Shiba Inu (SHIB/USD) went parabolic as investors reacted to the latest developments surrounding the launch of Shibarium. The SHIB token is up more than 20% in the last 24 hours. It is up more than 57% from its lowest level in December 2022. Other top-performing cryptocurrencies include STEEM, LOKA, and HIVE.
Shibarium launch ahead
Shiba Inu is a leading cryptocurrency that started in 2021 as a joke during the crypto mania. It was created to be a better alternative to Dogecoin, which had its best days when the price rose. But the two are different. Dogecoin is a coin similar to Bitcoin while Shiba Inu is an Ethereum token.
Shiba Inu price has been doing well for the past few days as investors await Shibarium’s imminent launch. Shibarum is a Layer-2 network that will solve some of the existing challenges in the network. Some of these challenges are related to speed, scalability, and cost.
Shibarium will join other popular Layer-2 networks such as Polygon, Arbitrum and optimism. Post-launch, this means other developers can build applications on top of it. In a statement, the developers said Shibarium will primarily focus on gaming, the metaverse, and non-fungible tokens (NFT). Analysts believe that the Shibarium launch will be one of the biggest crypto news of the year.
In addition to Shiba Inu, other Shiba Inu tokens will also benefit. They include belt (LEASH) and bone (BONE). According to CoinMarketCap, the two have a combined market cap of over $5 billion. Shibarium validators must lock bot to run the Heimdall validator software.
The developers also noted that Shibarium will result in more SHIB being burned as each transaction results in multiple tokens being burned. They added Which:
“The development team is currently evaluating potential gas rates for the blockchain network. Network gas rates are expected to be lower than current rates on the Ethereum mainnet.”
Shiba Inu price prediction
SHIB/USD chart by TradingView
The daily chart shows that SHIB price has been in a strong bullish trend for the past few days. It moved above the key resistance level at $0.000010, the high on December 6. The token rose above the 25-day and 50-day moving averages, while the Relative Strength Index (RSI) moved towards the overbought level. Therefore, SHIB crypto price is likely to reverse slightly and then resume the bullish trend. If this happens, it will likely retest the key support level at $0.000010.
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