The highly-anticipated Shibarium Layer-2 solution is expected to launch in July, according to the project’s lead developer. However, there is still uncertainty surrounding the project.
This significant development has fueled bearish sentiments within the Shiba Inu community over the past week. Elon Musk’s Twitter also recently suspended the Shiba Inu’ Burn Tracker’ account, adding to the unease.
🚨 SHOCKING: Elon Musk Suspends #Shiba Inu Burn Tracker Twitter Account 😱
A thread 🧵 pic.twitter.com/fJrkdFxQW3
— Keyur Rohit (@CryptoKingKeyur) June 26, 2023
Shibarium’s launch is expected to propel the utility and adoption of ecosystem tokens Shiba Inu (SHIB), Bone Shibaswap (BONE) and Doge Killer (LEASH), which constitute an integral part of Shiba Inu’s ecosystem.
With the Shiba Inu network’s daily growth slowing down, investors wonder if the bulls can maintain their position at the $0.0000075 support level.
The layer-2 scaling solution aims to facilitate periodic token burns and reduce gas fees. However, the Santiment chart showed that despite recent price gains, the SHIB Weighted Sentiment remains at -1.
SHIB Weighted Sentiment score of -1 indicates that there are currently more than two negative opinions for every positive one about Shiba Inu. If it continues, it could soon make many potential SHIB investors bearish.
SHIB token faces a decline in network demand
Over the past weekend, the SHIB token experienced a notable decline in network demand. Data from Daily Active Addresses reveal that on June 16, 8,203 active wallet addresses were associated with Shiba Inu. As of June 26, that number dwindled to 4,257, marking marked a 48 percent drop in active addresses.
The Daily Active Addresses metric serves as an indicator of the rate at which new users are joining the network. A substantial decline suggests that the underlying SHIB token may encounter difficulties generating new demand.
Crypto News suggests that the SHIB price may face challenges in the upcoming weeks due to bearish investor sentiment and a decline in user acquisition.
SHIB’s potential trajectory
The decline in network demand for the SHIB token has also raised concerns for its future trajectory. According to IntoTheBlock’s Break-Even Price distribution data, Shiba Inu will likely experience a downward swing towards $0.000006.
However, the support from the 32,220 investors who purchased a total of 11.88 trillion SHIB tokens at the minimum price of $0.000007 could help mitigate the bearish pressure.
To shift the bearish narrative, Shiba Inu bulls also need to push the price above $0.0000085, which aligns with the 50-day exponential moving average (EMA) resistance level. This would bring SHIB back to the 21-day EMA support level. The short-term trajectory of SHIB depends on its ability to maintain support above this critical level.
Yet, a potential pullback could occur if some of the 589,900 addresses holding 680.590 trillion SHIB tokens at the minimum price of $0.000008 decide to sell.
The significance of exponential moving averages (EMAs) in technical analysis can’t be overlooked. These indicators are highly responsive to recent price changes and carry more weight on the latest data points, making them valuable in volatile markets like cryptocurrencies.
The 21-day EMA support level holds particular importance for SHIB. If sustained, it could generate buying interest and provide the momentum for the meme coin to rechallenge the 50-day EMA resistance level. A successful breach of this resistance could pave the way for a more substantial upward trend.
Conversely, failing to maintain support above the 21-day EMA could signal a bearish trend in the near term. This could push the price towards local lows, leading to a consolidation period before any significant price movements.
On a more positive note, according to Crypto News, if the bulls overcome resistance, Shiba Inu could reach $0.000013 for the first time since February 2023.
DigiToads to surpass Shiba Inu, Dogecoin
As the frenzy around meme coins heats up, a surprising contender is emerging in DigiToads (TOADS).
DigiToads distinguishes itself by being a meme coin with full utility, offering NFTs and play-to-earn games as features. In contrast, Shiba Inu and Dogecoin lack tangible use cases beyond their meme status.
DigiToads also has a lower total supply than Dogecoin and Shiba Inu, with 585 million tokens. It employs a deflationary mechanism, meaning its total supply decreases over time and potentially drives its price higher.
The meme coin has laid a clear and ambitious roadmap to surpass Dogecoin and Shiba Inu. The ongoing presale, currently in stage 9 with a price of $0.047, has already raised over $5.7 million and continues to gather momentum.
As reported by Crypto News, for Stage 2, the focus will be on generating excitement by releasing an NFT teaser. Simultaneously, the platform will launch its media channels and kickstart marketing efforts to raise awareness.
Moving to Stage 3, DigiToads will take a step forward by introducing NFT Mint functionality and enabling users to stake their tokens. Additionally, the platform will make its presence felt on the decentralized exchange Uniswap, expanding its reach and accessibility.
Stage 4 holds strategic milestones for DigiToads, including launching an in-house swap mechanism and listing TOADS-ETH LP on various decentralized exchanges. These listings will provide opportunities for users to engage in farming activities and earn rewards.
Transitioning to Stage 5, the meme coin will embrace cross-chain compatibility by introducing a bridge that facilitates interoperability with other blockchain networks. The platform also plans to conduct a beta test for its NFT battle community, paving the way for its eventual release.
The final stage of the roadmap includes Treasury Trader’s battles and an in-person meet-up and party. The ToadMerch shop will be launched, offering a range of merchandise related to the DigiToads ecosystem.
As Shiba Inu (SHIB) finds itself in a downtrend, Dogecoin also lacks significant real-world use cases. This limitation restricts its growth potential and gives DigiToads a competitive advantage.
Solana revolutionizes crypto lending with Jet
In another development, the crypto lending sector is experiencing a significant transformation. Jet, a lending platform powered by Solana (SOL), led this change.
Solana aims to redefine the landscape of cryptocurrency lending by introducing a fixed-rate lending model. This departure from the traditional fluctuating rates that have been common in the industry.
Solana is supporting a lending platform that wants to give borrowers and lenders more control. They can set their own loan terms, like interest rates and repayment schedules, using an order book system.
The platform offers fixed-rate loans, which means borrowers have to keep their cryptocurrency locked in for the duration of the loan. This unique approach has the potential to attract Decentralized Autonomous Organizations (DAOs) and other on-chain entities.
Despite potential challenges, Solana continues to push the boundaries of crypto lending practices. NewsBTC marks this development as a significant shift in the crypto world, while Shiba Inu coin has faced skepticism within the community.
