Here’s how SHIB, BONE and LEASH holders can benefit from Shiba Inu layer-2 Shibarium’s launch


Share:
  • Shiba Inu ecosystem developers share the utility of SHIB, BONE and LEASH in the layer-2 scaling solution Shibarium. 
  • Shibarium will soon join Ethereum-based blockchains Arbitrum and Optimism to tackle challenges of scalability, speed and expense. 
  • Shiba Inu price is tackling resistance at $0.00001041, the 23.6% Fibonacci retracement level, a breakout could push SHIB to $0.00001110. 

Shiba Inu, the second largest meme coin in the crypto ecosystem, dropped details of the upcoming launch of layer-2 scaling solution Shibarium. Three Shiba Inu ecosystem tokens: SHIB, BONE and LEASH will derive utility from the scaling solution.

Also read: Shiba Inu and SHIB The Metaverse gear up to offer first preview of the WAGMI Temple

Shiba Inu ecosystem tokens SHIB, BONE and LEASH to find utility in Shibarium

Shiba Inu, the meme coin’s developers are preparing for layer-2 scaling solution Shibarium’s launch. SHIB, BONE and LEASH tokens from the Shiba Inu ecosystem will find utility in the layer-2 scaling solution. Developers dropped details of Shibarium’s launch in a recent blog post on January 15. 

Shibarium will soon join the list of Ethereum-based blockchains like Arbitrum and Optimism, and tackle scalability issues for the Shiba-Inu-themed cryptocurrency. Layer-2 blockchains do the majority of the processing work, and alleviate bandwidth to lower gas fees and processing time for end users. 

The layer-2 scaling solution will therefore find cost and speed benefits, developing a framework for Shibarium. Native token BONE will be used to pay for gas transactions and rewarding validators and delegators on Shibarium protocol. 

Shiba Inu bulls attempt to push SHIB to $0.00001110

Shiba Inu bulls set the target of $0.00001110. SHIB is currently tackling resistance at the 38.2% Fibonacci retracement level. Above the $0.00001110, the targets are Fibonacci retracement levels from the weekly chart. 

SHIB/USDT price chart

SHIB/USDT price chart 

As seen in the chart above, SHIB is in a short term uptrend which is expected to continue rising in the absence of reversal insignia. The Relative Strength Index (RSI), a momentum indicator, reads 60.53 which is still not in overbought territory, suggesting there is scope for more upside. The two indicators, the Golden Cross on the SHIB price chart, where the 50-day Exponential Moving Average (EMA) crosses over the 200-day EMA, and the RSI signal bullish potential in Shiba Inu. 

The Dogecoin-killer could climb higher, if the meme coin bounces from the 23.6% Fibonacci retracement level. 

A breakdown below the Jan 15 low at $0.00000980 of would endanger the uptrend, however, and indicate a possible reversal of the trend lower. 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Join Telegram

Follow us on Telegram

Stay updated of all the news

Join Telegram

Recommended content


Follow us on Telegram

Stay updated of all the news

Join Telegram

Recommended Content

Editors’ Picks

This is how XRP whales and the Ripple community set the altcoin up for a 20% rally

This is how XRP whales and the Ripple community set the altcoin up for a 20% rally

XRP price took the entire crypto market by surprise after the massive spike observed on March 19. The single-day increase was the biggest rise noted by the altcoin since September 2022, which set investors scrambling as they tried to make the most of it.

More Ripple news

Optimism Price Forecast: Could the Arbitrum airdrop send OP 12% south as market rival makes headlines?

Optimism Price Forecast: Could the Arbitrum airdrop send OP 12% south as market rival makes headlines?

Optimism price (OP) has been moving horizontally within a fixed supplier congestion zone and could break out soon. The expected trajectory for OP comes amid an alt season with rival Ethereum Layer 2 (L2) token Arbitrum holding its airdrop event. 

More Optimism News

Here is what you can expect from Arbitrum price after major exchanges list ARB

Here is what you can expect from Arbitrum price after major exchanges list ARB

Binance, Coinbase, Bybit, and Huobi crypto exchanges, among others, have confirmed plans to list Arbitrum ARB token ahead of Thursday's airdrop. After the airdrop, users will be able to trade ARB/BTC and ARB/USDT pairs. 

More Arbitrum News

SEC issues alert, states crypto service providers may not be complying with US laws

SEC issues alert, states crypto service providers may not be complying with US laws

The crypto market has been in the crosshairs of the Securities and Exchange Commission (SEC) for a while now. The lack of clear regulations and the recent collapse of crypto companies and tokens has increased concerns among investors. 

More Cryptocurrencies News

Weekly Recap: Bank runs, stablecoin drama, Voyager bankruptcy hearing, threat to DOX Shiba Inu founder

Weekly Recap: Bank runs, stablecoin drama, Voyager bankruptcy hearing, threat to DOX Shiba Inu founder

US bank runs sent shockwaves through market participants, traders turned to Bitcoin and the “safe haven” narrative made a comeback. Binance’s $1 billion acquisition of bankrupt crypto lender Voyager is back on track with a ruling from a New York bankruptcy judge. 

Read full analysis

BTC

ETH

XRP