Key Takeaways
- Shiba Inu’s upcoming Shibariaum launch continued to generate hype.
- However, SHIB’s price dropped in the current week.
- Shiba Inu has made a new partnership.
NEW DELHI (CoinChapter.com) — Memecoin Shiba Inu’s upcoming launch of Shibarium, a layer-2 blockchain network, continued attracting investors’ interest. However, SHIB bulls failed to convert the hype into a price rally, with the meme coin price down nearly 11% week-to-date (WTD) as of Aug 16.
Shiba Inu developers claim the Shibarium blockchain would interact seamlessly with the Ethereum L1 blockchain network to facilitate scalable and cost-effective transactions. Additionally, Shibarium aims to offer faster and cheaper transactions, helping enhance the adoption of the Shiba Inu ecosystem.
Shibarium Launch Imminent?
Meanwhile, in a post on X, DogPad Finance claimed that the Shibarium blockchain platform might launch Aug 16. Per its website, DogPad Finance is an “ecosystem of utilities” that helps users create and launch new tokens on the Shibarium chain.
However, in a later post, the firm quoted Shytoshi Kusama, lead Shiba Inu developer, who confirmed in a Discord chat that the much-awaited launch would likely occur on Aug 17.
Shibarium’s launch would likely result in SHIB prices spiking since developers claim the launch would increase the usability of the Shiba Inu ecosystem.
Shiba Inu Forms New Partnership
Another update fuelling speculation about the imminent launch of Shibarium is Shiba Inu’s partnership with Alpha Transform Holdings.
SHIB Doggy DAO, a Shiba Inu token holder-governed organization that funds projects built on the Shibarium blockchain, has partnered with the digital asset advisory and investment firm.
Shibarium has already seen great momentum. With over 21 million wallets and over 250,000 smart contracts written to their Layer 2 blockchain testnet, there are many brands in entertainment, media, and finance that will be interested in engaging with this vibrant community
Alpha Transform Holdings CEO and Chief Investment Officer Enzo Villani said
In an announcement, ATH stated that the SHIB Doggy DAO would benefit from the firm’s “decades of expertise.“
Furthermore, the announcement also quoted Kusama stating that Shibarium is “nearly complete.“
SHIB Price Failed To Rally
Despite several hints of Shibarium’s near-imminent launch, SHIB’s price failed to recover from its five-day-long downtrend. The Shiba Inu token has plummeted 11% since Aug 14 to form a daily low near $0.00000946 on Aug 16.
The recent downtrend extended SHIB price’s losses to nearly 17% from the recent multi-month high near $0.00001135 on Aug 12. However, long wicks on both ends of recent daily candles suggest buyers have entered the market, despite the strong bearish pressure.
Bulls defend the 200-day EMA (green wave) and 20-day EMA (red wave) support confluence. If the confluence support fails, the SHIB price might drop to the support near $0.0000092.
Moreover, breaching the immediate support level might force the SHIB price to test the 100-day EMA (blue wave) and 50-day EMA (purple wave) support confluence near $0.0000087 before recovering.
However, Shibarium’s launch could propel the SHIB price over the resistance near $0.00001 before targeting the resistance near $0.0000112 before corrections pare gains.
The RSI for SHIB remained neutral, with a value of 58.76 on the daily charts.
