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Shiba Inu (SHIB) Price Outlook Amid Shibarium Sentiment

Jim Smith
  • Analysis of SHIB’s Bullish Breakout
  • Shibarium launch imminent
  • Will Binance list bone?
  • Is it time to Invest in SHIB?

Shiba Inu Coin, also known as SHIB, has seen a remarkable rise over the past few months, with the coin’s price action shaped in a rounding bottom pattern. The rounding bottom way is constituted of a downfall, accumulation, and an upward trend that signifies a U-shaped recovery.

This U –shape recovery pattern can be due to the diminishing of the selling pressure, and buyers are starting to buy, thus hiking the prices. Over the past 24 hours, the Metaverse coin has soared its costs by a cumulative jump of 12%, standing at $21.3 billion.

Shiba Inu’s jump may be due to its duly listing on the crypto exchange. Earlier today XTechange, a social-infused business, announced on Twitter that it would be listing several projects, including ShibaSwapDex.

Analysis of SHIB Coin Bullish Breakout

SHIB hit a high of $0.00001551 on Saturday, the highest since November last year. On Friday, the coin dropped to lows of $0.00001232 and then hit a price ceiling of $0.00001290. Since the beginning of the year, the currency hit a low of $0.000008 and recovered with a 75.5% high.

There has been a significant inflow today, which may have been influenced by the SHIB’s builder, Unification, who has revealed progress in the layer-2 solution in their recent social blog post.

Shibarium Launch Imminent

Shibarium is a designed Ethereum-based Layer 2 network for the Shiba Inu ecosystem. The Shiba Inu community has delayed launching the layer-2 blockchain solution since last year. The layer-2 runs above the Ethereum blockchain, which the Shiba Inu ecosystem tokens utilize.

The blockchain solution, Shibarium, will hasten transactions, lower fees, bring scalability and expand the development framework. In a Twitter blog post, Shiba Inu hint launching of Shibarium before the end of this quarter. The Shibarium launch seeks to address the significant challenges to streamlining proposed adoptions. It will use BONE tokens, the tokens of Shiba DAO, to pay for transactions in the blockchain.

Will Binance List Bone?

Shiba Inu holders have petitioned Binance to kindly list the Shiba Inu token BONE on their current exchange, which has embraced support from its members. BONE, a governance token of the Shibaswap ecosystem, has 250 million tokens and is designed to be utilized by the two previous tokens in place for circulation supply.

The supporters have commented on the petition’s comment section on Twitter, and there have also been hashtags related to the coin.

Is it Late to Invest in SHIB?

Despite the coin’s recent success, many investors may wonder if there is still time to enter the market and appropriately capitalize on the meme token cryptocurrency. With the cryptocurrency market constantly evolving, it is difficult to determine the appropriate investment time.

Some experts point out that the success of SHIB highlights the demand for decentralized cryptocurrencies and the possible significant gains expected in the future. The overall soaring price of SHIB serves as a reminder of the opportunities and the involved profits in the cryptocurrency world.