Despite the reintroduction of the Layer 2 solutions protocol, Shibarium, the HIB price remains in the red. After facing scalability problems, developers, with Shytoshi Kusama at the helm, took the mainnet offline and subsequently switched it to private mode.
The initial launch mishap significantly affected the SHIB price, leading to a 4% decrease over a week, bringing it down to $0.0000081. This downward trend persisted since Friday, even though the overall crypto market isn’t faring well either.
Shibarium Protocol Back On Track
The team led by Kusama explained that Shibarium’s challenges arose from a huge surge in transactions and users right after they announced its launch. These issues were primarily on the block explorer, while the main protocol remained unaffected. Kusama refuted rumors of a bridge issue and confirmed the safety of investor funds. After its relaunch, Shibarium now has block times of five seconds, with over 100,000 processed transactions and nearly 45,000 wallets.
Several crypto platforms, such as DEXTools, are now adopting the Shiba Inu’s Shibarium protocol. Shibarium is anticipated to significantly transform the Shiba Inu ecosystem. Not only will it enhance the network’s scalability, but it will also support the token burn program and facilitate the trading of native tokens like BON.E.
SHIB Price Down Trend Not Over
Shiba Inu is maintaining its support at $0.000008, but it seems precariously close to potentially dropping to $0.000005. Technical indicators, like the Moving Average Convergence Divergence (MACD) and the Money Flow Index (MFI), emphasize this bearish trend. The MACD, alongside its sell signal positioned below the zero line, encourages traders to consider shorting SHIB.
The Money Flow Index (MFI) indicates that investors are hesitant to buy the second-largest meme coin, SHIB, possibly waiting for the downtrend to exhaust before anticipating a rebound above $0.00001.
The $0.000008 support level is crucial for SHIB’s immediate uptrend. If breached, the downtrend could continue. Falling below this support suggests the bulls have lost control, potentially leading to panic selling by investors.
Initial support is anticipated at $0.000007, further supported by the descending trendline. In extreme cases, it’s wise to be ready for a potential drop through the $0.0000062 and $0.000005 areas, where previous sellers might consider buying back in.