Shibarium Launch Today. How Will Shiba Inu (SHIB) React?

• Shiba Inu (SHIB) layer 2 blockchain, Shibarium, will be launched today at 5.35 EDT.
• Shiba Inu price declined by over 2.64% in the last 24 hours.

Toronto, Canada – The highly anticipated moment for Shiba Inu has arrived as blockchain enthusiasts gather at the Blockchain Futurist Conference 2023. Shiba Inu’s long-awaited layer 2 blockchain, “Shibarium,” is all set to make its public appearance today at 5.35 EDT.

The excitement has been building ever since the official Shiba Inu Twitter account announced the upcoming launch of the Shibarium Mainnet. Investors are expecting that this breakthrough will help usher in a new era for the meme coin.

Additionally, the launch of shib.io marked the dawn of Shiba Inu’s Metaverse. The Metaverse platform holds immense potential to confer utility on the SHIB token. A primary feature is the concept of ‘burning’ SHIB tokens through the Shibarium network, which would drive up the value of SHIB tokens. 

Further, analysts speculate that the functionality of the Shiba Metaverse might also find integration into the Shibarium testnet, presenting users with a cohesive ecosystem that bridges the virtual and blockchain realms.

Shiba Inu (SHIB) Price Declining

Despite the buzz and anticipation, the SHIB market response has been a mix of both enthusiasm and caution. In the past 24 hours, the Shiba Inu price has experienced a 2.64% decline. Still, the meme coin’s weekly and monthly performance continues to indicate a rising demand for SHIB.

Recently, Shiba Inu’s price has been hovering around the $0.00001 range and has formed a solid foothold for bullish momentum. At the time of writing, Shiba Inu traded at $0.000009904 with a 24 hour trading volume of $446 million, climbing 42%.

According to the daily price chart, the price of Shiba Inu suffered a setback, resulting in negative sentiment. However, if the gradual ascent continues, the price will be inching closer to the $0.000011 resistance and even potentially reaching the $0.000013 level. If a bearish scenario triggers a pullback, the price falls to $0.00000758.

The signs of an extended bullish rally emerge in the Shiba Inu (SHIB) price prediction. The Relative Strength Index (RSI) has moved into the neutral zone, currently standing at 65.28. Further, 1 billion SHIB tokens were burned this week, with the burn rate surging by more than 120% in the last 24 hours.