This cryptocurrency, Shiba Inu dog-inspired logo, has garnered significant attention in the crypto community.\u00a0As the highly anticipated Shibarium launch draws near, Shiba Inu (SHIB) is riding on bullish momentum.\u00a0<\/p>\n
In terms of the 7 days price gain, the meme coin is outperforming other notable assets like Bitcoin (BTC), Ethereum (ETH), XRP, and Dogecoin (DOGE), representing less than 1% price increase. Investors and enthusiasts are now considering whether to buy in as the project\u2019s new development unfolds.\u00a0<\/p>\n
A recent examination of on-chain data by IntoTheBlock exposed<\/a> a remarkable rise in transactions related to SHIB ranging from $100,000 to $1 million, demonstrating an astounding surge of 300% over the last month. The current upward movement can also be linked to a post by the main developer<\/a>, Shytoshi Kusama, on July 31.<\/p>\n Related Reading: Solana Cuts Saga Price By 40%, But Case For New SOL Yearly High Increases<\/a><\/p>\n He stated that the launch of Shibarium is fast approaching, prompting the need to \u201cmint the remaining supply of BONE and renounce the BONE contract.\u201d<\/p>\n Recall that the lead developer of Shiba Inu, Shytoshi Kusama, mentioned in a blog post<\/a> on July 6 that the team plans to talk about and maybe launch Shibarium, the awaited layer 2 technology, at the ETHToronto and ETHWomen hackathons in Canada in August 2023.\u00a0<\/p>\n He also shared a statement<\/a> directly on the X application: \u201cHere\u2019s a math equation for those who like math.\u00a0I won\u2019t make it long: Shib > X.\u201d Going by his timeline, the eagerly anticipated release of the Layer 2 Shibarium will be on August 15-16 as part of the ETH Toronto event.\u00a0<\/p>\n Launching the long-awaited Shibarium will likely boost investors\u2019 interest and hype within the Shiba Inu ecosystem. After Shibarium is launched, more people could want to invest in the $SHIB token, as it might create a new wave of excitement.<\/p>\n As the Shibarium launch nears, the coin experienced bullish sentiment evident in the 4-green candles on the daily chart. According to the chart, SHIB\/USDT has approached the upper Bollinger Bands indicator, suggesting a high bullish pressure.\u00a0<\/p>\n The upper Bollinger Band is a resistance level, indicating that the coin\u2019s price might be challenging to sustain further upward movement without a pullback.\u00a0A breach of the upper Bollinger Band could signal a continuation of the uptrend, but if the price fails to break through and starts to decline, it might indicate the beginning of a retracement.\u00a0<\/p>\n With the RSI level at 69, the coin\u2019s price might hover in the overbought territory, suggesting a potential slowing down or a reversal.\u00a0However, the MACD above the signal line indicates positive momentum and potential upward movement.\u00a0<\/p>\n So the RSI indicates that the coin might be due for a corrective pullback, but the MACD suggests there is still buying interest.\u00a0<\/p>\n Considering the analysis, the coin could observe a period of consolidation or a minor dip before a potential continuation of the upward trend.\u00a0Traders should closely monitor price action, especially around key support levels at $0.0000077, and be prepared for potential short-term volatility.<\/p>\n As of today, Shiba Inu\u00a0is trading at $0.00000105. According to CoinGecko statistics<\/a>, it has advanced by 18% & 24% over the last 7 and 14 days, respectively.<\/p>","protected":false},"excerpt":{"rendered":" <\/p>\n This cryptocurrency, Shiba Inu dog-inspired logo, has garnered significant attention in the crypto community.\u00a0As the highly anticipated Shibarium launch draws near, Shiba Inu (SHIB) is riding on bullish momentum.\u00a0<\/p>\n In terms of the 7 days price gain, the meme coin is outperforming other notable assets like Bitcoin (BTC), Ethereum (ETH), XRP, and Dogecoin (DOGE), representing less than 1% price increase. Investors and enthusiasts are now considering whether to buy in as the project\u2019s new development unfolds.\u00a0<\/p>\n A recent examination of on-chain data by IntoTheBlock exposed<\/a> a remarkable rise in transactions related to SHIB ranging from $100,000 to $1 million, demonstrating an astounding surge of 300% over the last month. The current upward movement can also be linked to a post by the main developer<\/a>, Shytoshi Kusama, on July 31.<\/p>\n Related Reading: Solana Cuts Saga Price By 40%, But Case For New SOL Yearly High Increases<\/a><\/p>\n He stated that the launch of Shibarium is fast approaching, prompting the need to \u201cmint the remaining supply of BONE and renounce the BONE contract.\u201d<\/p>\n Recall that the lead developer of Shiba Inu, Shytoshi Kusama, mentioned in a blog post<\/a> on July 6 that the team plans to talk about and maybe launch Shibarium, the awaited layer 2 technology, at the ETHToronto and ETHWomen hackathons in Canada in August 2023.\u00a0<\/p>\nTechnical Indicators Signal Bullish Momentum<\/h2>\n
SHIB Price Gains Momentum As Shibarium Nears<\/h2>\n