Shiba Inu (SHIB) prices could face a make-or-break moment in the coming weeks. While Shibarium’s launch is nearing according to its chief developer, the success of the blockchain’s layer-2 and its growing ecosystem could determine how SHIB’s price will fare.
Despite a 43% year-to-date (YTD) price increase, SHIB is still in bearish territory. Ultimately, SHIB needs another boost, whether from a macro perspective or from the successful launch of Shibarium, to return to bullish ground.
The 1-day chart shows that SHIB is still writing daily highs since August last year. However, the year-to-date rally could be the start of a major move to the upside. Currently, SHIB has seen a retest of the support zone at $0.000011, but it can now move forward with a rise. If not, there may be disadvantages for SHIB.
At the moment, SHIB is seeing support from the 200-day EMA at $0.00001125. If the price can stay above this level, the first target could be the January 18 high of $0.00001292, to write a new local high.
After that, there will be a possibility that SHIB will make a new attempt to break the $0.00001519 high from October 29. Accepting success can mean a return to bullish territory. However, the last hurdle, the biggest, for now, will be the resistance zone between $0.00001691 and $0.00001799.
Shibarium And Whale In The Spotlight For Shiba Inu
A look at the basics also reveals a make-or-break moment. With the much-hyped launch of Shibarium, it remains to be seen whether the Shiba Inu can grow beyond meme coin status.
The project is a layer 2 solution for the Ethereum-based network and aims to lay the foundation for building a strong ecosystem that hosts the metaverse, decentralized exchanges (DEX), blockchain-based games, and NFTs.
Decentralized exchange Shiba SwapDEX launched in July 2021 and reached $1.66 billion in TVL at the time, but has since dropped to $30 million. Shibarium can give new life to the exchange.
However, for the most part, Shiba Inu has to prove to himself that the move away from the pure meme narrative is going to be successful. If the fundamentals are right, the price will follow. If Shibarium is a disappointment, the price of SHIB may see a drop.
Meanwhile, SHIB’s popularity among Ethereum whales shows bullish sentiment. SHIB community members share data from WhaleStats, according to which SHIB is the top non-stablecoin by Ethereum whales. SHIB has 15.76%, just ahead of USDT (19.52%).
Hey #SHIBARMY did you know that SHIB 🐶 is the top unstable coin by the ETH whale?
Something to think about. 🤑 pic.twitter.com/uKFrjkj2RU— Shib Dream * Shiba Inu News * Shib Army Social 💎 (@theshibdream) January 26, 2023
Meanwhile, Coinbase director Conor Grogan has resigned revealed the popular online broker Robinhood holds Shiba Inu (SHIB) tokens worth $266 million.
In total, Robinhood has $3.37 billion in assets on the Ethereum Virtual Machine (EVM) chain. It breaks down as follows: $2.99 billion ETH (88%), $266 million SHIB (8%), and $54 million MATIC (1.6%).
SHIB price is currently at $0.00001152.
Featured images from LeandroDeCarvalho / Pixabay, Charts from TradingView.com