- The hype surrounding Shibarium was supposed to boost SHIB’s price, but the opposite happened.
- Over the past 24 hours alone, SHIB’s price decreased by more than 6%, which left it trading at $0.000009225.
- From a technical standpoint, SHIB was resting on the key support level at $0.00000915 at press time.
Shiba Inu (SHIB) was able to claim a spot on CoinMarketCap’s trending list, but not for the reason most traders were hoping for. Despite the launch of SHIB’s highly-anticipated Shibarium network, the meme coin suffered a substantial loss during the past day of trading.
#PeckShieldAlert #Shibarium #ShibaInu $SHIB has dropped -7% pic.twitter.com/rHUTBj6E8q— PeckShieldAlert (@PeckShieldAlert) August 17, 2023
Shibarium is the project’s most anticipated effort to broaden the meme coin’s influence by integrating with an Ethereum Layer 2 solution. This is predicted to enable the attraction of a larger user base and increased investment within the ecosystem.
Shifting from Shiba Inu’s current L1 chain to Shibarium has the potential to attract a larger user base. Additionally, the mainnet launch of Shibarium will encourage the utilization of dog-themed tokens such as BONE, TREAT, and LEASH within the Shiba Inu ecosystem.
All of the excitement surrounding the Shibarium project was supposed to have a tremendously positive effect on the price of SHIB, but the opposite happened. SHIB ended up on CoinMarketCap’s trending list because its price slipped by more than 6% over the past 24 hours alone.
This left the meme coin trading hands at $0.000009225, which was closer to its daily low of $0.000009 than its 24-hour high of $0.000009946. SHIB’s weekly performance was also in the red zone at -5.97%, but it was able to maintain a positive monthly performance of +19.01%.
Daily chart for SHIB/USDT (Source: TradingView)
From a technical standpoint, SHIB was resting on the key support level at $0.00000915 at press time. This followed a break below the 9-day and 20-day EMA lines in the past 48 hours. If SHIB’s price fails to close today’s daily candle above the current support level, then it may retrace to the 50-day EMA line at $0.00000873 in the next couple of days.
Continued sell pressure may then drag the altcoin’s price down to $0.00000819 in the upcoming week. On the other hand, a daily close above the aforementioned $0.00000915 support today may set the meme coin’s price up for a move to $0.00001075 in the following week.
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