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Shiba Inu price went parabolic on Wednesday as it reached a high of November.
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The developers wrote about the upcoming Shibarium launch.
Shiba Inu (SHIB/USD) price went parabolic as investors reacted to the latest developments on Shibarium launch. The SHIB token jumped by more than 20% in the past 24 hours. It has soared by over 57% from the lowest level in December 2022. Other top-performing cryptocurrencies are STEEM, LOKA, and HIVE.
Shibarium launch ahead
Shiba Inu is a leading cryptocurrency that was started as a joke in 2021 during the crypto mania. It was created to be a better alternative to Dogecoin, which was having its best time as its price surged. But the two are different. Dogecoin is a coin that is similar to Bitcoin while Shiba Inu is an Ethereum token.
Shiba Inu price has done well in the past few days as investors wait for the upcoming Shibarium launch. Shibarum is a layer-2 network that will solve some of the existing challenges in the network. Some of these challenges are on speed, scalability, and costs.
Shibarium will join other popular layer-2 networks like Polygon, Arbitrum, and Optimism. After launch, it means that other developers will be able to build applications on top of it. In a statement, the developers said that Shibarium will mostly focus on gaming, the metaverse, and non-fungible tokens (NFT). Analysts believe that the Shibarium launch will be one of the biggest crypto news of the year.
In addition to Shiba Inu, other Shiba Inu tokens will also benefit. They include leash (LEASH) and bone (BONE). According to CoinMarketCap, the two have a combined market cap of more than $5 billion. Shibarium validators will need to lock up bone to run the Heimdall validator software.
The developers also noted that Shibarium will lead to more SHIB being burned since each transaction will lead to several tokens being burned. They added that:
“The development team is currently evaluating potential gas fee rates for the blockchain network. The network’s gas fees are expected to be lower than the current fees on the Ethereum mainnet.”
Shiba Inu price prediction
The daily chart shows that the SHIB price has been in a strong bullish trend in the past few days. It moved above the important resistance level at $0.000010, the highest point on December 6. The token has surged above the 25-day and 50-day moving averages while the Relative Strength Index (RSI) moved to the overbought level. Therefore, the SHIB crypto price will likely retreat slightly and then resume the bullish trend. If this happens, it will likely retest the key support level at $0.000010.