BlocksInform
The aftermarket followed the main cryptocurrencies in their recent upswing. Shiba inu (shib) is one such chip that has maintained a strong performance over the past week.
According to CoinGecko, SHIB is up 19.5% in the weekly timeframe and over 47% in the monthly at the time of writing. This strong growth is fueled by external factors along with the nearing launch of Shibarium, the ecosystem’s upgrade that would bring a list of features for the ShibArmy.
Who released the dogs?
Shytoshi kusama, the editor's pseudonym of the piece shiba inu meme, keeps teasing the release of the shibarium since the beginning of the year. The impending upgrade has driven up the price.
Whereas the shiba inu community anticipates with enthusiasm the beta version of the shibarium, kusama promotes the idea that the release of the leveling solution from layer 2 may be closer than expected.
The senior developer of SHIB tweeted a link to the official pseudonym of Shibarium Telegram and ordered Trophias, another SHIB developer, to open the chat.
The Shibarium upgrade would leverage the Ethereum network’s security while scaling Shiba Inu’s ability to handle transactions. This would significantly reduce costs and at the same time make the network faster and more efficient.
Image: TrackShiba.com
It would also provide usefulness that the upgrade would mean more burnt SHIB chips. As of January 21st, the total burned SHIB is over 410 trillion, according to SHIB burn tracker, TrackShiba.
With the beta launch of the network upgrade being used as an introduction to the features Shibarium will have, SHIB is expected to continue to soar in price in the next few days.
The next target for SHIB is expected to be at that level.
The current movement in token prices results from the achievement of resistance of $0.00001293. At the time of writing, shib can be in short-term pain as resistance turns out to be tough for shib bulls. Over the next few days, bears may be able to test the current token holder at $0.00001184.
In case the bears break this support, Medium-term pain would be unavoidable that bears would have access to the help of $0.00000968 who, if broken, Return the token to price levels prior to 2023.
Investors and transactions are expected to target resistance of $0.00001293 after consolidating over $0.00001184. This would reduce downward pressure on the token, giving the bulls a margin of manoeuvre for explosive upward movement.
SHIB total market cap at $6.6 billion on the weekend chart | Chart: TradingView.comAt this point, investors and traders should focus on consolidation to continue the ongoing recovery. With the strong correlation of shiba inu with bitcoin, the price movement of the king coin would also cause corrugations with the price movement of shib.
The surveillance of how Bitcoin will move should also be made that any movement by BTC would reflect in the price of shib.
Featured image: Coinpedia
