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Shiba Inu Continues Work on Shibarium Network: How Will SHIB Price Be Affected?

  • The Shiba Inu team is working to keep Layer 2 operational but has faced some challenges, notably a significant surge in network activity immediately after the launch of Shibarium.
  • The Shibarium team has scaled the server infrastructure by 1500% and upgraded high-level metal infrastructure in collaboration with a decentralized team and validators to keep Layer 2 operational.
  • While Shibarium developers work to ensure scalability, SHIB investors have continued to sustain losses. SHIB price has dropped over 3% in the last 24 hours.

Shiba Inu’s Shibarium network has stirred discussions since its release, not only due to the value it adds to the blockchain but also due to various speculations and rumors.

Shibarium Network Leads to Controversy

shiba-inu-shib

The Shiba Inu team is working to keep Layer 2 operational but has faced some challenges, notably a significant surge in network activity immediately after the launch of Shibarium. In a recent blog post, Shiba Inu stated that they have increased their scaling efforts.

According to the latest blog post, Shiba Inu has rebooted, tested, and launched the blockchain in multiple ways to scale it. The Shibarium team has scaled the server infrastructure by 1500% and upgraded high-level metal infrastructure in collaboration with a decentralized team and validators to keep Layer 2 operational.

Additionally, the team has collaborated with various blockchain experts to ensure traffic support and management. In another recent blog post, the team emphasized focusing on ensuring excellent security measures and conducting in-depth testing on the blockchain. Shibarium is currently producing blocks as usual but is operating in private mode.

SHIB in the Red Zone

While Shibarium developers prepare for scalability, SHIB investors have continued to sustain losses. SHIB price has dropped over 3% in the last 24 hours. At the time of writing, SHIB was trading at $0.00000808, with a market capitalization over $4.9 billion, making it the 15th largest cryptocurrency. The price drop has generated negative sentiment around the token.

This is also evident from LunarCrush data, indicating a 40% drop in Shiba Inu’s bullish sentiment in the last 24 hours. Additionally, the token’s Altrank increased to 523, which is a typical bearish signal.

SHIB-bullish-sentiment

However, it’s worth noting that SHIB’s exchange reserves have also decreased, indicating that the token might not be under significant selling pressure.

When examining SHIB’s daily chart, some indicators suggest that investors might need to anticipate a potential rise in the token’s price. The MACD indicates a significant downtrend in the market.

Shiba Inu’s Relative Strength Index (RSI) and Chaikin Money Flow (CMF) continue to stay below neutral levels, signifying another bearish signal that could limit a potential price increase.

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Lucien Renard
Lucien Renardhttps://en.coinotag.com/
Lucien Renard is a 24-year-old writer specializing in cryptocurrency analysis and price action. With a focus on technical analysis, Lucien provides valuable insights into market trends and potential opportunities for investors.
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