The altcoin market is following the major cryptocurrencies in their recent rally. Shiba Inu (SHIB) is one of the tokens that maintained a solid performance over the past week.
According to Coin Gecko, SHIB is up 19.5% in the weekly time frame and 47% in the monthly at the time of writing. This strong growth has been fueled by external factors as well as the imminent launch of Shiberium, an ecosystem upgrade that will bring a list of features to it. Shabbarmi.
Who let the dogs out?
The pseudonymous chief developer of the Shiba Inu meme coin, Shitoshi Kasama, has been constantly teasing the release of Shibarium since the beginning of the year. The price went up because of the nearness of the upgrade.
As the Shiba Inu community excitedly anticipates the beta release of Shiberium, Kusama is promoting the notion that the release of the Layer 2 scaling solution may be closer than previously thought.
SHIB’s core developer tweeted a link to the official Shibirium Telegram handle and instructed fellow SHIB developer Trofias to “open the chat”.
Shabirim The upgrade will leverage the security of the Ethereum network while increasing Sheba Inno’s ability to handle transactions. This will significantly reduce fees while making the network faster and more efficient.
It will also offer efficiencies as the upgrade will mean more SHIB tokens will be burned. According to the SHIB burn tracker, as of January 21, the total number of SHIB burned is over 410 trillion. Track Sheba.
with the Beta launch With the network upgrade being used as an introduction to Shiberium’s features, SHIB’s price is expected to continue to rise over the next few days.
SHIB’s next target should be at this level.
The token’s current price movement is a result of hitting the $0.00001293 resistance. As of writing, SHIB may suffer some short-term pain as resistance proves difficult for SHIB bulls. In the coming days, bears may be able to test the token’s current support at $0.00001184.
If the bears ever break this support, pain in the medium term will be inevitable as the bears will have access to the $0.00000968 support which, if broken, will take the token back to pre-2023 price levels.
Investors and trades should target $0.00001293 resistance after strengthening above $0.00001184. This will reduce any downward pressure on the token, giving SHIB bulls legroom for an explosive upward move.
SHIB total market cap at $6.6 billion on the weekend chart | Chart: TradingView.com
For now, investors and traders should focus on strengthening the current rally for continuation. With Shiba Inu’s high correlation to Bitcoin, Kingcoin’s price movements will also cause ripples with SHIB’s price movements.
Bitcoin movement should also be monitored as any movement by BTC will be reflected in SHIB price.
Featured image: Coinpedia
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