Shiba Inu: Lack of Shibarium Updates Is Hurting Value

Paigambar Mohan Raj
Shiba Inu
Source – helloBARK!

While Bitcoin (BTC) holds the current $30,000 range, Shiba Inu (SHIB) prices seem to suffer or show no improvement. The token gained an additional ‘zero’ earlier this year, and price recovery has been limited. Although memecoins had a brief rally some weeks ago, SHIB’s performance has been lackluster, to say the least.

One of the biggest upcoming launches in crypto is Shiba Inu’s Shibarium layer-2 network. However, the launch has undergone several delays due to technical issues. The network was supposed to make its debut in 2022 but it was pushed to early 2023. It was then further pushed to Q2- Q3 of this year. Nonetheless, we still do not have an exact launch date for the network.

Furthermore, the team has not given an update on the Shibarium mainnet for quite some time. It should be noted that the network’s testnet, called Puppynet, reaches new milestones very frequently, which is a testament to its power and efficiency. However, there has been little word about the mainnet launch.

The lack of updates around the upcoming launch could be affecting Shiba Inu’s (SHIB) price and investor sentiment. According to IntoTheBlock, 86% of SHIB holders are currently underwater. Only 11% are in profits. Moreover, 79% of SHIB holders are large wallets or whales. If the people at a loss are no longer able to hang on to their losses and decide to sell, it would wreak havoc for SHIB.

Will Shiba Inu lose a zero soon?

On June 10, SHIB had a massive correction, bringing its price down to around $0.00000543. However, it did make some recovery over the next few days, before entering a downtrend once again.

SHIB is currently facing resistance around $0.00000779, with support at $0.00000741. Given its current performance, it does not seem likely that the asset will lose a zero anytime soon. Moreover, the Shibarium launch is the only major event that could drive SHIB prices up. At press time, SHIB was trading at $0.00000761, down by 1.1% in the last 24 hours.

Source: SHIB/USDT Chart by Trading View