The price of SHIB, like many altcoins, is trading in the red zone after the US Securities and Exchange Commission (SEC) delayed the approval of spot Bitcoin ETFs on Thursday.
As the second-largest meme coin by market capitalization, SHIB is currently trading at $0.00000795, experiencing a 3.2% decrease in the last 24 hours. Sales revealed that the trading volume has reached $133 million and the market cap has dropped to $4.6 billion.
How Much is SHIB Coin Worth?
Shiba Inu investors had surpassed resistances up to $0.000011 since the pre-Shibarium rally. However, after the highly anticipated launch, investors had to accept losses caused by scalability issues that forced developers to downgrade the protocol. The Shiba Inu price lost the support level of $0.00001 before briefly pausing at $0.0000795. After a week of consolidation, the support zone received another blow, weakening the area of intense buyer density.
Now, investors are expecting SHIB’s price to regain $0.000008 support and gain new momentum for gains above $0.00001. It is possible that investors will start taking new long positions in SHIB as long as they are convinced that another sell-off will not push their assets below the lower uptrend trend line. If the declines extend below this important level, investors may start increasing their short positions targeting the $0.000007 and $0.0000064 support levels.
Although the Moving Average Convergence Divergence (MACD) indicates a bearish outlook, a buying signal is approaching. Therefore, it might be wise to wait until the blue MACD line crosses above the red signal line before making any commitments to buy or sell SHIB. The path of least resistance could then lead towards $0.00001.
Investors should ensure that the momentum indicator is moving upward above the buying signal to confirm the validity of the uptrend. Some key milestones towards $0.00001 are the $0.000008 support/resistance, the upper trendline, and the 200-day Exponential Moving Average (EMA) at $0.000092.
Shibarium Reaches 600,000 Wallets
Shibarium, the layer two (L2) solution protocol of Shiba Inu, continues to reach significant milestones since its second launch earlier this week. According to the Shibarium explorer, the number of wallets created has exceeded 600,000 and is expected to reach 1 million within a few days. Shibarium has processed over 705,000 transactions with an average block time of 5 seconds, and the total block count is over 401,000.
Although Shibarium’s launch faced challenges, developers have worked hard to bring it back online. It is expected that the protocol, supported by tokens in the ecosystem, will be a game-changer and contribute to the token burning program.
The Shiba Inu community is among the crypto projects focused on reducing the circulating supply to improve the supply and demand dynamics for a potential rally during the next bull market. With the increasing adoption and interest in Shibarium, the community is close to experiencing the benefits of holding SHIB in the long term.
