Shibarium beta is about to launch- Here’s everything SHIB holders should know

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  • The pro­posed launch of Shibar­i­um con­tributed to improved sen­ti­ment toward SHIB.
  • Investors, how­ev­er, might be run­ning out of patience. 

The pro­posed launch of the much-await­ed layer‑2 blockchain Shibar­i­um and the ongo­ing bull run in the gen­er­al mar­ket has led to a growth in Shi­ba Inu’s [SHIB] price and has result­ed in an improved sen­ti­ment since the year began, a new report from San­ti­ment showed. 


Read Shi­ba Inu’s [SHIB] Price Pre­dic­tion 2023–24


Shibar­i­um is a lay­er 2 blockchain built atop the Ethereum net­work and designed to be pow­ered by the Shi­ba Inu ecosys­tem tokens, which include SHIB, LEASH, and BONE.

While the launch date for the lay­er 2 net­work remains unknown, the project’s devel­op­ers have kept the com­mu­ni­ty informed that the beta ver­sion of the net­work will be deployed soon.

Do not be deceived

Fol­low­ing a tumul­tuous close to the 2022 trad­ing year, SHIB’s val­ue has ral­lied tremen­dous­ly since the year began. Accord­ing to data from Coin­Mar­ket­Cap, the meme coin’s price has grown by 48% since 1 Jan­u­ary. At its cur­rent price of $0.00001203, the alt­coin trad­ed at its pre-FTX col­lapse level. 

An assess­ment of SHIB’s per­for­mance on the dai­ly chart revealed that the meme coin had seen increased demand in the past few weeks, caus­ing coin accu­mu­la­tion to ral­ly to lev­els last since before FTX’s fall­out in Novem­ber 2022.


How many SHIBs can you get for $1?


As of this writ­ing, SHIB’s Rel­a­tive Strength Index (RSI) was in an uptrend at 68.62. Like­wise, its Mon­ey Flow Index (MFI) was 73.59. These indi­ca­tors have been in an uptrend since the year start­ed, indi­cat­ing that coin accu­mu­la­tion has since grown.

Although the price of the alt­coin had been on the rise, an assess­ment of SHIB’s Chaikin Mon­ey Flow (CMF) showed that the dynam­ic line (green) embarked on a down­trend since 17 January.

This cre­at­ed a bear­ish diver­gence which often hints at a sell sig­nal. A CMF sell-sig­nal presents itself when an asset’s price action devel­ops a high­er high into over­bought zones, with the CMF diverg­ing with a low­er high and begin­ning to fall. 

The bear­ish diver­gence in SHIB’s mar­ket showed that the under­ly­ing mar­ket con­di­tions did not sup­port the asset’s price increase, and a poten­tial rever­sal was imminent. 

A look at the alt’s AROON indi­ca­tor con­firmed the weak­ness of the bull­ish trend in the cur­rent SHIB mar­ket. At press time, the Aroon Up line was spot­ted at 28.57%.

Typ­i­cal­ly, when the Aroon Up line is close to zero, the uptrend is weak, and the most recent high was reached a long time ago. This is usu­al­ly tak­en as an indi­ca­tion of a poten­tial trend reversal.

Source: SHIB/USDT on TradingView



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