Shiba, the second largest meme coin by market value, is once again making headlines. Partnerships, updates, and upgrades are crucial price catalysts for cryptocurrency projects. Shiba Coin is about to take a major step forward, and its current outlook provides important insights into the future.
Shibarium Launch
The launch date couldn’t have been more fortunate. Fortunately, it’s not today or tomorrow. The highly anticipated Shibarium will be an alternative similar to other Ethereum scaling solutions. This is crucial for further development of the Shiba Coin ecosystem. Moreover, it will indirectly contribute to Shiba burning. The testnet phase has received significant attention, and if at least half of the interest continues after the mainnet, it can have positive results.
If we’re talking about meme coins, all alternatives, including Dogecoin, must now follow in the footsteps of Shiba Coin. While dreaming of something with the meme coin king, Doge Chain, today the Shiba team is making the dreams of all meme coins come true.
On July 24th, LucieShib, a member of the SHIB marketing team, announced through Twitter that the Shibarium mainnet launch is being accelerated. If the markets calm down after the Fed meeting, we will likely see the rapid announcement of the launch date. The Shiba Coin team must be waiting for the right time to consider this a real price catalyst.
Shiba Coin Analysis
As the Shibarium launch date becomes increasingly uncertain, Shiba Inu investors are conducting fewer transactions. On-chain data shows a sharp decline in the total number of SHIB tokens transferred since the market’s reaction to the XRP victory on July 14th. As shown in the Cryptoquant graph below, the number of transferred SHIB tokens decreased by 89% between July 14th and July 24th, dropping from 11.5 trillion to 1.3 trillion SHIB.
It’s not surprising that Shiba Inu’s price has shown a marginal downward trend during this period of decreased token transfers. This decline can continue until the successful launch of the Shibarium mainnet, considering the uncertainty surrounding major network upgrades.
According to data compiled by Santiment, the decrease in transaction activity for Shiba Inu has significantly reduced price volatility.
Regardless of the news, the critical target that needs to be surpassed is at 0.000008 dollars. If this level is surpassed, it is likely due to one of two things. Either Bitcoin is rallying back to the 32,000 range, or the official announcement of the Shibarium launch day has been made without a major drop in the king of cryptocurrencies. Then the price will have to remove one more zero.
