shiba inu The layer-2 scaling solution, Shibarium, is eagerly awaited by the community. Although the launch date is not yet clear, the developers continue to give hints.
shibarium Although the exact date is not clear for the on-chain data, it started to move. On the other hand, many analysts believe that the excitement in the community can trigger a 100% increase in price.
Shiba Inu Layer-2 Solution What is Shibarium?
Shibarium represents a secondary layer added on top of another blockchain to improve scalability and increase transaction speed. The scaling solution aims to improve the operation of Ethereum, the main chain of SHIB. Shiba Inu creator Ryoshi listed the following items as important steps before leaving.
- Speeding up Shiba Inu transactions.
- Reducing and completely eliminating transaction fees in the Shiba ecosystem.
- Making the Shiba Inu NFT game easier by facilitating quick transactions.
- Contributing to the Shiba Inu metaverse and its applications.
- Working as a foundation for dApp development and other projects.
The main purpose of the project is to bring the ecosystem together through these developments. meme cointo do more than
ShibaTrophias recently posted a cryptic tweet. SHIB investors believe this could be a clue to the launch of Shibarium.
Another riddle for people on this amazing Sunday for the community! Going to piggyback off the first. Hopefully this one gives more context :).
As the minutes to midnight draws near, time ticks away. for now. the sands in the hourglass keep flowing through. What am I? pic.twitter.com/gEVql866bF
— Shib Trophias (@ShibaTrophias) December 11, 2022
Is SHIB Rally Possible?
The price of the Shiba Inu is down 89.7% from its high of $0.00008616 a year ago. Shibarium will split transactions between the layer-1 chain (Ethereum) and the layer-2 protocol. The scaling solution will take over most of the processing load and prevent them from affecting the underlying chain’s operations. As a result, the congestion in the network will be cleared.
Many investors know that SHIB burns can trigger price increases by shrinking supply in the long run. Shibarium can also reduce the supply by burning the wages it receives through a similar mechanism.
As a competitor to Ethereum, which is known for its high transaction fees, the new Tier-2 solution can encourage investors by reducing high gas fees. As a matter of fact, the SHIB token will remain on the Ethereum network.
Shiba Inu price has formed a falling wedge on its six-month timeline. Meme coin is looking to wipe its losses since mid-August 2022 and hit its target of $0.00001678.
In the next four weeks, Shiba Inu price could try to break the $0.00000971 50-day Exponential Moving Average (EMA) and $0.00001265 resistances, where the 200-day EMA is located. If it breaks past these two key levels, the price will face stiff resistance at $0.00001364, the weekly high.
Shiba Inu’s rival, Dogecoin, has witnessed price rallies several times over the past six months, while SHIB has struggled to break out of its downtrend for several months. A Christmas rally could push SHIB price towards the $0.00001678 target. As a result, the Shiba Inu-themed meme could end the long downtrend in the coin.
You can follow the current price action here.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.