- Token burn intensifies ahead of Shibarium launch, sparking price speculation.
- Shiba Inu’s Layer 2 solution nears completion, promising lower fees and scalability.
- SHIB price faces dip, but positive indicators and increased token burn fuel optimism.
Shiba Inu, what began as a meme coin sensation, has experienced a sharp 90% increase in its token burn rate. Thus, it created a stir as the eagerly anticipated Shibarium launch approached. Despite a recent dip, investors remain confident in a potential price rally to $0.00002.
The Shiba Inu price surge temporarily wavered as it crossed the $0.00001 resistance mark, reaching new August highs at $0.00001136. Although down 3.6% in the last 24 hours, the coin has gained 19% in the past two weeks and 26% in the last 30 days, currently trading at $0.00000988.
Shibarium Protocol nears Shibarium launch, an Ethereum Layer 2 protocol designed to address Shiba Inu’s scalability and transaction cost issues. The hastening completion is heightening anticipation for its possible launch this week.
Lead developer Shytoshi Kusama confirmed the protocol’s progress and reveals a partnership with Alpha Transform for its next phase. Meanwhile, Shibarium’s integration aims to enable seamless interaction between the SHIB ecosystem and Ethereum’s Layer 1.
This capability would significantly reduce transaction fees and congestion issues currently plaguing Ethereum. Therefore, Shibarium’s upcoming launch at the Blockchain Futurist Conference on August 16 could potentially trigger a price surge, although specifics are uncertain.
Investors, while showing enthusiasm for the Shibarium launch, are also aware of the rally last week that temporarily pushed Shiba Inu above $0.00001. However, the coin retraced to below that level.
SHIB Price Surge Incoming
Despite this retracement, Shiba Inu’s outlook remains positive. With the 50-day Exponential Moving Average (EMA) crossing above the 200-day EMA, a formation of a golden cross pattern on the daily chart is likely imminent.
The recent surge in token burn rate, amounting to a 94% spike and the burning of 222,200,451 SHIB tokens, has fueled speculation about a potential rally. This token burn initiative aims to reduce supply and enhance value for Shiba Inu enthusiasts.
As the Shiba Inu community eagerly awaits the Shibarium launch, many are hopeful to see SHIB value reach $0.00002. While market sentiment remains fluid, the upcoming developments in Shiba Inu’s ecosystem are closely watched by the entire crypto community.
