The second most popular meme coin in the crypto market, Shiba Inu (SHIB), will launch the long-awaited layer 2 scaling solution Shibarium.
While lead developer Shytoshi Kusama has repeatedly said in recent weeks that a launch date has not been set but will be “coming soon,” he may have leaked his own beta launch date wrapped in a word puzzle. He announced the decisive hint in his Twitter bio, where he wrote:
Caring for a Living Fir Tree. Quickly learn to play the flute before placing the Shibarium in a heart-shaped box with a bow.
For the Shiba Inu community, this is a vague hint that Shibarium will be in beta released on Valentine’s Day, February 14.
Already on January 15, Kusama has sent a statement for the announcement, where he is mysteriously. stated:
In autumn the tree has only a few leaves, but then spring appears.
Fortunately, Shibarium, in this context, is a Pine Tree. However, it needs water, sunlight and suitable soil. But pines live and thrive in the hardest winter. (I also heard that needle tea is good for you.)
Shiba Inu (SHIB) Reaction Up 4%
Shiba Inu (SHIB) is up almost 4% in the last 24 hours and 21% in the last week, with the current price at $0.00001249. Trading volume was $305 million in the last 24 hours, representing a -55% decrease compared to the previous time period.
Year-to-date (YTD), SHIB is up about 43% at current prices, the highest level since early November 2022.
This rally is mainly driven by two reasons: on the one hand, macroeconomic sentiment has increased, giving the overall crypto market a strong boost, and on the other hand, Shibarium has provided some level of FOMO.
However, a look at SHIB’s 1-week chart shows that the price should still be assessed as mostly bearish. In its third attempt since September 2022, SHIB price failed to close above $0.000014 per week.
The resistance zone between $0.000013 and $0.000014 has so far proved too stubborn to confirm a breakout from the bearish territory.
The 1-day chart shows a massive drop from the lower end of the resistance zone at $0.000013 very clearly. Currently, however, SHIB finds support from the 200-day exponential moving average (EMA).
As signaled by daily RSI, Shiba Inu (SHIB) is in overbought condition. On a daily basis, the RSI remains significantly in the overbought zone, 79 at press time.
Ideally, the RSI causes investors to reduce their positions and thus initiate a price correction on a price basis. If not, there should be a correction on a time basis, which means a longer downward trend below the resistance zone.
To trigger a sustained bullish breakout on the daily and weekly charts, Shiba Inu needs to break above the $0.000014 level in the next few weeks.
Option images from VOI, Charts from TradingView.com