The Shiba Inu ecosystem has been under extreme pressure in recent weeks as a wave of controversy dealt a blow to the confidence of investors in the ecosystem.

From speculation that the Shibarium testnet chain is the same as Rinia’s, to BitBoy accusing Shytoshi Kusama as being Sam Bankman-Fried, fear, uncertainty, and doubt about the ecosystem worsened. 

However, investors seem thrilled about the recent release of the Shibarium testnet called PuppyNet. This overcame the FUD surrounding the ecosystem, showing investors that SHIB is resilient even with the odds stacked against them.

However, the confidence seemed to be shaken with CoinGecko showing SHIB shedding more than 6% in the weekly timeframe. 

Burn Rate Falls By Nearly 70% This Week 

The burn rate for Shiba Inu has been in decline following the token’s price drop in the past couple of weeks. ShibBurn, a dedicated Twitter account for tracking the burn rate of SHIB, recently took note of a 70% decline in burn rate in the weekly timeframe. This already recovered to a general decline of 63%, but it remains a problem in the long term. 

This followed the FUD surrounding the ecosystem which worsened with the recent accusations around Shibarium and Shytoshi. Despite this, the Shiba Inu community still seems bullish on Shibarium with Shytoshi reassuring the community. 

At $0.00001055, Should Shiba Inu Investors Worry?

As of writing, the token is currently trading at a very narrow range. If the token breaks through $0.00001077, SHIB can target $0.00001192 with confidence. Investors and traders can also enjoy the low correlation with the major currencies which is currently stagnant right now. 

However, investors should also take note of the macroeconomic developments that are currently affecting the broader financial market.

The recent interest rate hike by the US Federal Reserve would affect sentiment surrounding financial assets, especially cryptocurrencies like SHIB as they are riskier than traditional financial instruments. 

If the crypto market reacts negatively to the recent interest rate hike in the coming weeks, we might see pain come to SHIB. However, the recent speculation around a possible collaboration with Paramount Pictures should pump the price in a couple of days. 

In the meantime, Shiba Inu investors and traders should be confident in buying SHIB as it currently shows a minimal possibility of a downside with a higher likelihood of an explosive upside. 

#SHIB #shibarium #koinmilyoner #BNB #Binance

Shiba Inu developers announced the Shibarium public beta launch this week, fueling bullish sentiment among SHIB holders. 

The SHIB layer-2 scaling solution will provide cheaper transactions, enhanced scalability and security, after months of testing and development.

It remains to be seen whether Shiba Inu price will witness a 65% upswing or sell-off as Shibarium launch unravels.

Shiba Inu developers announced the launch of SHIB’s awaited layer-2 scaling solution Shibarium this week. Shibarium will enhance the scalability of SHIB and provide cheaper transactions to Shiba Inu holders. 

Also read: What to expect from Shiba Inu after Shytoshi raises prize pool for monthly Shiba Eternity tournament?

Shiba Inu holders gear up for Shibarium launch this week

Shiba Inu holders anticipated Shibarium launch since Shytoshi Kusama teased the development of a layer-2 scaling solution. Developers announced that Shibarium will be launched this week in a public beta.

The Shibarium team spent months developing and testing the layer-2 scaling solution before releasing public beta. The announcement was made on Twitter via the official SHIB account, it urged followers to stay tuned for more details on how to access the beta. The launch of the public beta is a significant milestone for the Shibarium project, spearheaded by lead developer Shytoshi Kusama. 

Will Shibarium launch trigger a 65% upswing or sell-the-news event?

Based on data from crypto intelligence tracker IntoTheBlock, the next key resistance for Shiba Inu is the area between $0.000014 and $0.000020. This is a key zone as 98,240 addresses bought 469.97 Trillion SHIB tokens at this level. 

Once Shiba Inu price climbs to the zone between $0.000014 and $0.000020, the wallet addresses that acquired SHIB at this price level will turn profitable. These SHIB wallet holders would sit on unrealized profits once Shiba Inu flips the resistance into support. 

As seen in the SHIB/USDT one-day price chart below, Shiba Inu could find intermediate support at $0.00000961. Buy-side liquidity is expected to come in at $0.00000772. The bullish targets for Shiba Inu in its upswing are at $0.00001581 and $0.00001797 as seen in the chart below.

Since the announcement, the Dogecoin-killer meme coin’s price climbed nearly 5% to $0.00001130. The Shiba-Inu-themed meme coin is trading at $0.00001125 at press time. 

