Despite Shibarium’s Efforts, SHIB’s Value Drops by Over 6%

• Shiba Inu (SHIB) experienced a significant decline in trading value recently.
• The decline occurred despite the anticipated launch of SHIB’s Shibarium network.
• Shibarium aims to expand the meme coin’s reach with an Ethereum Layer 2 solution.

Shiba Inu managed to secure a position on CoinMarketCap’s trending list, albeit only for a reason most investors would have preferred. Contrary to expectations surrounding the much-awaited launch of SHIB’s Shibarium network, the meme cryptocurrency experienced a significant decline in its trading value over the previous day.

Shibarium, the project’s highly anticipated initiative, aims to expand the meme coin’s reach by incorporating an Ethereum Layer 2 solution. This strategic move is expected to draw a more extensive user base and stimulate greater investment within the ecosystem.

Transitioning from Shiba Inu’s existing L1 blockchain to Shibarium could broaden its user base. Furthermore, introducing Shibarium’s mainnet will likely stimulate the use of canine-inspired tokens such as BONE, TREAT, and LEASH within the Shiba Inu crypto ecosystem.

The anticipation and buzz around the Shibarium project were expected to bolster the value of SHIB significantly. However, the outcome was contrary to expectations. SHIB found itself on CoinMarketCap’s trending list due to a decline in its price by over 6% in just the last 24 hours.

The meme cryptocurrency was trading at $0.000009225, nearing its daily low of $0.000009, rather than its 24-hour peak of $0.000009946. Despite SHIB’s weekly performance dipping into the negative territory at -5.97%, it managed to uphold a positive monthly performance, registering a gain of +19.01%.

Technically speaking, SHIB was hovering at the crucial support level of $0.00000915 at the time of reporting. This came after a breach below the 9-day and 20-day EMA lines within the last 48 hours. Should SHIB’s price be unable to conclude today’s daily trading above the existing support level, it could potentially pull back to the 50-day EMA line at $0.00000873 in the forthcoming days.

Persistent selling pressure could push the altcoin’s value to a low of $0.00000819 in the week ahead. Conversely, should the altcoin close above the previously mentioned support level of $0.00000915 today, it could pave the way for the meme coin’s price to reach $0.00001075 in the subsequent week.