While Bitcoin (BTC) is currently maintaining its position in the $30,000 range, the price of Shiba Inu (SHIB) seems to be suffering or not seeing any improvement. The coin received another “zero” earlier this year and has seen limited price recovery. Although the memecoin saw a brief surge a few weeks ago, SHIB’s performance has been lackluster to say the least. One of the biggest upcoming products in the cryptocurrency space is Shiba Inu’s Shibarium Layer 2 network. However, the launch has experienced several delays due to technical issues. The network was originally scheduled to debut in 2022 but was pushed back to early 2023 and then further pushed back to Q2-Q3 of this year. Despite this, we still don’t have an exact launch date for the network.
Furthermore, the team has not provided updates on the Shibarium mainnet for some time. It should be noted that the network’s testnet, called Puppynet, reaches new milestones very frequently, which is a testament to its strength and efficiency. However, there has been very little news about the mainnet launch.
The lack of updates on upcoming products could affect the price and investor sentiment of Shiba Inu (SHIB). According to IntoTheBlock, 86% of SHIB holders are currently underwater. Only 11% are profitable. Moreover, 79% of SHIB holders are large wallets or whales. If those who are losing money cannot continue to bear the losses and decide to sell, this will cause serious damage to SHIB.
Will the Shiba Inu lose Zero soon?
On June 10, SHIB saw a sharp correction, with the price dropping to around $0.00000543. However, it did recover somewhat over the next few days before entering a downtrend again.
SHIB is currently facing resistance around $0.00000779, with support at $0.00000741. Given its current performance, it seems unlikely that the asset will lose to zero anytime soon. Moreover, the launch of Shibarium is the only major event that could drive SHIB’s price higher. At press time, SHIB is trading at $0.00000761, down 1.1% over the past 24 hours.
