The Shiba Inu team has created an exciting buzz in the SHIB community as investors are waiting for the highly anticipated launch of Shibarium, which is a layer-2 scaling solution promising lightning-fast speed, minuscule fees, and seamless scalability.
According to market analysts, Shibarium will become a game-changer in driving the SHIB’s price to its bullish goals in no time. However, the launch of Shibarium, which was projected to be on Valentine’s day, now seems too far. The lead developer Shytoshi Kusama clarified that Shibarium has no exact launch date as its release is not an on-off switch.
Shiba Inu Witnesses Massive On-Chain Movements
Shiba Inu’s price has been on fire lately as the meme coin is leading the charge in making head-turning movements in the crypto market. In the last 7 days, SHIB traders witnessed a burn of 102 million tokens, per the Shibburn tracker.
Overall, the burn rate is the ultimate indicator of a cryptocurrency’s pulse on the market. In the past 48 hours, SHIB has been making records with a phenomenal increase of over 1,000% in its daily burn rate. This is a clear sign that the SHIB ecosystem is thriving and healthy, making it a force to be reckoned with in the crypto world.
Though Shiba Inu’s trading volume witnessed a 50% surge, the profitability of the meme coin saw a decline of 16%, making it less preferable among investors. Moreover, the recent downward trend with extreme volatility has developed concerns regarding SHIB’s upcoming price trend, leaving investors on the dark side ahead of the Shibarium launch.
What Is Waiting For SHIB Price?
The SHIB token has formed a solid red candle in the last 24 hours as it experienced intense selling pressure amid SEC’s crackdown on crypto. The meme coin may continue its downtrend if it comes over a bearish divergence with profitability.
As of writing, SHIB’s price trades at $0.00001243 with a decline of over 5%. Looking at the daily price chart, SHIB is experiencing a major bearish rally and heading toward its immediate support level.
Shiba Inu is currently forming a triangle pattern, and it may retest its support below the 61.8% Fib retracement level at $0.000007. If the SHIB price holds above this support, it may rebound and spark a bullish trend to its monthly resistance line at $0.000031.
However, a short-term bearish rally is expected if SHIB drops below $0.000012 and tumbles near the EMA-100 region. Moreover, the Stoch RSI has more room to continue this downtrend as it has not reached the final bottom.
