• The proposed launch of Shibarium has improved sentiment towards SHIB, a meme cryptocurrency.
• SHIB’s price has seen an increase of 48% since January 1st and is trading at its pre-FTX collapse level.
• Indicators such as the Relative Strength Index (RSI) and Money Flow Index (MFI) have been in an uptrend, indicating increased demand for the coin.
The crypto world has been eagerly awaiting the launch of Shibarium, a layer-2 blockchain built atop the Ethereum network and designed to be powered by the Shiba Inu ecosystem tokens, which include SHIB, LEASH, and BONE. The project’s developers have kept the community informed that the beta version of the network will be deployed soon, and the launch of Shibarium has resulted in an improved sentiment towards SHIB, a meme cryptocurrency.
Since the year began, the coin has seen a growth in its price, which has been attributed to the ongoing bull run in the general market. According to data from CoinMarketCap, SHIB’s price has grown by 48% since 1 January and is currently trading at its pre-FTX collapse level.
An assessment of SHIB’s performance on the daily chart revealed that the crypto has seen increased demand in the past few weeks, causing coin accumulation to rally to levels last seen before FTX’s fallout in November 2022. Indicators such as the Relative Strength Index (RSI) and Money Flow Index (MFI) have been in an uptrend, indicating increased demand for the coin.
Despite the improved sentiment towards SHIB, investors seem to be running out of patience. The crypto market is highly volatile and unpredictable, and investors are eagerly awaiting the launch of Shibarium in order to keep up with the market. The question remains: will the launch of the layer-2 blockchain bring more good news for SHIB? Only time will tell.