After initial troubles, the much-anticipated Shibarium blockchain is now fully functional. However, the Shiba Inu coin price has remained unfazed by the launch. The top memecoin remains in a slump and is currently retesting a major support level on its chart.
SHIB price rebounded on Monday but lost most of its gains today. On Tuesday, the second biggest memecoin by market capitalization was down 1.58% till press time as BTC sucked the air out of the altcoins. Bitcoin kept fondling with the $26,000 price level.
What Is Shibarium?
As the name suggests, Shibarium is a layer 2 blockchain developed by the Shiba Inu coin team. The L2 blockchain aims to solve the scalability and speed issues of the Ethereum blockchain. The blockchain was initially launched two weeks ago but started to face major congestion issues on its first day.
After a few developmental upgrades, Shibarium L2 launched again this week. The developers also announced a resumption of the withdrawals from the Shibarium bridge. As per the reports, the withdrawals from the L2 network may still take from 45 minutes to 7 days.
Shiba Inu Coin Hangs By A Thread
In my previous SHIB price forecasts, I’ve repeatedly mentioned the significance of the $0.0000077 level. This support level must be held by the bulls, or the Shiba Inu price prediction will flip very bearish from here. The memcoin is also trading well below its 200-day moving average.
Due to all these bearish confluences, SHIB outlook remains negative. The upcoming BTC price action is also very critical for the overall market conditions. Investors are taking a risk off approach after the biggest cryptocurrency fell below $25,000 two weeks ago.
In the meantime, I’ll keep sharing updated SHIB coin analysis as well as the upcoming 1000x gems on Twitter, where you are welcome to follow me.