#SHIB #shibainu #shibarium #buildtogether #Meme

Shiba Inu (SHIB) broke out from a descending resistance line.

It has completed an A-B-C correction.

Shiba Inu (SHIB) is following a short-term descending resistance line.

The Shiba Inu (SHIB) price has broken out from a long-term resistance line and shows signs of a completed correction.

The Shiba Inu coin price broke out from a descending resistance line in the end of January. Afterward, it reached a new yearly high of $0.0000154 before falling. The decrease caused a validation of the line as support on May 7 (black icon). While the price has bounced since, the daily RSI is still below 50. Therefore, it is not clear that the trend is bullish.

If the increase continues, the price of Shiba Inu could reach the $0.0000147 resistance area. However, if it falls below the descending resistance line, it will confirm that the trend is bearish. In that case, the downward movement could accelerate toward the next closest support at $0.00000850.

The technical analysis from the six-hour time frame suggests that the entire SHIB price correction may be complete. The reason is the wave count. SHIB completed a five-wave upward movement beginning in January and decreased in an A-B-C structure afterward. Waves A:C had an exactly 1:1 ratio.

Moreover, the overlap between the current high and the wave A low (red line) indicates that the correction is complete. A breakout from the short-term descending resistance line and reclaim of the 0.618 Fib (white) support would confirm this. However, if the SHIB token price fails to break out, a fall to the $0.00000850 support could follow.

To conclude, it is possible that the SHIB price completed an A-B-C correction and will increase toward at least $0.0000160. However, if it fails to break out from the descending resistance line, a fall to the $0.00000850 support area could follow.

#SHIB #koinmilyoner #BTC #Binance #shibarium

Bankrupt crypto lender Voyager Digital moved 270 billion Shiba Inu (SHIB) tokens to top US crypto exchange Coinbase in a 12-hour period this week, according to the blockchain security firm Peckshield.

Those 270 billion SHIB tokens were worth about $3 million at time of transfer.

Voyager also moved $19 million worth of Ethereum (ETH) and $4 million of its native Voyager (VGX) token to Coinbase in the same 12-hour period.

“PeckShieldAlert Voyager-labeled addresses have transferred ~$27.7 million worth of cryptos to Coinbase, including 17,000 ETH (~$19 million), 12 million VGX (~$4 million), 270 billion SHIB (~$3 million) within the last 12 hours.”

Last July, Voyager was forced to shut down customer withdrawals and deposits after the embattled crypto firm Three Arrows Capital failed to pay back a loan worth hundreds of millions of dollars.

Voyager eventually filed for bankruptcy and came to an agreement to sell $1.3 billion worth of assets and transfer its customers to Binance.US, though the U.S. Securities and Exchange Commission (SEC) opposed the deal, arguing the agreement could possibly violate securities law.

New York Judge Michael Wiles sided with Voyager and approved the deal, though the U.S. Department of Justice (DOJ) is appealing his decision.

As of late February, Voyager’s held $631 million worth of crypto in its reserves, including $81 million worth of SHIB, according to the blockchain-tracking firm Lookonchain.

SHIB is trading at $0.00001 at time of writing. The 14th-ranked crypto asset by market cap is down 7.8% in the past 24 hours.

#SHIB #shibarium #shibainu #koinmilyoner #BullRun

Shiba Inu price has recovered from recent lows, reaching levels above $0.00001100. 

SHIB could witness a 27% rise if the critical resistance at $0.00001189 is flipped into support.

If the macroeconomic conditions worsen, a decline below $0.00000966 would invalidate the bullish thesis.

Shiba Inu price, like other cryptocurrencies, has been following the broader market cues for the last couple of days. The strong bearish trend kept the altcoin from recovering the losses it witnessed over the last month, but the changing winds might enable SHIB to achieve that going forward.

Shiba Inu price aims higher

Shiba Inu price noted a 3.61% increase in value from weekly lows, trading at $0.00001090, to counter the decline noted 48 hours ago. Traders that have been patiently waiting for an opportunity to long the altcoin might be in luck if SHIB manages to climb above the critical resistance at $0.00001189.

The Parabolic Stop and Reverse (SAR) has been highlighting an active downtrend for the last month. The presence of the blue dots of the indicator above the candlestick has been evidence of the same. However, going forward, this downtrend might be coming to an end, and the indicator might shift its position to indicate an active uptrend. 

