The Shiba Inu (SHIB) community is looking forward to the launch of Shibarium, a layer-2 blockchain that will use SHIB as its native token.
SHIB holders had 16 positive, 10 negative, and four neutral days in the last 30 days, according to data retrieved by Finbold. SHIB’s price is also going to its seventh positive week in a row, all considering the variation between the opening and closing prices in each given range.
On August 5, SHIB crossed the 200-day exponential moving average (200 EMA), after being traded for over five months (since March 3) below this important technical analysis (TA) indicator for long-term price trends.
Source: TradingView
Crossing the 200 EMA after five months shows a positive shift in sentiment for Shiba Inu investors and traders, which could be related to Shibarium’s expected launch date, set for the end of August.
However, Shibarium was first expected to have been launched in May, then this week — between August 15-16 — followed by the last launch prediction re-set to August’s last week, according to Shiba Archives Twitter (X) account.
JUST IN: $SHIB is launching #Shibarium in 2 weeks.
— Shiba Archives (@ShibaArchives) August 11, 2023Shibarium and DEX activity
The Layer-2 (L2) blockchain for Ethereum will compete with other L2s, such as Arbitrum (ARB), Optimism (OP), and Base (by Coinbase); to provide faster and cheaper transactions to the Ethereum ecosystem. Shibarium will have a decentralized exchange (DEX), a metaverse, and blockchain games, such as Shiba Eternity.
According to data retrieved by Finbold from DefiLlama, only around 0.15% of all SHIB’s market cap is used in Decentralized Exchanges (DEX), such as ShibSwap (BONE) and Uniswap v3 (UNI). ShibSwap has $8.4 million, and Uniswap v3 has $1.32 million in SHIB.
While most of its tokens are being held and traded in Centralized Exchanges (CEX), such as Binance and Crypto.com, which together hold over 20% of Shiba Inu’s market cap.
The launch of Shibarium could change how the token is mostly exchanged in the future, contributing to a more decentralized distribution of the ecosystem.
SHIB price analysis
Right now, Shiba Inu is changing hands at the price of $0.0000105, demonstrating an increase of 0.16% on the day, as per the latest data retrieved on August 14, by press time. SHIB is also showing over 30% gains in the last 30 days.
According to this analysis, if Shiba Inu had Dogecoin’s market cap of $10.6 billion, 1 SHIB would be worth $0.000011, for an upside of around 45% over current prices, considering a projection based on SHIB’s fully diluted market cap of $10.2 billion.
All things considered, Shibarium could indeed have a major effect on the price of Shiba Inu, although the quantity of this effect will further depend on the general sentiment on the wider crypto market, the increase in the token’s demand, and other developments or positive news surrounding the SHIB ecosystem.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
