Wednesday, February 1, 2023
HomeCrypto NewsShiba InuLack of Shibarium Updates Causes a Drop in Shiba Inu Prices

Lack of Shibarium Updates Causes a Drop in Shiba Inu Prices

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Despite yesterday’s loss of 6.67%, the Shiba Inu value is still 41% higher than when the year began.

Despite a recent adverse turn of events brought on by the broader market headwinds, Shiba Inu (SHIB) still holds above its basic support levels.

Shibarium’s recent lack of meaningful updates has tempered positive sentiments, leaving the asset vulnerable to bearish swings.

SHIB’s intraday performance on Tuesday was the worst in more than a month, and the asset finished the day with a sharp fall of 6.67%. 

This followed a modest fall of 0.08% on Monday, marking the first instance of a second straight losing session for SHIB this year. 

Despite these unfavorable fluctuations, the asset has maintained its position above $0.000011.

Updates on Shibarium

The Shiba Inu layer-2 solution, Shibarium, received one of its most recent significant updates on January 15. 

The development team published a blog post that included further details on the impending L2 network. 

The Shiba Inu community was excited by a few of the highlighted qualities.

When they published the post, the Shiba Inu team revealed that they would launch Shibarium Beta shortly. 

Additionally, they affirmed that Shibarium would enable users to mint NFTs tailored to particular chains. 

The post also revealed plans to create a SHIB burn portal for Shibarium, proving that the L2 network will support SHIB burns.

The development team also described how community members might become delegators and validators on Shibarium amid these exciting revelations. 

Additionally, Ledger, a top creator of crypto security infrastructure, recently declared that supporting Shibarium is on its roadmap. 

In addition, the chief creator of SHIB, Shytoshi, created a Telegram channel for upcoming Shibarium updates.

Shiba Inu Trading

Despite these revelations, the L2 network’s progress has stagnated this week, leaving SHIB vulnerable to the general market trend. 

Nevertheless, EMAs tend to be positive, and the asset trades above the 100-day EMA.

Shiba Inu is now trading at $0.00001142, down 5.71% over the previous 24 hours, as of the time of writing. 

SHIB is trying to surpass the pivot point at $0.00001143 at the current price, which would provide sufficient positive momentum to propel it to the first significant resistance at $0.00001221. 

SHIB can test its second resistance at $0.00001274 on a bullish run.

But if the bears take over today, SHIB might get punched to its first significant support level at $0.00001066. 

If this level were to drop, the second support, at $0.00001012, would come into play. 

This is a crucial mark for SHIB since a decline below it might result in levels at $0.00000881.

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