This is because the bearish cues have been weakening, which is visible on the Average Directional Index (ADX). The slip of the indicator below the threshold at 25.0 shows that the active trend is losing strength. Thus, if SHIB is in an uptrend the next time the indicator crosses above the threshold again, a price rise might be on the cards.

Although in order to establish a sustainable rise, Shiba Inu price would have to flip the critical resistance at $0.00001189 into a support floor. This would allow SHIB to climb back to $0.00001395 and mark a 27% rally. Breaching this level would also open the opportunity for the meme coin to establish new year-to-date highs around $0.00001477.

However, at the moment, Shiba Inu price is not too far away from critical support either. If the altcoin slips below this level at $0.00000966, it would invalidate the bullish thesis. Furthermore, the meme coin would become vulnerable to a fall to December 2022 lows around $0.00000769.

#SHIB #shibainu #shibarium #koinmilyoner #BullRun

On the other hand, the SHIB army has had reason to celebrate as the burn rate of their favorite meme coin increased by a staggering 36,497.56%, as reported by Shibburn.

The forthcoming release of the Shibarium Beta layer-2 blockchain may account for the recent surge in the crypto’s burn rate.

However, how this plays out could depend upon how bad the collapse of SVB is and how it affects investor sentiment and the excitement surrounding Shibarium’s launch.

More Pain For The Crypto Market?

Meanwhile, some market observers now expect more pain for the crypto sector following the failure of Silicon Valley Bank and the spread of FUD about hidden risks in the financial and banking sector in general.

Christopher Whalen, chairman of Whalen Global Advisors, said in quotes by Reuters:

“There could be a bloodbath next week as […] short sellers are out there and they are going to attack every single bank, especially the smaller ones.”

While SHIB continues to generate bustling market activity, larger addresses have started to unload their assets, leading to a decline in the number of whale transactions.

#SHIB #crypto2023 #shibarium #koinmilyoner #buildtogether

The long wait is over for the Shiba Inu community. The announcement for the public beta of Shibarium was made a few hours ago through the official Twitter account, which encouraged the SHIB army to stay tuned to the official social media for more details.

The beta, which is open to everyone, is a major milestone for Shibarium, which has been speculated to launch since earlier this year. The technology is a layer 2 solution that offers a number of benefits to the Shiba Inu ecosystem, including faster and cheaper transactions, better scalability and improved security.

According to the announcement, the Shibarium documents, which contain all the necessary details, are expected to be released in the coming days. Meanwhile, an exact date has not been revealed yet, so far only “this week” has been set as the date:

Attention SHIBARMY. We’re thrilled to announce that SHIBARIUM Public Beta will be launching THIS WEEK! Make sure you’re following our official socials over the next few days as we reveal all the details on how to access the beta website. Hail Shib!

During the beta phase, users will be able to test the features of the new layer 2 technology and report any problems to the team. It is worth mentioning that the beta version is for testing and development purposes only and users should not use it for any commercial transactions.

Shiba Inu Ecosystem Receives Significant Interest

The launch of Shibarium has generated a tremendous amount of interest in recent weeks. On February 26, Shytoshi Kusama, the chief developer of Shiba Inu, released a new website and an intake form for Shibarium to allow interested parties to submit their Shibarium-based projects.

Shortly after the launch of the intake form, Kusama noted that there are a staggering number of projects that have contacted the SHIB team to express their interest in working with Shibarium. On Sunday, Kusama wrote:

I’m quite happy with the thousands of submissions to the Shibarium intake form. There are so many amazing projects that will join us on this experimental journey. I expect emails to go out to most Shibarians today. Have a great weekend and stay tuned.

One of the most influential Shiba Inu community members, LucieSHIB, reported that more than 3,000 Shibarium intake forms have been submitted. Kusama emphasized that there are now so many projects that he is losing track of them all.

However, Kusama also issued a warning about scams related to the launch of Shibarium. The lead developer of Shiba Inu advised community members not to buy tokens or products offered during the beta phase of Shibarium development.

Kaal Dhairya, a Shiba Inu developer, also clarified that ShibaSwap will be the only decentralized exchange officially recognized in the Shibarium network. In this context, he also cautioned about fraudsters who claim otherwise in order to sell a supposed new Shiba Inu-based token

#SHIB #shibarium #crypto2023 #binancepaymarketplace #bnbgreenfield