly in the overbought zone, 79 at press time.

Ideally, the RSI causes investors to reduce their positions and thus initiate a price correction on a price basis. Otherwise, there would have to be a correction on a time basis, which would mean a longer sideways trend below the resistance zone.

To trigger a sustained bullish breakout on the daily and weekly charts, Shiba Inu needs to break above the $0.000014 level within the next few weeks.

Shiba Inu price SHIB USD
SHIB price, 1-day chart | Source: SHIBUSD on TradingView.com

Featured image from VOI, Charts 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.

Read more

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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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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