Shiba Inu (SHIB), since the launch of Shibarium, has been a hot topic of discussion in the crypto community. Not only because of the value it adds to the blockchain, but also due to numerous speculations and rumors.
Despite facing some challenges, the Shiba Inu team is working hard to keep Layer 2 functioning. One of the most notable challenges was the significant increase in network activity immediately after the release of Shibarium. In their recent blog post, Shiba Inu announced that they have accelerated their scaling efforts.
The Future of Shiba Inu and Shibarium
According to the latest blog post, Shiba Inu has restarted its efforts to scale, retest, and make the blockchain public in various ways. The Shibarium team has collaborated with a decentralized team of validators to scale the server infrastructure and first-class infrastructure by 1500%. Furthermore, the team has worked with several blockchain experts to create additional protocols to support and manage the traffic.
In a recently published blog post, it was revealed that the team is focused on ensuring excellent security measures and has started conducting in-depth tests on the blockchain. Currently, Shibarium continues to produce blocks in normal mode, but in a private mode.
Will the Shiba Decline Continue?
While Shibarium developers are striving to ensure scalability, SHIB investors continue to incur losses. After the recent market decline, several cryptocurrencies managed to turn their daily charts green. However, this was not the case for SHIB as its price dropped by more than 1% in the last 24 hours.
According to CoinMarketCap, at the time of writing, SHIB was trading at $0.00000839 with a market capitalization of over $4.9 billion, making it the 14th largest cryptocurrency. The price drop created a negative sentiment around the token.
This is evident from the data provided by LunarCarush, which shows that the bullish sentiment for Shiba Inu has decreased by 40% in the last 24 hours. Additionally, the Altrank of the memecoin increased, which is a typical bearish signal. However, it should be noted that the decrease in the currency reserve and the absence of selling pressure indicate that SHIB may not be under significant selling pressure.
Looking at the daily chart of SHIB, several indicators have emerged, suggesting that investors may have to wait longer before the token price rises. The MACD indicates a significant downward trend in the market. Shiba Inu’s Relative Strength Index (RSI) and Chaikin Money Flow (CMF) also continue to remain below the neutral sign. This is another bearish signal that may limit the price increase of SHIB.
