Tech

SHIB enters critical zone, Shibarium beta launch might happen this week?

02/19/2023
Bitcoin Ethereum News
  • Reportedly, Shibarium beta launch might happen this week.
  • Shiba Inu may potentially experience a demand reboot as hype starts to build up.

Shiba Inu [SHIB] might be headed for another demand shock and it mostly has to do with the Shibarium beta potentially going live this week.

The hype around the much-awaited event is starting to build up following expectations that Shibarium will roll out this week.

Read Shiba Inu [SHIB] price prediction 2023-2024

The heavy expectations within the Shiba Inu community are based on multiple factors. One of the leading authorities on SHIB and Shibarium-related news recently reported that lead developer, Shytoshi hinted that the launch is coming this week.

In addition, Shytoshi recently turned off messaging on the official Shibarium telegram channel. He also noted that messages will be reactivated once all the Shibarium documents are ready.

While not much else was revealed, these actions did pave the way for speculation that the decision is a move to eliminate noise and misinformation ahead of the official launch of the L2 network’s beta version.

Understanding the growing hype and potential impact

The hyped event can potentially kickstart the next bullish wave for SHIB. The latest WhaleStats data already confirmed that SHIB was the third most used smart contract among the top 2000 ETH whales in the last 24 hours.

SHIB might attract more demand if the Shibarium beta launch happens this week.

It might kick SHIB into its next bullish wave. The bulls have been struggling to regain control since the first week of February after concluding the robust rally that was witnessed at the start of the year.

Shiba Inu price

Source: TradingView

SHIB’s 50-day MA just registered a golden cross a few days ago, adding to the timing that may support a strong rally.

Meanwhile, the metrics revealed a bit of a bearish expectation. Notably, the supply on exchanges dropped by a sizable margin in the last four weeks, while the supply outside of exchanges experienced a net gain during the same period.

Shiba Inu supply on exchanges and outside of exchanges.

Source: Santiment

As far as the current sentiment is concerned, we saw a significant drop in weighted sentiment in the last few days.

This coincided with an increase in sell pressure this past week, suggesting that the market overall favored the bears.

Shiba Inu exchange flows and weighted sentiment

Source: Santiment

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A pivot in the weighted sentiment and a reverse outcome is expected with the exchange flows in the next few days.

In other words, higher outflows are expected if the Shibarium launch triggers an influx of bullish demand.

The overwhelming consensus is that Shibarium will add more utility to the Shiba Inu ecosystem, and hence more organic demand. Nevertheless, this is still within the hypothetical realm since the launch is still days away.

Source: https://ambcrypto.com/shib-enters-critical-zone-shibarium-beta-launch-might-happen-this-week/