Contrary to expectations, the launch of Shibarium, the much-awaited network of Shiba Inu (SHIB), failed to elevate the value of SHIB. Instead, the meme coin experienced a significant drop of over 6% in its price within 24 hours, leaving it to trade at a disappointing $0.000009225.
Shibarium’s Inability to Lift SHIB’s Value
Shibarium, the project’s most anticipated initiative to enhance the reach of the meme coin by integrating with an Ethereum Layer 2 solution, was expected to attract a larger user base and boost investments within the ecosystem. This move from Shiba Inu’s existing L1 chain to Shibarium was seen as a potential magnet for a larger user base.
Moreover, the launch of Shibarium’s mainnet was anticipated to spur the use of dog-themed tokens like BONE, TREAT, and LEASH within the Shiba Inu ecosystem. The excitement surrounding the Shibarium project was expected to have a highly positive impact on SHIB’s price. However, the reality was starkly different.
SHIB’s Price Dips despite Shibarium Launch
SHIB’s price not only failed to rise but fell by over 6% in just 24 hours, causing it to be listed on CoinMarketCap’s trending list for all the wrong reasons. This price drop left the meme coin trading at $0.000009225, alarmingly closer to its daily low of $0.000009 than its 24-hour high of $0.000009946.
Even though SHIB’s weekly performance was in the red zone at -5.97%, it managed to maintain a positive monthly performance of +19.01%. From a technical standpoint, SHIB was teetering on the key support level at $0.00000915. If SHIB fails to close above this support level, it may further decline to the 50-day EMA line at $0.00000873 in the coming days.
Future Predictions for SHIB’s Price
Continued sell pressure could further pull down the altcoin’s price to $0.00000819 in the forthcoming week. Conversely, a daily close above the aforementioned $0.00000915 support today could prepare the meme coin’s price for a rise to $0.00001075 in the next week.
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