- Shiba Inu cryptocurrency undergoes consolidation, potential breakthrough could boost price.
- Trading volume for Shiba Inu declines, sellers pushing price downwards.
- Introduction of Shibarium expected to catalyze price upswing in Shiba Inu and other tokens.
Shiba Inu, the cryptocurrency renowned for its canine-themed branding, is currently undergoing a period of consolidation, as indicated by the daily chart displaying a price range spanning from $0.00000724 to $0.00000812. Nevertheless, industry experts are speculating that a potential breakthrough beyond the key resistance level within this consolidation phase has the potential to propel the price of the Shiba Inu coin to new heights.
According to industry experts, investors in Shiba Inu cryptocurrency should exercise patience until the coin’s price demonstrates consistent upward momentum, signaling the end of the consolidation phase. It is important to note that the trading volume for Shiba Inu has experienced a decline of 2.30% during the intraday trading session, as reported by Coinmarketcap. This suggests sellers are actively attempting to push the coin’s price downwards.
The projected rebound is intricately linked to the eagerly awaited introduction of Shibarium, a layer 2 blockchain solution that has garnered significant attention. Layer 2 pertains to off-chain systems constructed on layer 1 protocols, effectively mitigating scalability concerns and diminishing transaction costs. Following a Toronto conference in August, Shibarium is poised to debut, aiming to consolidate numerous off-chain transactions into a solitary layer 1 transaction, thereby reducing data burden and fees. Seasoned analysts also anticipate that the release of Shibarium will catalyze a substantial price upswing in other tokens, including Unification (FUND).
In his recent blog post, Shytoshi Kusama emphasized the upcoming event as a prime occasion to showcase the fully developed World paper, introduce exciting Shib-branded initiatives, and offer comprehensive insights into the highly anticipated TREAT release. Furthermore, Kusama conveyed his positive outlook on engaging in discussions and revealing the long-awaited L2 Shibarium during the conference.
In a recent development concerning the Shiba Inu ecosystem, Lucie, a marketing specialist, has provided a significant update for holders of the Shiba Inu ecosystem token Doge Killer (LEASH). Lucie has underscored the importance of LEASH holders securing prominent positions within the Shiba Inu Discord channel, specifically in anticipation of the forthcoming Shibarium mainnet launch. This strategic move aims to ensure optimal readiness and participation from LEASH holders in this highly anticipated event.
At the time of writing, the price of Shiba Inu (SHIB) is currently valued at $0.000008, with a significant 24-hour trading volume of $85,505,873. Shiba Inu has achieved an impressive rank of 19 on CoinMarketCap, surpassing its close competitor Stellar (XLM), and boasts a live market cap of $4,585,128,953. The circulating supply of SHIB coins stands at a substantial 589,346,914,631,298.
Disclaimer: The insights, perspectives, and data presented in this price analysis are published in good faith. Readers must conduct their own research due diligence. Any decision made by the reader is solely their responsibility, and Crypto Outlooks shall not be held responsible for any consequential or incidental harm or loss.
