Down by nearly 9% in the past 24 hours, Shiba Inu is currently trading at $0.00000935
With the launch of Shibarium, an Ethereum layer-2 network, Shiba Inu will provide a real-world use case, as the blockchain focuses on DeFi and gaming and will use SHIB tokens as fees. Shytoshi Kusama, Shiba Inu’s lead developer, commanded attention during his speech at the Blockchain Futurist Conference in Toronto. Commending the ‘Shiba Army,’ he accentuated the value of the community behind Shiba Inu and the collaborative efforts they bring to the decentralized space.
Shibarium is the designated Ethereum layer-2 solution developed by the Shiba Inu team to provide cheaper and faster transactions using SHIB as the fee token. However, the functionality of the Shibarium bridge has quickly been questioned as users who tried to utilize the Shibraium bridge upon launch reported needing help accessing their funds on the new chain. At the time of writing, a combined total of $1.7 million (945 ETH) in users’ funds are currently stuck in the bridge.
All this resulted in the Shiba Inu price crash. Down by nearly 9% in the past 24 hours, the altcoin is currently trading at $0.00000935. With every red candlestick, the meme coin is losing the potential for recovery with price indicators, including Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD).
The relative strength index exhibited a substantial increase last week, followed by a dip, yet it’s now steadily climbing towards 70, currently positioned at 67. Concurrently, the price has broken above SHIB’s 50-day moving average at $0.00000823, surpassing its 200-day moving average at $0.00000983.
Moreover, the 200-day moving average has proven its resilience by prompting a price rebound for SHIB, potentially propelling the value toward its next resistance level at $0.00001409. This development has emboldened the bullish market sentiment, empowering buyers and increasing prices.
Amidst the price decline, whale activity picked up pace. Sentiment analysts noted that large wallet investors are attempting to capitalize on discounted prices, with notable activity in Shiba Inu.
