Shibarium, the Layer-2 blockchain network designed for the Shiba Inu (SHIB) token, has been making headlines for its recent achievements, challenges, and future prospects.
The platform has been a significant catalyst for SHIB’s market performance, and its recent developments have caught the attention of both retail investors and the broader crypto community.
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A Surge in Wallet Activity
Shibarium has recently seen a remarkable increase in wallet count, reaching over 337,000. This surge indicates renewed interest and heightened expectations, especially after overcoming initial challenges. The platform’s transaction count has also rebounded, recovering from a dip that saw daily transactions drop to 40,000, only to peak again at 132,000. This restored confidence has made Shibarium an attractive option for investors seeking faster and more cost-effective transactions.
Amidst the social media buzz generated by influencers promising significant SHIB burns, Shibarium’s team has clarified its tokenomics. The platform operates as a wholly decentralized entity, meaning any tokens burned are a result of collective community action. Shibarium’s design allows for SHIB tokens to be burned with low gas fees, making it accessible for millions of people. The team emphasizes that the token burn is a long-term plan, with significant effects expected to surface within 8-12 months.
Validator Node Milestone
Unification, the pioneering blockchain startup behind Shibarium, has launched its validator node, marking a significant milestone for the Shiba Inu ecosystem. This move allows BONE token holders to engage with the network on an entirely new level. Unification’s validator has become the largest operator of Shibarium nodes in terms of staked tokens, with a total of four million BONE tokens entrusted to it. This development has further fueled the enthusiasm within the SHIB community.
Shibarium initially faced challenges related to user and transaction volumes that caused an “outage.” However, with assistance from Polygon Labs, these issues were resolved. The platform has also expanded its server infrastructure by 1500% to better handle on-chain congestion.
SHIB’s Price: A Technical Analysis
The recent bullish breakout from an Ascending Triangle pattern was succeeded by a surge past the $0.000010 resistance level and the 200-day Moving Average. This sequence of events has signaled a shift from a bearish to a bullish trend. Currently, the price is undergoing a retest of the breakout level. A dip to the $0.000008 mark could offer a lucrative entry point for swing traders, targeting a rebound to the $0.000010 level. Investors may consider setting a price alert for this.
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In terms of momentum indicators, the landscape appears mixed. While the MACD Line is positioned below the MACD Signal Line, indicating bearish momentum, the RSI hovers around the neutral 50 mark. However, the rising MACD Histogram bars hint at a potential momentum upswing in the near future.
The Moving Average Convergence Divergence (MACD) is a trend-following momentum indicator that shows the relationship between two moving averages of a security’s price. The MACD is calculated by subtracting the 26-period Exponential Moving Average (EMA) from the 12-period EMA. The result is then plotted as the MACD line on a chart.
The Relative Strength Index (RSI) is another momentum indicator used in technical analysis to measure the speed and change of price movements. The RSI oscillates between 0 and 100 and is typically used to identify overbought or oversold conditions in a traded security. The RSI is calculated based on the average gains and losses of an asset over a specified time period, usually 14 periods.
When it comes to support and resistance zones, the immediate support is found at $0.0000080, which previously acted as a resistance level. The next support zone is at $0.0000055. On the flip side, the closest resistance is at $0.0000100, followed by a higher resistance level at $0.00001200.
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